With a coalition government looking highly likely after the U.K.’s general election Thursday, an alliance of diverse political parties in one government might not be as bad for the business world as people think.
A day before the election, opinion polls indicate that the incumbent Prime Minister David Cameron, head of the Conservative party, is neck and neck in the polls with opposition Labour leader Ed Miliband.
If neither party gains a majority of the 650 seats up for grabs, a “hung parliament” occurs, prompting fraught negotiations as the parties try to establish alliances to work together in government.
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But an unusual alliance might not be a bad thing, according to one top political analyst.
“Maybe a hung parliament with no strong majority for any party is not, necessarily, so bad for business because it reins in the more extreme impulses of either party and provides the gridlock that Wall Street likes to see,” Tina Fordham, chief global political analyst at Citi, told CNBC Wednesday.
“What is really fascinating about this election and the way the polls are playing out is that nothing has moved the needle in terms of support for the parties. Not the debates, not the campaigns, not the manifestos,” she said, adding that this was due to the parties narrowing their policies.