UK parties meet today to discuss a deal
Source: Agencies |
May 9, 2010, Sunday
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Print Edition
Print Edition
BRITAIN'S Conservatives and Liberal Democrats will hold talks today after an inconclusive election, but are unlikely to agree on a new government before financial markets open tomorrow, the Conservatives said yesterday.
The center-right Conservatives won most parliamentary seats in Thursday's election but fell short of a majority and are seeking the support of the smaller Lib Dems to end 13 years of Labour rule.
The talks will be face-to-face between the two parties but not involve the leaders, a Conservative Party spokesman said.
He said it was unlikely a deal could be reached by tomorrow, noting that Conservative members of parliament, who will be briefed on the negotiations, will not meet until tomorrow night.
Financial markets, already rattled by a debt crisis in Greece, want a new government to be formed quickly so it can set about reducing a record budget deficit swiftly and decisively.
The pound, British government bonds and the London stock market all fell on Friday when it became clear the Conservatives would not have a parliamentary majority, but sterling and bonds recouped early losses on the prospect of a deal with the Lib Dems.
Lib Dem leader Nick Clegg held a series of meetings yesterday with senior party members to seek their backing for a possible deal.
Clegg must overcome skepticism among a significant number of his party, who fear that Britain's third-largest party may be forced to sacrifice too many policies.
Several hundred protesters chanted outside the Lib Dems' headquarters, urging them to push for reform of an electoral system that favors the two largest parties.
Clegg said yesterday that four core areas of tax, education, economic recovery and fundamental political reform were at issue.
"It's precisely those four changes which will guide us in the talks ahead," he said.
Conservative leader David Cameron has left open the format a deal might take.
Labour leader Gordon Brown has said the Conservatives and Liberal Democrats have the right to try to form a government first, although he is entitled as prime minister to have the first attempt under Britain's constitution.
The center-right Conservatives won most parliamentary seats in Thursday's election but fell short of a majority and are seeking the support of the smaller Lib Dems to end 13 years of Labour rule.
The talks will be face-to-face between the two parties but not involve the leaders, a Conservative Party spokesman said.
He said it was unlikely a deal could be reached by tomorrow, noting that Conservative members of parliament, who will be briefed on the negotiations, will not meet until tomorrow night.
Financial markets, already rattled by a debt crisis in Greece, want a new government to be formed quickly so it can set about reducing a record budget deficit swiftly and decisively.
The pound, British government bonds and the London stock market all fell on Friday when it became clear the Conservatives would not have a parliamentary majority, but sterling and bonds recouped early losses on the prospect of a deal with the Lib Dems.
Lib Dem leader Nick Clegg held a series of meetings yesterday with senior party members to seek their backing for a possible deal.
Clegg must overcome skepticism among a significant number of his party, who fear that Britain's third-largest party may be forced to sacrifice too many policies.
Several hundred protesters chanted outside the Lib Dems' headquarters, urging them to push for reform of an electoral system that favors the two largest parties.
Clegg said yesterday that four core areas of tax, education, economic recovery and fundamental political reform were at issue.
"It's precisely those four changes which will guide us in the talks ahead," he said.
Conservative leader David Cameron has left open the format a deal might take.
Labour leader Gordon Brown has said the Conservatives and Liberal Democrats have the right to try to form a government first, although he is entitled as prime minister to have the first attempt under Britain's constitution.
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