2024. 7. 7. 00:24ㆍU.S. Economic Stock Market Outlook
I wasn't going to write about this UK General Election, but a post (link to comments) about the UK General Election I wrote five years ago stands out and leaves a few thoughts.
1. The latest election is not a landslide victory for the Labour Party but a crushing defeat for the Conservative Party. It is the lowest seat in 190 years (Figure 1). It is interesting to see the British political and economic analysis in the context of such a long history.
2. Starmer's expectations for the Labour Party seem to be that "Stop thinking about it now." While the centrist Starmer won the election by a landslide, nobody is excited. The cheers and enthusiasm that Britain (and the world) showed in the 1997 general election victory of another centrist, Tony Blair, are not at all.
3. Over the past 14 years, the Conservative Party has been under a lot of stress. Brexit was the biggest problem, but other factors such as secret parties and false testimony by the prime minister during the Covid quarantine period and the market shock caused by Liz Truss's tax cut plan also caused significant repercussions.
4. Even in the Brexit situation, the Labour Party did not win in 2019. Even then, I wrote that it was the fall of the Labour Party, not the victory of the Tory Party. It was the lowest seat in 84 years (Figure 2).
5. At that time, the fall of the Labor Party was due to Corbyn's excessive progressive line and unprincipled response to Brexit. Corbyn was elected as an independent when the Labor Party refused to nominate him in this election.