Labour backed to win forthcoming election

Despite this week’s budget being widely criticised, PaddyPower have reported sustained support for Labour to win the upcoming General Election.

The firm have been forced to cut Labour’s odds in to 10/3, from 4/1. This represents a huge shift from the 7/1 available back in November.

The Conservatives remain hot favourites to win in May, and are 1/5, although they had been offered at 1/14 earlier in the year. Outsiders the Liberal Democrats can be backed at 200/1.

Recent Ipsos-MORI polls have put the Conservatives just two points ahead of Labour, and Darren Haines, spokesman for Paddy Power, told Bettingpro:

"It was surprising to see a run of bets on Labour after their budget had been roundly criticised but the polls are suggesting that the Conservatives don’t seem able to completely kill them off.

"In Gordon Brown there are a good proportion of punters who believe there is still life in the old dog yet."

With the election promising to be keenly fought, there could be a rise in voter turnout, with PaddyPower offering 6/4 that 65-70% of the population cast a vote, which would be a marked improvement on the 61% in 2005 and 59% in 2001.