Archive for the ‘British Politics’ Category

h1

Ken Livingstone’s price continues to drift out

March 21, 2008

But are the markets going too far?

kliving.gif

The odds on Ken Livingstone being re-elected Mayor of London continue to drift out. This raises the interesting question of whether there is value in betting on the current Mayor. Although he is doing badly in the opinion polls, and there are indications that he might not receive the second preferences from the minor candidates that he has been expecting, I believe that he is still in with about a 40% chance. After all, up until now he has had the Lee Jasper scandal to contend with, and Boris Johnson has betting getting some pretty good coverage in the press. However, he will have the Labour machine behind him and as the election approaches the press are going to start to be more critical of Johnson. Personally, I am going to hold off either way until the next polls show if Johnson’s lead in the polls is holding.

h1

So what does the future hold for these two?

March 20, 2008

How should Brown and McCain ensure that the special relationship isn’t affected by party politics?

mccainbrown.jpg

Today John McCain and Gordon Brown met together and the press accounts seem to imply that it was meaningful, productive and positive. However, it does raise the question as to how McCain and Brown should play the calls from their respective parties to become involved in the politics of their respective countries. McCain is facing a lot of pressure from his own party to be more supportive of the Conservative party. At the same time the friendship between Tony Blair and the Clinton’s was well known. Brown has been anxious to meet Barack Obama, while McCain is going to meet with David Cameron later today. Clearly, my preference, as a longstanding member of the Labour party and someone who has money on McCain, would be for a repeat of 2004 with McCan delivering a few well times snubs to Cameron, but this is clearly unrealistic.

My view is that the best that both parties hope for is that both Brown and McCain stay neutral and that the gestures that they make towards Labour-Democrat and Republican-Conservative unity are so half-hearted that they are snubs. It was clearly inappropriate for Hillary Clinton to be invited to the Labour party conference in 2006 and it was also not very politic for McCain to speak to the Tories. However, the invitation to Hillary was eventually withdrawn and McCain delivered a rousing speech to the blue-rinsed brigade on … pork barrel spending. This was not quite the equivalent of Tony Blair lauding public support for faith schools to Democrats but a snub nonetheless. For his part, McCain has been savvy enough to rig it so that the press see him and Brown talking about the great foreign policy issues of the day, while he talks to Cameron about the things a pro-life war hero can learn from a flip-flopping huckster about public life.

Although there will be those who think that an experienced leader such as Brown should aim to become the ‘agent of change’ and that McCain can learn something from three sucessive election defeats, Brown and McCain both have a clear interest in keeping out of American and British politics. Indeed, the Conservative Party represents pretty much all the reasons why swing voters are moving away from the Democrats. In any case it is not in America’s interest to have someone who considers the special relationship ’slavish’ in Downing Street.

Hopefully Obama and Cameron will make it easy for McCain and Brown to stay neutral with Obama continuing to bash Tony Blair and Britain while Cameron begs to jump on the Obama band-waggon, just as it is becoming obvious that its wheels are coming off. Even the talk on Conservative Home, the Conservative equivalent of Daily Kos, about a planeload of Conservative activists ‘helping’ McCain can easily be dealt with. Indeed, I hear that Alaska has awfully nice weather in the autumn.

h1

British Polling Projections: Conservative Majority 60

March 18, 2008

Things are still bad for Labour but there is a slight improvement

 parliament4.gif

Adding the latest ICM poll to my collection and filtering it produces the following projections:

Conservatives 42.11 (355)
Labour 28.76 (222)
Liberal Democrats 20.38 (43)

As a point of reference, popular alternatives produce the following; (Poll of polls) Con 39.8 Lab 32.6 LDm 18 (5 Poll Rolling Average) Con 40.4 Lab 30.8 LDm 18.4. Although the situation is still dire, things are just a little bit better.

h1

Johnson leads Livingstone by 11.85%

March 17, 2008

Some very good news for Johnson.

johnson2.jpg

My projections for the Mayor of London first preferences are:

Boris Johnson 48.89
Ken Livingstone 37.04
Brian Paddick 12

Boris Johnson has a clear lead, more than justifying his current price. However, because of the nature of this contest (which uses IRV/STV) it is impossible to rule Ken Livingstone out completely.

h1

Livingstone’s Price Continues to Decline

March 17, 2008

Bettors continue to move away from the Mayor

livingstone.jpg

The implied probability of Ken Livingstone being re-elected as Mayor of London has fallen to just above 40% on the back of bad polls ratings for Labour, especially in London. Although this could well be a ‘tipping point’ that turns a malaise for Labour nationally into a big enough Conservative lead to give them a majority, I doubt that it really justifies those sorts of odds. I think that, despite the downards trend, there might be some value in betting on the incumbent.

h1

Market continues to move against Livingstone

March 11, 2008

But it is now time to back Ken Livingstone?

ken-livingstone.jpg

As this chart shows, the odds on Ken Livingstone winning re-election as the Mayor London have fallen quite sharply. Although, I agree with David Aaronivich’s article that Ken Livingstone should win because he happens to be good at the important aspects of his job (although he is awful at the symbolic aspects) he has been running lackluster campaign that has made a hash out of the task of beating Boris Johnson. My view is that the fair price should be about evens, which is where it is at the moment. So, unless you are a fan of charts, and want to view this as a technical play, there isn’t much fundamental value in this market.

h1

Britsh Polling Projections: Hung Parliament

March 11, 2008

Good news for the Liberal Democrats.

 parliament2.gif

Adding the latest Populus poll to my collection and filtering them produces the following projections:

Conservatives 37.08 (306)
Labour 33.99 268
Liberal Democrats 18.96 (45)

As a point of reference, popular alternatives produce the following; (Poll of polls) Con 38.8 Lab 33.6 LDm 18 (5 Poll Rolling Average) Con 39.4 Lab 33.6 LDm 16.8. Ironically, although Labour have closed the gap in terms of the headline popular vote (though they have worsened their position in the two other measures) their projected seat numbers have declined, since they no longer are projected to recapture many of the seats that they lost to the Liberal Democrats.

h1

How Gordon Brown can win the next election

March 4, 2008

Should Labour attack Cameron’s ‘Mitt-flops’?

cameromney.jpg

At the moment the situation looks relatively bleak for Gordon Brown. According to the latest poll Labour are seven point behind the Conservatives, while my projections have the Conservative lead slightly larger. On a Uniform National Swing this would leave the Conservatives with a majority of about 28. However, the fact that the opinion polls traditionally overestimate Labour and the Conservatives seem to be better at targeting their resources into marginal constituencies mean the possibility of a Tory majority closer to 50 to 60, or even 70 to 80 should not be ruled out. At the same time Ken Livingstone is trailing in the polls against Boris Johnson in the race to be London’s mayor, showing that the Conservative machine is credibly able to challenge an incumbent who at least perceived to be somewhat popular.

Even the traditionally critical Conservative grassroots seem to be pleased with Cameron’s performance. Indeed, some commentators are now starting to talk of a ‘Cameron effect’, where even negative coverage of the Conservative leader boosts the Conservatives in the opinion polls, with the political prognosticator Mike Smithson stating that, ‘the Tories poll well the more Cameron is making the headlines - even if the coverage is negative’. This would seem to make any attempt to take David Cameron on head on, suicidal for Labour. However, Karl Rove, the famous (some would say infamous) advisor to George W Bush, proved, by winning two elections, that attacking what is perceived to be your opponents biggest asset sometimes is a very effective strategy. Indeed, Cameron has provided Labour with plenty of ammunition over the few years of his political career.

For instance, Cameron seems to be a politician of few fixed principles. While ideological flexibility and a willingness to adapt one’s beliefs as events unfold is a necessary political skill, the extent to which Cameron has changed his mind on matters of economic, social and foreign policy is breathtaking, as is the speed of these transformations. Less than three years ago Cameron was elected on a platform of continuity with that of his predecessor Michael Howard. Indeed, Cameron had helped run the, ‘are you thinking what we’re thinking’ campaign that tried to win on the back of an attempt to stirs up fear about refugees and asylum seekers and promised to reduce public spending by sacking anyone in the public sector who got pregnant. However, immediately after he was elected, he went to the other extreme, claiming, in a speech on youth crime, that, ‘the hoodie is a response to a problem, not a problem in itself…inside those boundaries we have to show a lot more love’. However, finding that such an approach did not work well outside the mansions of Notting Hill, Cameron has now gone back to preying on anti-immigrant hysteria.

It is not just that Cameron has flipped from rabid populism to libertarian elitism and back, there are also serious question marks about his ability to handle either foreign and economic policy viewing them both through the prism of cheap political point scoring. Although Cameron half-heartedly supported the war he has been quick to disassociate himself from it, claiming that ‘Issues that once divided Conservatives from Liberal Democrats are now issues where we both agree. Our attitude to devolution and localisation of power. Iraq’. Similarly, at a time when we need to work with America, Cameron has been willing to play party politics with the Special Relationship, claiming the government has been, ‘slavish in our friendship with America…..I fear that if we continue as at present we may combine the maximum of exposure with the minimum of real influence over decisions’. Although there were many reasons to criticise the decision to prop up Northern Rock, the Tories main criticism was the decision do so in a transparent manner, suggesting that under the Conservatives decisions regarding public money will be carried out in smoke-filled rooms.

So the government line of attack seems to be straightforward. They must keep Cameron’s numerous flip-flops and panders in the public eye while reminding people that Cameron, and the rest of the Conservative front-benchers, lack either the judgement or the moral compass to enable to the necessary tough decisions needed to promote Britain’s values and security. Of course this strategy will not work if the government, and Gordon Brown, doesn’t manage to articulate its own core values to the public at large. Tony Blair managed to win three elections by convincing the public, through both words and actions, that he was a man of principles and values. Although Gordon Brown has been in power for less than a year it is clear that he does best when he can articulate a vision for Britain’s future and connect it with his core beliefs and moral background. Since the government has rightly decided to retain a presence in Iraq and Afghanistan to continue to fight Al-Quaeda, it needs to make the moral and strategic necessity clearer to the wider public and contrast it with the Conservatives opportunistic (and short-sighted) take on foreign affairs.

h1

British Polling Projections: Hung Parliament

March 1, 2008

parliament.gif

Adding the latest poll to my collection and filtering them produces the following projections:

Conservatives 40.06 (311)
Labour 32.84 (280)
Liberal Democrats 16.04 (29)

As a point of reference, popular alternatives produce the following; (Poll of polls) Con 38.4 Lab 33.6 LDm 18 (5 Poll Rolling Average) Con 39 Lab 32.6 LDm 18.2.

Labour has slightly improved its position in the headline figures and gone down in the other measures. Again, Labour really need to find some way of permanantly changing things, probably by attacking David Cameron.

h1

British Polling Projections: Conservative Majority of 28

February 27, 2008

31_07_5-the-houses-of-parliament-london-england_web.jpg

Adding the latest poll to my collection and filtering them produces the following projections:

Conservatives 40.88 (339)
Labour 30.36 (246)
Liberal Democrats 16.95 (34)

As a point of reference, popular alternatives produce the following; (Poll of polls) Con 38.4 Lab 33.8 LDm 17.8 (5 Poll Rolling Average) Con 38.6 Lab 32 LDm 18.4.

The Conservatives seem to have bounced back, although whether this is down to the Cameron effect (Cameron’s exposure in the news being a positive for them even when the news is negative) or a realization that nationalisation may not have been the optimal solution for Northern Rock remains to be seen (I believe it is a bit of both).

h1

British Polling Projections: Hung Parliament

February 22, 2008

parliament2.jpg

Adding the latest YouGov poll to my collection and filtering them produces the following projections:

Conservatives 39.86 (293)
Labour 33.98 (290)
Liberal Democrats 18.10 (37)

As a point of reference, popular alternatives produce the following; (Poll of polls) Con 37.8 Lab 33.8 LDm 18.2 (5 Poll Rolling Average) Con 38.6 Lab 32.6 LDm 18.6.

The polling is unambiguous that the Northern Rock nationalisations has not (for the moment) at least been the knockout blow that the Conservatives were hoping for. It is now conceivable that we may actually see Labour consistantly ahead in the polls by the late spring.

h1

British Polling Projections: Hung Parliament

February 20, 2008

Conservatives lead in votes but Labour now lead in seats.

parliament1.jpg

Adding the latest ICM poll to my collection and filtering them produces the following projections:

Conservatives 37.7 (273)
Labour 33.66 (297)
Liberal Democrats 20.34 (50)

As a point of reference, popular alternatives produce the following; (Poll of polls) Con 38 Lab 33.6 LDm 17.8 (5 Poll Rolling Average) Con 38 Lab 33.4 LDm 18.2.

This seems to suggest that Labour is closing the gap with the Conservatives. Paradoxically, the Northern Rock nationalization may have drawn a line under the whole sorry saga, even if it is the worse possible solution.

h1

British Polling Projections: Conservative majority of 4

February 19, 2008

TPM looks at the state of the British polls

parliament.jpg

Using Samplemiser to filter all British polls since late August produces the following (seat projections in brackets):

Conservatives 40.98 (327)
Labour 31.99 (264)
Liberal Democrats 16.02 (28)

As a point of reference, popular alternatives produce the following; (Poll of polls) Con 38 Lab 33.2 LDm 17.8 (5 Poll Rolling Average) Con 38 Lab 33.6 LDm 18.

This is dispiriting news for all parties. It’s bad for Labour because of the 8.99 deficit in the popular vote. It’s bad for the Conservatives because they have barely got a majority. Despite the fact that that no party will get a decisive majority, suggesting that they might have to be invited into a coalition government, the Liberal Democrats will lose a large number of seats. If these results were repeated the Conservatives would probably run a minority government for six months or so and then call another election.

h1

Intrade opens a market on the London Mayoral Contest

February 13, 2008

An alternative to Betfair for those interested in betting on the Mayoralty of the ‘Big Smoke’

londonmayor.jpg

One of the ironies of this website has been that while I have extensively commented on American betting markets, I have said little recently about those on the other side of the Atlantic. One of the reasons for this is that as a non-American who has no direct stake in the outcome (except of course in regards to the War on Terror) I can be more objective about the US elections. Indeed, even though I may lean towards McCain because of his foriegn policy stance I have no overriding loyalty to either the Democrats or the Republicans. Another reason is that there isn’t much going on in British politics these days. However, on May 4th Londoners (like myself) will go to the polls. Up until now punters have only been limited to the market on Betfair.com. However, at my prompting, Intrade.com have launched a market on the mayoral election. I will therefore step up my coverage of the mayoral election over the next few weeks.

h1

Round-up of the British Betting Markets

January 31, 2008

TPT turns its attention back to the United Kingdom

 house-of-commons.jpg

 Given that an ovewhelming proportion this web-log’s coverage has been on the American Presidential elections, I thought that it was only fair that I spent some time looking at the British betting markets. The following are my notes on the UK markets:

London Mayoralty - I think Mayor Ken Livingstone will scrape through against Boris Johnson. However, his price of 1.64 on Betfair (or 60.9 in Intrade terms) doesn’t leave much room for value. If you pushed me I’d say he has a 65% chance of winning (1.53) but I really wouldn’t bet the house on it.

Next Election - Going to stick with my prediction that there is a value in an election this year. The polls seem to have bottomed out for Labour and there is plenty of room for them to catch-up. At 26 for an election before the end of June and 26 for an election from July to the end of the year, I would say that this is one the best value bets on offer.

Seats Spread betting - There’s a lot of value in betting against the Liberal Democrats (47-51) on Spreadfair.