Since the reshuffle in No.10, there has been a lot of talk about whether the PM should choose between his new Northern spoils or his Southern heartlands.

Today, @ukonward publishes "No Turning Back", a detailed look at the parties' new voting coalitions. A few highlights:

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1. There has been a lot of sorting in the electorate over the last few elections, driven by Brexit and the realignment of British politics away from old divisions of class towards a values divide on culture and age.

This is from the 2015 result to the start of the 2019 campaign
2. There was further sorting during the 2019 campaign itself.

This is from the start to the end of the campaign. The Tories converted 71% of Brexit Party supporters during the campaign and 35% of DKs and WNVs. 6% of Lib Dem voters switched to Labour.
3. As a result, the two main parties have fundamentally different coalitions to five or ten years ago.

The Tories are more provincial, working class, regionally distributed. Labour are more metropolitan, middle class and urban.
4. It is also hard to overstate how different geography of the Conservative Party is to recent decades.

This is the 2019 party against the party after its 1997 defeat. The Conservatives now represent 57% of seats in the North and Midlands, their highest share since 1935.
5. As the PM made clear, many voters "lent" their votes.

1 in 5 Tory voters - 3.2 million people - were "contract voters", where they backed a party other than their ideal party to deliver an outcome (mostly Brexit). Without these voters, the majority would have been 42, not 80
6. The majority is thus more vulnerable than it first appears. But it can be strengthened - because Red Wall voters share many of the same values as loyal Tories.

The Tories are no longer the party of Notting Hill. But they can unite North West Durham with North Swindon.
7. Labour is much less homogenous. 27% of the party's 2019 voters are strongly the left of centre on both economic and social issues.

The current values coalition could only ever delivers 37% of the electorate. Keir Starmer will need to move right on economics and culture.
8. All of this means that there can be "No Turning Back" for the Conservatives if they want to retain a majority. They must deliver on Brexit and levelling up.

And there must be a significant rightward pivot from Labour if they want to get back into contention in 2024.
9. In the longer term, however, the Conservatives faces a growing challenge among the young.

In 2019, the gap between the oldest and youngest voters widened to more than 80 percentage points. Only 1 in 3 voters aged 18-24 years old would consider voting Conservative.
10. You can read the full report here: https://t.co/QDPFly5JEP

Please share, comment, challenge. The next election is few years away, but there's a lot of work to do for both main parties.

Thanks to @HanburyStrategy, @guymiscampbell and @jim_blagden for all their hard work.
So our website has helpfully gone down. DM me your email and I'll send you a PDF.

More from For later read

I’ve been frustrated by the tweets I’ve seen of this as a Canadian. Because the facts are being misrepresented.

We’re not under some sort of major persecution. That’s not what this is. A thread. 1/8


This church was fined for breaking health orders in Dec. They continued to break them. So the pastor was arrested and released on conditions of... you guessed it, not breaking health orders. And then they broke the health orders. 2/8

So then he was arrested and told he couldn’t hold church services in person if he was to be released. He refused. He’s still in custody.

Here is my frustration as a Christian in Canada:

1. They were able to gather, with some conditions. They didn’t like those. 3/8

2. He is not actually unable to preach. He is just unable to hold church services because they broke the conditions given by the public health office in Alberta. He says he can’t in good conscience do that, so they are keeping him in jail (because he will break the law). 4/8

3. This is the 1st article of The Canadian Charter of Rights and Freedoms: “guarantees the rights and freedoms set out in it subject only to such reasonable limits prescribed by law as can be demonstrably justified in a free and democratic society.” 5/8

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A THREAD ON @SarangSood

Decoded his way of analysis/logics for everyone to easily understand.

Have covered:
1. Analysis of volatility, how to foresee/signs.
2. Workbook
3. When to sell options
4. Diff category of days
5. How movement of option prices tell us what will happen

1. Keeps following volatility super closely.

Makes 7-8 different strategies to give him a sense of what's going on.

Whichever gives highest profit he trades in.


2. Theta falls when market moves.
Falls where market is headed towards not on our original position.


3. If you're an options seller then sell only when volatility is dropping, there is a high probability of you making the right trade and getting profit as a result

He believes in a market operator, if market mover sells volatility Sarang Sir joins him.


4. Theta decay vs Fall in vega

Sell when Vega is falling rather than for theta decay. You won't be trapped and higher probability of making profit.