While we wait for the final results of the general elections thoughts are probably racing through virtually everyone’s heads about what the eventual outcome will mean in our every day lives. It is clear that the conservatives have the most votes but not enough for a majority and therefore for an outright win. Labour have done better than the polls indicated they would suggesting that many switched from Lib Dem to Labour at the last minute. The Lib Dems lagged woefully behind the two main parties. A hung parliament is therefore a stark reality.
What will a hung parliament mean? The last time this happened was in February 1974. A hung parliament immediately suggests uncertainty amongst the public about who they consider should be the ruling party. Who will form an alliance? Will it be the Tories and the Lib Dems or will it be Labour and the Lib Dems? It is still very much in the air and things will not become clear until at least a few days from now.
Looking at the crisis that has unfolded in Greece it is worrying to see how quickly things have turned sour and a country has been brought to its knees. In the UK, a hung parliament could cause turmoil in the financial markets and destabilise the sterling. To protect the pound, the government will be forced to raise interest rates which could be prove very worrying for people at this time. Mortgage rates would therefore increase pretty quickly which is something property owners do not want to see. Increasing interest rates is inevitable due to the country’s increasing debt levels and whatever the outcome of the elections it is going to have to happen.
The next few days will be crucial in terms of deciding which way the future of our country is headed and we wait with not so eager anticipation.