On the Betfair exchange LAB’s chances of winning most seats next time drop to a 41% chance
Betdata.io chart of movement on the Betfair exchange
On what is quite a momentous day in British politics it is quite hard to single out a specific market that has seen change. The one I’ve chosen is the next general election where punters who only last month rated LAB as a 50-50 chance to win most seats now put it at 41%.
A lot depends on reaction to the move and whether the development gets traction in the media. For the individuals concerned these are massive personal decisions but they have made their choices.
For Corbyn’s LAB this isn’t good news and, as David Herdson was pointing out on Twitter, means that with other MP losses this parliament we have seen the equivalent of getting on for half the LAB gains from GE2017 are now wiped out. The smaller LAB is at Westminster the less powerful it is to influence events.
In many way this was always on the cards. In 2016 Corbyn, as I pointed out on the previous thread, only managed to win support of 20% of the parliamentary party in a confidence vote.
Clearly there’ll be lots of speculation about where the group of seven end up. Could we see an enhanced centre party emerging taking in the independents, the LDs and Caroline Lucas? Clearly there will be closer working together.
I also wonder whether Corbyn’s tenure might not be as long as is widely perceived. How will the unions view the weakened party? How will John McDonnell react.