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Despite Cameron's personal popularity, the Government's approval rating has fallen to -22%. But this figure won't upset the coalition too much, given that they believe that by 2013 there will be a resurgent economy and that they'll get all the credit. Based on this, the -28% rating for Miliband's ability to handle the economy, and the fact that all anyone in politics has talked about for the past two years has been recession and debt, I think the coalition will feel that if they stay committed to their deficit reduction programme they'll come out the other end in a very strong position indeed.
Senior figures like Miliband and Yvette Cooper have stressed that while it gives Labour some momentum, the Party has a long way to go before it is in a position to win a general election. They are right to be cautious. The polls suggest that Miliband is not regarded as a great prospect and while people are now less certain that the coalition’s economic policies are the right ones, they still don’t believe Labour would be any better.
It’s also important to note that despite Labour’s claims to the contrary, this wasn’t necessarily a vote against the coalition’s economic agenda: if you add the Conservative and Lib Dem vote share it comes to 44.7%, which is more than Labour’s 42.1%.
The Lib Dems actually gained a larger share of the vote than in May: up from 31.6% to 31.9%. This was probably because of tactical voting by some Conservatives, but their effective and determined local campaign does show that the Party is still alive. Clegg will be relatively satisfied that his Party avoided a bigger defeat, and while he’ll be afraid that May’s local elections will be unpleasant, he’ll also argue that national poll ratings that have them around 10% are likely to mean nothing at the next election.
The Conservative high command will be satisfied. They decided a long time ago that this by-election was not one that they could win and that it served the long-term health of the coalition better if the Lib Dems came through unscathed. They’ve achieved this aim. Their only worry will be that their weak campaign in Oldham will simply encourage those backbenchers who are concerned that the coalition panders to the Liberal Democrats. Baroness Warsi has, perhaps unwisely, told them to shut up and stop whining, but there is little chance of that happening.
The big news of the week was, of course, the result of the Oldham East and Saddleworth by-election. Yet as exciting as it was, it didn’t really change anything. Labour, and particularly Ed Miliband, needed a comfortable win: they got it. The Lib Dems needed to show that their support had not totally collapsed and that they could still compete: they did that. The Tory high command just needed the Lib Dems to survive in order to ensure the stability of the coalition: which is exactly what happened. No party will be particularly unhappy with this result.
The story that dominated the first half of the week was bankers’ bonuses. This came to its head on Wednesday with a very competitive PMQs after Chancellor George Osborne had been called to the House for emergency questions on Tuesday. Ed Miliband – who has had a pretty good week for once – embarrassed the PM by pointing out that the Tories’ website still proudly displayed his election pledge to limit bankers’ bonuses to £2,000. Yet despite early hits, Miliband is still a PMQs’ amateur and, unwilling to depart from his prepared script, failed to kill off Cameron and let him back in to steal a draw.
The Government also managed to overcome some backbench resistance to defeat an amendment to its EU Sovereignty Bill, but left itself in an unhappy position by proposing a piece of legislation which is detested by the very people it was designed to appease. We also found out that the decision on Control Orders is to be delayed until next week because of ongoing cabinet disputes.
The big news for the economy this week came from the MPC, which decided to keep interest rates at 0.5%. It hopes that this will create the right environment for economic growth, and is choosing to focus on this rather than efforts to rein in inflation. There was also some good news from credit rating agency Moody’s, which said that the UK’s AAA rating was safe.
In Europe the EU’s High Representative for Foreign Affairs, Baroness Ashton, suggested that the arms embargo to China should be lifted for the good of the European economy. This came after a visit by Chinese Vice-Premier – and probable future PM – Li Keqiang to various European capitals. Given the shock that reverberated around Western defence circles after new stealth fighter technology was unveiled just before US Defense Secretary Robert Gates’ trip to China, it is highly unlikely that the US and UK would be keen on such a move.
YouGov Polling 13-01-11
Conservative 41%
Labour 41%
Liberal Democrat 8%
Government Approval -17%
A new ComRes poll has given Labour an 8% lead over the Conservatives, and is sure to dominate the early news tomorrow. While it needs to be taken with a pinch of salt it does reflect a general shift in the headline polls towards Labour. The Tories have been around 40% or so for a few months now (see UKPR average taken on 6th Jan - right) and they’ve just started to drop away in a few polls but given the margin of error this can’t yet be seen as a definite trend. Labour, on the other hand, has climbed steadily, from their 30% figure back in June to around 40% now.
Yet I think there needs to be a note of caution in the way Labour reacts to these figures. Most polls over the past month have had Labour and the Conservatives essentially level pegging around 40%, with Labour maybe slightly in front. Their figure of 42% fits the trend, but as yet the drop in Tory support to 34% does not. This is especially true because recent polling has indicated that Cameron is still widely regarded as a better PM than Ed Miliband, and that the Tories are trusted more on the economy.
It’s also dangerous for Labour to get its hopes up too much before the Oldham East and Saddleworth by-election. I believe polls suggesting that Labour has a 17% lead over the Liberal Democrats will prove to be inaccurate. Labour will win, but it won’t be by that margin. And don’t forget: these figures all suggest Labour should win handsomely, and expectations have increased to match. Ed Miliband will now be in real danger of losing what little confidence his backbenchers have in him if he fails to pull off a convincing victory.
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