Hung parliament? Fine by us, say rating agencies

Tories wrong to fearmonger about the election result.

Earlier this week, Ken Clarke predicted panic in the financial markets -- causing a "wobble" in the pound -- if the general election failed to deliver a decisive result. "Scaremongering of the worst kind", was the rather appropriate response from the Lib Dems' Vince Cable.

Today, David Cameron has continued with his own nonsensical fearmongering about the prospects of a hung parliament and "no overall control" in Westminster in a speech to business leaders.

But here's Arnaud Mares, lead UK analyst for the credit rating agency Moody's:

A hung parliament does not in itself have direct implications for Moody's UK rating.

Mares said a hung parliament could help rather than hinder Britain's efforts to reduce its deficit if it delivers public support for spending cuts:

If you had a fiscal plan agreed by a coalition, that could actually be quite positive, because it would imply broad popular support.

Moody's is not alone here. The rival rating agency Fitch says its own outlook for the UK economy remains "stable". And Capital Economics, the consultancy firm, says that the markets have "priced in" a hung parliament now, and are calmer about the idea.

So will Cameron, Clarke and co let this go now? Or will we hear more and more nonsense from desperate Tories about the supposedly devastating financial impact of a hung parliament as 6 May approaches? I suspect we will . . .

 

Mehdi Hasan is a contributing writer for the New Statesman and the co-author of Ed: The Milibands and the Making of a Labour Leader. He was the New Statesman's senior editor (politics) from 2009-12.

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Appreciate the full horror of Nigel Farage's pro-Trump speech

The former Ukip leader has appeared at a Donald Trump rally. It went exactly as you would expect.

It is with a heavy heart that I must announce Nigel Farage is at it again.

The on-again, off-again Ukip leader and current Member of the European Parliament has appeared at a Donald Trump rally to lend his support to the presidential candidate.

It was, predictably, distressing.

Farage started by telling his American audience why they, like he, should be positive.

"I come to you from the United Kingdom"

Okay, good start. Undeniably true.

"– with a message of hope –

Again, probably quite true.

Image: Clearly hopeful (Wikipedia Screenshot)

– and optimism.”

Ah.

Image: Nigel Farage in front of a poster showing immigrants who are definitely not European (Getty)

He continues: “If the little people, if the real people–”

Wait, what?

Why is Trump nodding sagely at this?

The little people?

Image: It's a plane with the name Trump on it (Wikimedia Commons)

THE LITTLE PEOPLE?

Image: It's the word Trump on the side of a skyscraper I can't cope with this (Pixel)

THE ONLY LITTLE PERSON CLOSE TO TRUMP IS RIDING A MASSIVE STUFFED LION

Image: I don't even know what to tell you. It's Trump and his wife and a child riding a stuffed lion. 

IN A PENTHOUSE

A PENTHOUSE WHICH LOOKS LIKE LIBERACE WAS LET LOOSE WITH THE GILT ON DAY FIVE OF A PARTICULARLY BAD BENDER

Image: So much gold. Just gold, everywhere.

HIS WIFE HAS SO MANY BAGS SHE HAS TO EMPLOY A BAG MAN TO CARRY THEM

Image: I did not even know there were so many styles of Louis Vuitton, and my dentists has a lot of old copies of Vogue.

Anyway. Back to Farage, who is telling the little people that they can win "against the forces of global corporatism".

 

Image: Aaaaarggghhhh (Wikipedia Screenshot)

Ugh. Okay. What next? Oh god, he's telling them they can have a Brexit moment.

“... you can beat Washington...”

“... if enough decent people...”

“...are prepared to stand up against the establishment”

Image: A screenshot from Donald Trump's Wikipedia page.

I think I need a lie down.

Watch the full clip here:

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland