Voters face real choice in wild-card election

The outcome of the general election in May is anyone's guess. Matthew Partridge reports.

The dissolution of Parliament on Monday marked the official start of the general election campaign. And what "an election of wild cards" it promises to be, says Steve Richards in The Independent. "No one knows how many votes Ukip and the Greens will secure, or how many seats the Liberal Democrats will keep."

The fallout from September's referendum means that the SNP is likely to "make hay in Scotland". Meanwhile, the two big parties are following very different strategies: Labour is pitching "a post-New Labour message", while the Conservatives will use arguments "largely unchanged from recent elections". The latter seems a particularly questionable decision: will voters really "support something that they have rejected in elections since 1997"?

Quite, says The Times. During last week's head-to-head leaders' debate, David Cameron "appeared to lack a defining theme beyond deficit reduction". It appears that the Conservatives have decided "to concentrate on the economy, seemingly to the exclusion of all other issues".

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Yet this focus "makes Cameron seem narrow and out of step with a nation which always has higher concerns than with aggregate GDP, as important as that is". Indeed, it almost seems "as if balancing the books is Cameron's sole claim to office".

By taking this tack, the Tories show they aren't listening to voters, says Ian Birrell in The Daily Telegraph. "The key issues on doorsteps are those old family favourites of schools, health and housing" bad news for a party seen as "uncaring and untrustworthy on public services" and "detached from the problems of ordinary people and serving the interests of the rich".

This is the fault of "policies such as bungled health reforms and the cut in top-rate tax, which even Downing Street insiders concede was stupid politics", and the "relish with which some figures seemed to embrace the painful shrinking of the state".

Still, it's better that the debate between the parties on thedeficit is "upfront and out in the open this time", saysThe Guardian. The differences in tax and spending are "bigger than since the 1980s", making a healthy contrast with "the sound and fury of the 2001 and 2005 campaigns", which "centred on rival expenditure plans where the differences totted up to less than 1% of GDP". Overall, "the choices confronting the country in campaign 2015 are stark much starker than in the average general election".

Yet the chance of an honest political debate about these issues is slight, says the Financial Times. "The next five weeks will be a weary slog through a swamp of misleading assertions and numbers taken out of context."

Already the Conservatives are making "dodgy" claims about tax, while Labour is taking a "one-eyed approach" to data on living standards. It's dispiriting that "politicians rank beneath bankers, journalists and estate agents on measures of public trust", but not surprising. "Britain's political class does not trust [voters] with a frank statement of what will come next." No wonder so little trust is granted in return.

Dr Matthew Partridge
Shares editor, MoneyWeek

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.

He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.

Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.

As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.

Follow Matthew on Twitter: @DrMatthewPartri