Last year in June I wrote, the outcome of the next general election has various scenarios.
First a quick recap on what has happened, the scandal train forced Boris out bringing down his govt and setting records. Liz Truss became prime minister and the Queen died, budget caused market panic and forced Liz Truss to resign after 44 days. Rishi sunak becomes prime minister after losing to Liz Truss, dealing with the mess and chaos. Internal and external shocks have battered the ruling party. Turmoil has been corrosive, with negative views about Boris soaking into the party brand. A trend that started a year before. Liz Truss’s short stay at number 10 just compounded what was happening. A slowing economy and high inflation added to the pile of unpopularity.
All of this has slowly been eating away at hard-earned favourable, now Labour is more trusted in everything. The golden goose that is economic competence is well now Labours. Soft leads that can harden with time. Even with polling leads and positive leaning favourable ratings, recovery for Labour would be remarkable. Labour has been declining from 2001 till 2019. Could argue the decline goes further back, with cultural link to Labour being weak. Labour needs more of every type of voter to close the gap. Tories have been able to reinvent themselves, transferring wealth to voters and keeping others indifferent.
Conservatives have created a cushion, a voter coalition built over the last two decades that deliver seats. A base that is reliable, older homeowners and professionals. Labour on the other hand base is unreliable and not as evenly spread across seats. Suffering various forms of collapse, former safely reliable seats disappeared. A big problem is the volatility of voting patterns. Long-term trends speed up creating some wild results.
A general rule of thumb 6.5% swing against the current govt happens on average. Swing that size wipes out the current 80-seat majority, Rishi inherited. In the last decade, they have been gaining ground, and Labour has been losing ground. Keir needs a 15% swing or more needed for a majority of 1. It needs to gain 120 seats for a majority of one. Therefore, we are about 3-4 cycles away from the new govt. You would think but the 2020s have been defined by disruption.
Blair was able to achieve 10.5% but needed 55 seats for a majority. Target seats during 1997 were far easier to pick up compared to today. A mix of indifference towards Blair plus an average swing of 14% towards Labour saw 150 seats gained.
Right now, the key points are the following
- Labour in 2024 is fighting from a low point
- Tories in 2024 are fighting from a high point
- New seat boundaries
- Voter ID laws
- Polling leads between 14% to 22%
- 16% swing from Tory to Labour
- 20% / 30% won’t vote or unsure
- Indifference to a labour govt
The trend against the Tories started back in 2021, volatility has only increased. Near universal increase in support for Labour across all age groups. Holding a majority with voters under the age of 50 now. Over the 50s are moving towards Labour, and those over 60s remain firmly Tory. Based on an average vote of 35,000, any seat with 15,000 majorities is within reach for Labour. Swings can be widely different between areas. Universal swings can only tell half the story, sometimes local swings can be much bigger. Once safe seats become way less safe overnight.
Here are the 8 outcomes, volatility in recent elections means they are all possible. The first four options are looking unlikely now.
- 80+ seat Tory majority
- 40+ seat Tory majority
- Small Tory majority
- Hung parliament another election
- Minority government
- Formal coalition
- Small Labour majority
- 40+ Labour majority
Trends at the moment make it impossible to see a Tory majority being returned. Party is unpopular and votes feel worse off. Labour has a mountain to climb, hung parliament or minority administration is possible. Massive recovery makes the party more competitive but unable to win enough seats. Seat totals mask a great set of results and major recovery. Some positive signs but still remain sceptical about current large poll leads. Huge levels of volatility within polls, something else could happen. Been here before unpopular govt big poll leads that disappeared. However current deficit makes it look unlikely Rishi can see a recovery. Loss of trust across a wide range of issues and feeling change is required. This time it could be different, voters as a whole are feeling the pain. Therefore I’m starting to think that the hung parliament and the big majority are being underpriced. Possible that after almost 15 years, collapse happens with Tories taking a big hit.
Anything from the 4th to 8th option looks likely.