Just came back from a lovely cycle ride to find that my polling card arrived through my letterbox while I was out. Gordon Brown announced the election earlier this week, so it’s quite impressive how efficiently the electoral system swings into action. It’s a pity so much else is screwed up. Anyway, Parliament now goes into limbo and we have three weeks of heightened tedium to endure while the politicians try to convince us that, despite all the mess they’ve made of things so far, they do actually know what they’re doing.
I still don’t know how I’m going to cast my vote on May 6th (polling day). I can’t see myself voting for the incumbents – for more reasons than I have time to list. My experience of Thatcher’s Britain in the 1980s convinced me that I’ll never vote Conservative either. And the Lib Dems are just, well, a bit pathetic. I will vote. I just don’t know who I’ll vote for. I’ll have to look at my constituency’s history carefully to see if tactical voting might help. Perhaps more on that in due course…
Anyway, whatever the result of the election turns out to be, I’m pretty scared about what the next three or four years has in store. The huge budget deficit that the government has built up saving the banks from collapse is going to have to be dealt with. The recent budget didn’t really do anything to tackle it, but everybody knows that was just a holding operation until the election is over. Whoever takes power afterwards will have to take serious measures to fix things. It won’t be pretty. Tax rises and public spending cuts are both inevitable as the international bond markets threaten to downgrade Britains AAA credit rating. If that happens we will end up with runaway debts and increasingly expensive borrowing. Don’t think we won’t go the way of Greece.
In the meantime our economy is carrying on as if it is in a trance. House prices continue to rise, the FTSE index is climbing, interest rates are at the astonishingly low level of 0.5%. It can’t possibly go on. Houses are clearly still overvalued, at immense social cost to people wanting to start a family. The stock market is gaining because investors are not getting any return from cash deposits, and companies are boosting their profits by sacking staff and cutting costs rather than generating new demand. As soon as interest rates go up again – which they surely must – I think there’s a good chance the stock market will fall again. If you don’t hold any shares yourself you may think that’s not important. However, it directly affects the pensions of millions of people, most of whom are not wealthy, because that’s where a lot of their pension schemes’ money is invested.
The most pressing issue is not who wins the election but whether there is a winner. If the election turns out indecisively – which at the moment seems quite likely – then we’re going to see turmoil on a scale that makes the banking nightmare of 2007 look like a tea party. And even if there is an outright winner, there’s no guarantee that they will have the gumption to even begin tackling the problem.
Of course, as a scientist working in a University, I’m also concerned about what’s going to happen to my own livelihood after the election. The recent mess this government has made of science funding has blotted its record on this, which was previously not bad. However, the true scale of this country’s economic problems seems to be too much for our political leaders, both present and future, to cope with. I don’t see any of the parties having the vision to manage the current crisis as well as putting together a coherent plan to build a better future. I’m not the only person to think so, in fact, as a letter in The Times today from a group of distinguished astronomers made clear. Other nations (especially the USA and France) are all investing heavily in science as a means to secure future economic growth. We’ve already started cutting back, and don’t see any strong political voice to reverse that policy.
Of course people don’t just vote for their immediate self-interest. Science is important to me, and I think it’s important for the country too, but there are other issues. There’s more to life than economics too. This country has been in a post-Imperial sleepwalk for too long and it needs to snap out of it. We need to renew our political system, which has grown distant and unaccountable. We need to deal with a looming energy crisis. We need to develop a proper education system that is fit for the 21st century. And we need to deal with the problems of a rapidly ageing population. For these reasons, and more, I hope the next Parliament will contain politicians with the vision necessary to see this country through the tough times ahead. Unfortunately, I don’t think it will.
I’m just glad I’m no longer young.
