By Lord Ashcroft
Every pundit has a theory about the next election, and the New Year has brought a flurry of them. Some believe a Conservative victory is impossible; others think it is the most likely outcome. Unlike the commentators, the bookies have to back their theories with cash. Their expectations are clear. For them, an overall majority for Labour is the most likely result in May 2015 – Ladbrokes will give you only 11/8, and Paddy Power 5/4 on this outcome. A hung parliament looks to them less probable than a Labour victory, with the two firms offering 13/8 and 7/4 respectively on no party winning outright.