Across the pond

When I checked just before writing this, all the newspapers were leading on shock news that Gordon Brown was resigning to make a Lib Lab pact possible. I heard this news while watching the hour long Channel Four News programme, which spent most of the time on the implications of this dramatic move, including a photo story of Gordon Brown’s record in office. But the real news which Channel Four and all the newspapers were discussing, was in the slip of paper given to presenter Jon Snow during the programme. This, he told him, reported that David Cameron had suddenly changed track and offered the Lib Dems what they must wanted – a referendum on electoral reform.

This means that the Lib Con pact is once again on course. And that means it is the most likely outcome, because a Lib Con government would have a clear  majority. But a Lib Lab pact would mean that the balance of power would be held by the other parties, including the Scottish and Welsh natiionalists, the Northern Ireland parties and the Green MP.

Gordon Brown was told that this had happened minutes before he marched out of Downing Street once again and addressed the nation from the mobile pulpit outside the front door.

He spoke like a statesman, but he was behaving like a bull in a china shop with a great clunking fist.

He won a temporary victory, in that the news media was focussing on his news, and speculating on which of his cabinet ministers would succeed him.

Before readers  had had the  latest Lib Con proposals explained to them.

I was expecting my next blog to be an assessment of the Lib Con proposals, but I still do not know  just precisely what they are. And how the memerships of the Tory and Lib Dem grass roots are responding to them.

That needs to be explored first.

Before we hear how Brown’s Lib Lab pact can provide the stable government we need to deal with the financial crisis.

Clearly it is going to be a few days yet, before we get a new government. That is not at all unusual elsewhere in the world. And coalitions of the kind being discussed. Speedily, not hastily.

The British Constitution provides for such eventualities. Labour ministers returned to  their desks today, and instead of clearing their desks that were continuing their jobs of running the country.

The stock markets will not doubt fall tomorrow, because of the uncertainty produced by today’s antics.

But even bankers and stockbrokers are grown ups. They know full well that forming a stable government in a situation like this requires time. The speculators, on the other hand, might try and make themselves some money by selling for a quick profit in the hope that the talks may fail.

But as the European reaction to the Greek crisis today has demonstrated if governments act responsibly and together, such stock market crashes can be prevented.