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Mayday
THE British political system is noted for producing strong, stable governments. But that is changing fast. May’s general election may generate a chaotic result—something financial markets are being slow to recognise. As in other European countries, voters are turning away from the mainstream parties. Britain’s first-past-the-post electoral system moderates the impact of this change. But the polls nonetheless suggest that both the Conservatives and Labour, the two parties that have dominated British politics for a century, will fall well short of a majority—as they did at the last election in 2010.
