Yes, Prime Minister

Finished

“Thank you and goodbye.”

Could the Weirdie Beardies Yet Scupper the Deal?

So the deal is a whipped vote for a referendum which most Tory MPs including Cameron will campaign against and a fair number of cabinet seats. It is rumoured that six cabinet seats are on offer.

Will this cut any mustard with the weirdie beardies? They know this is their best chance for electoral reform ever, they haven’t got a firm offer.  If nine lefties on the Federal Executive say “no” it will have to go to the members.  Cowley Street insiders say it is the only deal in town now, but LibDems are often awkward types, hence the bookies making it a 96.5% probability tonight, 3.5% short of a done deal.  That 3.5% shortfall is the random weirdie beardie risk.

+ + + Evening Standard : Gordon Quits as PM + + +

UPDATE : The rumour mill is in overdrive. Full coalition seems to be certain. Reports of Nick Clegg as Deputy Prime Minister with six cabinet positions. Brown could be about to quit his seat Blair style – embarrassing less than a week after an election. Brown to the Palace in the morning at the latest. Cheers.

Lib Dem MPs and Fed Ex to Meet at 19.30

Looks like there is real movement – Gus O’Donnell has joined the Cabinet Office negotiations. A meeting has just been called for the Liberal Democrat MPs and crucially their Federal Executive tonight at 19.30.

It seems that a Tory/Liberal deal is nearly ready to be put to them.

Just nine members of the Federal Executive could cause a real headache. If they, or fifteen MPs, vote against the deal then this has to drag on until the weekend where Clegg would need the support of a simple majority of members at a Special Conference. Very doable but a long delay.

UPDATE : 25 minutes later Sky and the BBC now reporting the meeting. Lib/Lab talks are over. You read it here first.

UPDATE II : Cars are being packed up on Downing Street. Labour are spinning that the negotiations never got off the ground.

UPDATE III : Standard splash that “Brown Quits as Prime Minister!

Bad Al Campbell Doesn’t Look Happy

This just sent in by a co-conspirator.  Looks like something has got up right up Campbell’s nose…

Burnham Breaks Cover

In a clear bit of positioning, Andy Burnham has just gone public with his criticism of a Liberal Democrat and Labour deal: “I think we have got to respect the results of the general election and we can’t get away from the fact that Labour didn’t win.”

Via Paul Waugh we learn that he was a lot more candid at the Cabinet meeting last night. He apparently “raised concern about the backlash coming from the electorate over this situation… He said it could be perceived as bad for democracy if we are not listening to what the public have very clearly said. The money is moving on Burnham, he could gain some traction as a unity figure…

+ + + Morgan Stanley Advises Investors to Short Pound + + +

+ + + Predicts Sterling to Drop 10% + + +

UPDATE : French investment bank BNP Paribas Capital Markets advised clients this morning

‘A Lab/Lib government is the least liked option by markets and would almost guarantee a downgrade of the UK sovereign. Moody’s suggested yesterday, when announcing that Greece and Portugal where due for a further downgrade (eventually giving Greece junk bond status), that the UK would not be downgraded while parties hold coalition talks. However, the implicit meaning of this statement suggests that the rating agency will look carefully into budget plans when deciding on the potential downgrade. We believe that a downgrade under a Lab/Lib government is more than likely since both parties agree that early expenditure cuts could harm the economy. The alternative could be that both parties agree on tax hikes to be implemented with the next budget. Both outcomes would be equally bearish for sterling. Hence, GBPUSD remains a sell.’

The Labour Deal is Dying

The fervent  intensity of the negotiations is waning, the LibDems are now merely holding up proceedings. Two clear offers have been made to them and the fact there is still no firm conclusion proves they are stuck in a rut. […]

+ READ MORE +

Labour Looks to Leaders Race

When Ed Balls narrowly survived his incredibly tight re-election bid early on Friday morning, his “we are fighters” speech was in no doubt one of a leadership contender. Despite the forces of hell on call and the campaign […]

+ READ MORE +

Quote of the Day

Suzanne Moore Tweets

As long as guys like Alistair Campbell and Charlie Whelan run the Labour Party some of us will never go back.”[…]

+ READ MORE +

Egg on the Pollster’s Faces

Polling before election day was intense, every poll from every known company was scrutinised and debated endlessly on Twitter and in the empty voids of the rolling news channels. But it seems the only people to have a worse election […]

+ READ MORE +



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Quote of the Day

Chuka has been trying to spin the Siemens row:

Chuka Umunna: It’s no different from Sky News quoting a business leader.

Adam Boulton: Except yours says ‘VOTE LABOUR’ at the bottom.

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