Election is sure to cause political uncertainty - whoever wins, warns WPP as it posts first quarter slowdown
Warning: WPP boss Sir Martin Sorrell
WPP, the world’s leading advertising agency, warned the result of May’s General Election would spark uncertainty no matter the winner as it reported a slowdown in first quarter trading.
The firm is widely seen as a bellwether for the economy and chief executive Sir Martin Sorrell warned rising interest rates in America are his chief concern, along with political uncertainty.
Sorrell warned a win for the Conservatives or Labour would have a negative impact because of the former’s stance on Europe and the latter’s attitude towards business.
‘I would say a European referendum for us would bring the most uncertainty,’ he said. ‘If Ed Miliband wins it’s good news because it means no referendum. I am hearing EU civil servants think Angela Merkel would welcome some form of renegotiation anyway because she has similar issues in some areas as the UK.
‘But with a Miliband win you get a government with a Prime Minister that is not as well disposed to business as the alternative.’ Sorrell said Miliband might soften his stance towards business: ‘When you get into power there are the realities of power and the markets. Often the bark is worse than the bite.’
÷ Punters are betting on a ‘coalition of losers’ forming the next government, according to Britain’s biggest bookmaker.
The Conservatives are odds-on favourites to win the most seats and votes in the election but Labour leader Ed Miliband is favourite to be Prime Minister at 8/15 while the odds on Tories’ leader David Cameron are 11/8.
It means that punters are betting on Labour coming second in the election but getting into power with the support of other parties such as the Scottish National Party.
Graham Sharpe, a spokesman at William Hill, said ‘a coalition of losing parties’ could be the next government.
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