If anything, quite the reverse. Photo:Getty
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SNP manifesto 2015: A document drafted in weakness

The SNP combine electoral hegemony with political weakness, and their manifesto reflects that.

Can you win a landslide, and still be powerless? The SNP might be about to find out. It now looks as if the party is nailed on to win at least 50 seats in Scotland and  it’s not unreasonable to suppose that they might win every seat on the Scottish mainland.

But what can they negotiate with, exactly? They’ve said before, and reiterated in their manifesto that they will not work with the Conservatives in any circumstances. Their leverage over Ed Miliband, my colleague George has blogged before, is vanishingly small. Stewart Hosie, the deputy leader, gave the Conservatives some good headlines with his threat to defund Trident through the budget or shutdown the British government thereafter, but neither weapon looks particularly sharp to me. Whatever the outcome of the next election there will be a large pro-Trident majority whatever the SNP, Plaid Cymru, the Greens or the left flank of the parliamentary Labour party do. It is possible that the SNP could vote down Labour budgets thereafter – the Fixed Term Parliaments Act means this wouldn’t necessarily result in an election – but will the Nationalists really inflict a shutdown of government services on their own voters? It doesn’t seem likely and would be electorally lethal.

So the end result is a position of electoral strength and political weakness at Westminister, and as a result the SNP’s manifesto will leave the reader with a sense of déjà vu. A commitment to restore the 50p rate of income tax, a raid on bankers’ bonuses, the end to the married couples’ tax allowance, the abolition of non-dom status and further taxes on expensive homes: these are all Labour policies.

Far from offering a radical left alternative, it feels as if it is the SNP being pulled leftward by Ed Miliband. These are, for the most part, policies that have long been championed by the Labour leader but opposed by the Nationalists.  There are areas where the Labour leader has been outbid; a minimum wage of £8.70 an hour as opposed to £8. But on housing, the SNP fall badly short, promising half (100,000 a year) the new homes that Labour offer (200,000 a year). Tax breaks for businesses paying living wage has been Labour policy for several years now, and is in fact already being implemented by Labour-controlled local authorities in England.  

The trouble for the SNP, is, having ruled out any alliance with one party, they will have a hellish time getting concessions out of the other, particularly as Ed Miliband will be loath to be seen to concede anything to the Nationalists. (And the more seats Labour lose in Scotland this time around, the less they will have to protect over the next five years.) It may be that, far from providing a stronger voice for Scotland at Westminster , the SNP find themselves largely ineffective in the Commons.

Although that, of course, isn’t necessarily the worst thing in the world as far as their big argument is concerned.

Stephen Bush is special correspondent at the New Statesman. His daily briefing, Morning Call, provides a quick and essential guide to British politics.

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FTSE 100 plunges after Theresa May signals hard Brexit ahead

The Prime Minister is to lay out her Brexit plan later today. 

The FTSE 100 and the FTSE 250 plummeted this morning after the Prime Minister signalled Brexit will mean leaving the single market.

Theresa May is expected to rule out "partial membership" or any other kind of "half-in, half-out" deal with the EU in a speech later today.

The FTSE 100, the index of the UK's 100 biggest companies, and the FTSE 250 both fell more than 0.3 per cent immediately after opening. 

The worst performers included the housebuilder Barratt Developments, consumer goods tester Intertek and the mining company BHP.

Stock markets have been buoyant since Brexit, in part because many of Britain's biggest companies are international and benefit from a devalued pound. 

However, while markets fell, the pound crept up against the dollar, to $1.21. 

Critics of the Prime Minister say she is sacrificing the economy to prioritise immigration controls.

TUC general secretary Frances O'Grady warned: "If we leave the single market, working people will end up paying the price. It'd be bad for jobs, for work rights & for our living standards."

According to the Office for National Statistics, inflation rose from 1.2 per cent in November to 1.6 per cent in December. 

Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.