4.4.3 - Case Study of 2010 Election Flashcards
What was the defining feature in the background of the 2010 Election?
The 2008 Economic Crash
Where did the Economic Crash begin?
America
How did the Economic Crash of 2008 happen?
The sub-prime mortgage sector collapsed as the mortgage providers offered loans at far more than the standard 300/400% rates.
The market eventually noticed the CDO’s that the banks had were backed by incredibly shaky subprime mortgages. Once the mortgages themselves collapsed, the CDO’s they were a part of then had no collateral to promise future repayments from the underlying loans, meaning people stopped purchasing mortgage backed securities (MBS).
The CDOs massively increased the demand for MBS and therefore firms were more likely to loan to subprime borrowers.
Once the housing bubble burst, many subprime borrowers saw them underwater on mortgage payments that were worth more than the house. This led to even higher levels of default, further damaging the economy.
This crash in America meant that the banks could not repay their own debt and therefore the world economy collapsed.
Why did RBS and Northern Rock struggle most during the 2008 Crash?
They unfortunately had the highest level of debt to the Americans and were unable to get their own money back from the banks.
As the market crashed, market confidence in the banks collapsed and there was a run on the banks. Both banks massively struggled to pay the people their money as it was tied up in American debt.
What did the Labour government do for RBS and Northern Rock?
They promised to bail both banks out.
How did the Tories attack Gordon Brown’s bailout strategy?
His strategy massively increased national debt, which the Conservatives promised to completely remove national debt within 5 years.
How were Labour doing in 2007?
They were performing quite well after Blair’s resignation and Brown’s PMship.
What was a massive mistake that Gordon Brown made in 2007?
Not calling a General Election.
If he called an election in 2007, it is highly likely he would’ve won.
When did Gordon Brown ask the Queen to dissolve Parliament?
12th April (Election on 6th May)
How many constituencies voted in 2010?
649 (“Thirsk and Malton” postponed election for 3 weeks due to candidate death)
How had the Conservatives changed under Cameron?
Moved more central as he felt they were becoming far too unpopular.
What did the Liberal Democrats want entering the 2010 Election?
Gains from both sides from apathetic Labour and Conservative voters so they could hold power in a hung parliament.
How did the first televised debate go?
Clegg was the frontrunner by far and away as he performed incredibly well with both Cameron and Brown stating, ‘I agree with Nick’.
How many undecided voters were there before the election?
An incredibly high total.
What goal did the SNP set out?
Due to their success in the 2007 Scottish Parliamentary Elections, they set a goal of 20 MPs.
What goal did Plaid Cymru set out?
Gains in Northern Wales.
Why did smaller parties such as UKIP, Green and BNP expect more representation in the House of Commons?
Due to success at local and European elections, they looked to extend their representation in the House of Commons.
What goal did the DUP set out?
To maintain their seat total.
What was interesting about the party leaders since 2005?
All 3 main parties had different leaders.
Who did Cameron replace from 2005?
Micheal Howard in 2005.
Who did Brown replace from 2005?
Blair in 2007.
Who did Clegg replace from 2005?
Menzies Campbell in 2007.
When was the last time all 3 main parties had different leaders?
1979.
The prospect of a coalition only occurred after the election results came in. T/F?
False, the prospect had been considered long before polling day.
Brown made comments about a coalition in 2010.
