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Conservatives secure majority as SNP trounces Labour

The Conservatives have secured the 326 seats needed to form a majority government following a stunning election night which saw Labour hammered in Scotland by the SNP.

The Tories are forecast to win a total of 331 seats, compared to just 232 for Labour.

In Scotland the SNP won 56 of 59 seats, reducing Labour’s representation north of the border to a single MP.

Speaking outside Downing Street, Conservative leader David Cameron confirmed his party would now form a majority government and pledged to implement its entire manifesto.

He also promised greater devolution for Scotland, including increased tax powers, and said these changes will be implemented “as fast as I can”. Cameron said the reforms would make Scotland “the strongest devolved government in the western world”.

Labour leader Ed Miliband will resign on the back of the results, as will his Liberal Democrat counterpart Nick Clegg following a disastrous night for the party which saw them win just eight seats.

Ukip leader Nigel Farage has also announced his intention to quit after losing in Thanet South.

The election has seen a number of high profile scalps being claimed, include shadow chancellor Ed Balls losing to the Conservatives.

The FTSE soared in early trading, gaining 100 points, before falling slightly to 6992.89.

Sterling also jumped against the dollar and is now at $1.55.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. The country was not ready for a leap into the unknown, unfortunately we lose Steve webb which is not so good, more tinkering I think to come.

  2. Don’t cheer to soon. Just make hay while you can. Don’t forget that this lot are determined to have an EU Referendum. The likely outcome of which will be withdrawal and meltdown in the market and business.

    I don’t agree with Geoff and regard Webb’s redundancy as a glimmer of hope. Let’s hope the new pensions minister will rein in some of Osborne’s daft ideas.

  3. @Harry Katz I think Osborne was the problem, actually undermining Steve Webb by going in an opposite direction, so hopefully a strong minister who can stand up to the Chancellor is to be welcomed. An opportunity to restore belief in pensions as a long term retirement savings vehicle as always intended.

  4. Douglas Baillie 8th May 2015 at 1:38 pm

    Let’s hope that we can now look forward to a much needed term of pension law stability and no more political tinkering with the ‘freedoms’ and the tax issues

  5. Whatever the result of the referendum I do not see withdrawal from the EU as a likely result. If it goes against us pro Europeans I would anticipate a spate of “renegotiation” aimed at pacifying the discontents.
    As far as the loss of Red Ed is concerned a nation mourns….. wonder what will become of the tablet of stone?

  6. Harry Katz, the EU is currently restricting trade for the UK in certain areas and these restrictions and other barriers are what should concern the UK as a whole. We don’t currently have a freedom to trade as we could and that restricts growth, jobs and profitability. The EU presently needs the UK more than the UK needs the EU.

    The EU needs to loosen the ties a little if we are to continue in partnership…

  7. Have others noticed – the usual e-mail advising of a comment on a topic to which you have contributed has now stopped in this new site.

    Any comment Natalie?

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