DAVID CAMERON says he’s ready for the job, Gordon Brown should have been ready for it before he took the role – he was waiting long enough – and Nick Clegg has more than just a wait on his hands. Of course, the job I’m talking about is Prime Minister and with election fever gripping the UK, what can the Great British public expect from the next term of office?

Yesterday, the Prime Minister called the election for May 6 and the race for Downing Street is closer now than at any point in the past 12 months.

Labour has now committed to a rise in National Insurance to help increase revenues, which is seen by many as a direct tax on jobs. The Conservatives have pledged to cut the rise entirely and look at alternative measures to reduce the national debt, which has been met with a warm reception by most workers. During last week’s Channel 4 debate between the three prospective Chancellors for the next term, the differences in policy ranged from surprisingly co-operative and similar, to plain ideological opposites.

With the prospect of a hung parliament looming on the horizon, equity markets have seemed a little nervous and a little more volatile than normal, although given the two years we have just been through, who knows what “normal” is any more.

Markets like certainty, even if, on the face of it, the news is bad, at least we know where we all stand. However, a hung parliament means it will be difficult to predict with a degree of conviction or rationale what policy a Government will adopt or if there has to be a compromise with the other political parties.

While the UK is technically no longer in recession, sustainable growth is still a long way off and the cause isn’t helped by the number of strikes in many sectors of the economy. British Airways staff are striking to protest against a change in working conditions and rail workers are striking over job changes. While each strike should be assessed on its merits before outright condemnation, industrial action doesn’t help the cause at a time when we are required to pull together.

The odds are on a Conservative victory at the election, which, I believe, will stabilise markets and strengthen the pound due to the belief that the Tories are traditionally able to sort out the public finances following years of Labour excess.

However, in the past, the Labour Party vacating Government has only had one term in office, not three consecutively. This indicates that the job of sorting out the economy will be very different to that of the past.

If history has taught us anything, it is that it is not yet possible for Governments to eradicate the boom and bust cycle of the economy, and that dealing with the eventual fall-out can be a long and painful adjustment for all concerned. This is especially true of those working in the public sector, who have so far been insulated from the worst of the economic downturn compared to the private sector, luckily for them, the opposition party does not contain a certain Mrs Thatcher.

Whatever the outcome of the May election, one thing is for sure, we’re in it for the long haul.

■ Wayne Berry is an investment manager in the Teesside office of Brewin Dolphin, and can be contacted on 0845- 213-1340. All prices are from public sources. The value of your investment or any income from it may fall and you may get back less than you invested. Past performance is not a guide to future performance. No investment is suitable for all people and should you have any doubt about this service you should consult an authorised financial advisor.

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