As election strategists employed by the two big parties pour over the results of the opinion polls and internal canvas returns, the apparatchiks in both Conservatives and Labour are preparing themselves to consider the unthinkable. A Grand Coalition. Of course they emphatically deny it with the Conservatives declaring “Not a snowball in hell’s chance!” and Labour declaring it to be “Utter, utter nonsense!”
Such empahatic denials might have credibiity but for the dire state of the Public Finances of the UK. Far from reducing the National Debt, the present coalation have presided over an increase. It is now in the region of £1.5 trillion!
Let us face FACTS: When you owe £1.5 trillion, YOU are NOT in control….. YOUR CREDITORS ARE!
It really is rather simple to explain: The first call on HM Treasury is the UK’s debt service cost. This has gone DOWN since 2010 chiefly because of the low interest rate being charged. If however the UK’s Credit Rating is cut – AGAIN – the interest and with it the debt service cost will go UP. This will seriously impair the Public Finances. The UK’s Credit Rating will be cut in the circumstances where Mr Miliband sought to govern as leader of a minority government supported on a day to day (Confidence and Supply) basis or in formal coalition with the SNP. This is NOT Rocket Science!
On Thursday 7th May, 2015 the British People will decide who are to be the 650 Members of the House of Commons. It is however the UK’s International Creditors who in effect will determine the government of the UK until 2020. The UK’s many creditors will demand that the next government has a stable coherent plan to reduce the UK’s debt. The idea that they will be happy to see Mr Miliband try to govern the UK in a minority administration supported on a Day to Day basis by the votes of the SNP is as Janet Yellen, Chair of the Board of Governors of the Federal Reserve System would say; “Moonshine!” Janet Yellen would be equally as dismissive of a formal coalition between Labour and the SNP as the UK’s creditors would fear that the SNP could force Labour down the wrong path and bale out when the going gets tough.
Gisela Stuart the Labour Member for Birmingham Edgbaston has suggested that a Grand Coalition could be the result of the General Election. Mrs Stuart suffers from a tendency to be frank in her comments – a quality that inhibits one’s ability to climb the greasy pole of politics.
So, what can we expect?
- Messrs. Cameron and Miliband to be replaced with Mmes. May and Harman.
- A “Constitutional Convention.”
- Tory deficit reduction combined with Labour public spending commitments which will mean two things: More inflation – brought about by Mr Carney being asked to print “Loads of Money! And HIGHER TAXES!
- The RN’s Trident submarines home-ported in Norfolk Virginia (pro tem).
- Huge anti nuclear demonstrations around Falmouth – probably to nick-named “Greenham Common on Sea.”
- The most feminist government in history with the Prime Minister/Deputy Prime Minister being May/Harman or Harman/May based on which of the two parties has the larger number of seats.
- The most authoritarian government in recent history given the threat from returning jihadists and the authoritarian tendencies of Mmes. May and Harman.
- a 50/50 gender balance of government and cabinet ministers. Definition of gender quota: selection based on what is or what is not between the legs and not what is or what is not between the ears.