Final polls of the campaign point to a hung parliament

Final pre-election polls show the Tories around 30 seats short of a majority.

New Statesman - Polls Guide_1273093737947

Latest poll (ComRes/Independent) Conservatives 27 seats short of a majority.

22:05 UPDATE: The final poll of the night, a ComRes survey for the Independent, has the Tories unchanged on 37 per cent, Labour down one to 28 per cent and the Lib Dems up two to 28 per cent.

So, assuming a uniform swing, all of the polls published tonight point to a hung parliament. There's no sign of a late Tory surge but I expect the Conservatives will be fairly satisfied. They are confident that their strength in the marginals will give them more seats than national polls suggest.

The Tories are all but certain to emerge as the single largest party on Friday but unless, against expectations, they perform well in the Lib Dem marginals, I can't see them winning an overall majority.

If Cameron ends up around 20 seats short of a majority, I expect him to attempt to lead a minority government with the support of the DUP and other minority parties. If the shortfall is more like 30-40 then he will have no choice but to negotiate with the Lib Dems.

21:50 UPDATE: ICM for the Guardian has the Tories up three to 36 per cent, Labour unchanged on 28 per cent and the Lib Dems down two to 26 per cent.

20:06 UPDATE: It looks as if last night's YouGov poll, which had the Lib Dems way down on 24 per cent, was an outlier. Tonight's has them back up fourpoints to 28 per cent, with Labour down two to 28 per cent and the Tories unchanged on 35 per cent.

There's no sign of a late Conservative surge tonight but these polls are far from encouraging for Labour. Most show them level-pegging with the Lib Dems and two put Nick Clegg's party in front.

New Statesman Poll of Polls

New Statesman - Polls Guide_1273093992405

Hung parliament, Conservatives 27 seats short of a majority.

UPDATE: The latest Angus Reid/PoliticalBetting poll has the Tories up 1 to 36 per cent, the Lib Dems unchanged on 29 per cent and Labour up 1 to just 24 per cent. As ever, Gordon Brown will be hoping that Mike Smithson's golden rule -- that the poll with Labour in the worst position is normally the most accurate -- does not hold this time.

UPDATE: Populus for the Times has topline figures of Con 37 per cent (+1), Lab 28 per cent (+1) and Lib Dems 27 per cent (-1). On a uniform swing, that result would leave Cameron 24 seats short, a legislative handicap he would hope to overcome with the help of the DUP and others.

The first two polls of the night are out and both point to a hung parliament. An Opinium poll for the Daily Express has the Tories on 35 per cent (+2), Labour on 27 per cent (+1) and the Lib Dems on 26 per cent (-1). If repeated at the election on a uniform swing, that result would leave David Cameron 38 seats short of a majority.

Meanwhile, a new TNS BRMB poll puts the Tories down one to 33 per cent, with the Lib Dems also down one to 29 per cent and Labour unchanged on 27 per cent. On a uniform swing, the figures would leave Cameron 57 seats short of a majority.

So, like other recent polls, both suggest that the yellow tide is receding. That said, it's worth remembering how few expected to see any poll put the Lib Dems ahead of Labour the day before the election.

I'm expecting a glut of polls tonight, so stay tuned for updates throughout the evening.

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George Eaton is political editor of the New Statesman.

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Leader: The unresolved Eurozone crisis

The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving.

The eurozone crisis was never resolved. It was merely conveniently forgotten. The vote for Brexit, the terrible war in Syria and Donald Trump’s election as US president all distracted from the single currency’s woes. Yet its contradictions endure, a permanent threat to continental European stability and the future cohesion of the European Union.

The resignation of the Italian prime minister Matteo Renzi, following defeat in a constitutional referendum on 4 December, was the moment at which some believed that Europe would be overwhelmed. Among the champions of the No campaign were the anti-euro Five Star Movement (which has led in some recent opinion polls) and the separatist Lega Nord. Opponents of the EU, such as Nigel Farage, hailed the result as a rejection of the single currency.

An Italian exit, if not unthinkable, is far from inevitable, however. The No campaign comprised not only Eurosceptics but pro-Europeans such as the former prime minister Mario Monti and members of Mr Renzi’s liberal-centrist Democratic Party. Few voters treated the referendum as a judgement on the monetary union.

To achieve withdrawal from the euro, the populist Five Star Movement would need first to form a government (no easy task under Italy’s complex multiparty system), then amend the constitution to allow a public vote on Italy’s membership of the currency. Opinion polls continue to show a majority opposed to the return of the lira.

But Europe faces far more immediate dangers. Italy’s fragile banking system has been imperilled by the referendum result and the accompanying fall in investor confidence. In the absence of state aid, the Banca Monte dei Paschi di Siena, the world’s oldest bank, could soon face ruin. Italy’s national debt stands at 132 per cent of GDP, severely limiting its firepower, and its financial sector has amassed $360bn of bad loans. The risk is of a new financial crisis that spreads across the eurozone.

EU leaders’ record to date does not encourage optimism. Seven years after the Greek crisis began, the German government is continuing to advocate the failed path of austerity. On 4 December, Germany’s finance minister, Wolfgang Schäuble, declared that Greece must choose between unpopular “structural reforms” (a euphemism for austerity) or withdrawal from the euro. He insisted that debt relief “would not help” the immiserated country.

Yet the argument that austerity is unsustainable is now heard far beyond the Syriza government. The International Monetary Fund is among those that have demanded “unconditional” debt relief. Under the current bailout terms, Greece’s interest payments on its debt (roughly €330bn) will continually rise, consuming 60 per cent of its budget by 2060. The IMF has rightly proposed an extended repayment period and a fixed interest rate of 1.5 per cent. Faced with German intransigence, it is refusing to provide further funding.

Ever since the European Central Bank president, Mario Draghi, declared in 2012 that he was prepared to do “whatever it takes” to preserve the single currency, EU member states have relied on monetary policy to contain the crisis. This complacent approach could unravel. From the euro’s inception, economists have warned of the dangers of a monetary union that is unmatched by fiscal and political union. The UK, partly for these reasons, wisely rejected membership, but other states have been condemned to stagnation. As Felix Martin writes on page 15, “Italy today is worse off than it was not just in 2007, but in 1997. National output per head has stagnated for 20 years – an astonishing . . . statistic.”

Germany’s refusal to support demand (having benefited from a fixed exchange rate) undermined the principles of European solidarity and shared prosperity. German unemployment has fallen to 4.1 per cent, the lowest level since 1981, but joblessness is at 23.4 per cent in Greece, 19 per cent in Spain and 11.6 per cent in Italy. The youngest have suffered most. Youth unemployment is 46.5 per cent in Greece, 42.6 per cent in Spain and 36.4 per cent in Italy. No social model should tolerate such waste.

“If the euro fails, then Europe fails,” the German chancellor, Angela Merkel, has often asserted. Yet it does not follow that Europe will succeed if the euro survives. The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving. In these circumstances, the surprise has been not voters’ intemperance, but their patience.

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump