Read into this what you will

The big news on the eve of the by-election is that LAB figures are saying they only have a 5-10% chance of holding the seat. This looks like a classic case of expectation management to deflect some of the negatives of a possible loss. This “revelation” might also be part of an effort to get out the vote tomorrow.

The result is that the betting has moved even more towards the Tories who are now rated on Betfair as having an 85% chance.

My chart above shows the breakdown of what happened in the seat at the May 2019 Euro elections where the Brexit party came out top with LAB in a reasonably strong second place.

My own quite modest betting from two weeks ago is on Labour and I see no reason to change. Betting prices as C&A showed can give a very misleading picture of the outcome.

Mike Smithson

UPDATE: These are the markeThis market relates to whether the UK government re-introduces any legally enforceable restrictions on social contact in England related to the spread of coronavirus, following the legal end of restrictions on social contact (currently expected to take place on 19 July 2021). Examples may include, but are not limited to, the mandatory wearing of face masks on public transport or the closure of pubs/nightclubs. For the purposes of this market, restrictions will not include any regulations on international travel or any regulations related to self-isolation or quarantine. For the purposes of this market, ‘re-introduce’ does not require any restrictions to exactly replicate previous restrictions. If the UK government does not end restrictions on social contact in 2021, and thus could not ‘re-introduce’ restrictions, this market will be void. Dates in this market relate to when any restrictions come into force in England, rather than the date on which they are announced. All times and dates in this market are in UK time. Clarification (14 July 2021): This market refers to mandatory England-wide measures introduced by the UK government. Any measures that are introduced locally or by individual companies (e.g. Transport for London only) will not count towards the settlement of this market. Clarification (6 September 2021): If ‘vaccination passports’ are required for entry to nightclubs or other events, this market will be settled for yes, so long as the measure satisfies the other conditions in the market rules, i.e. that it is mandatory, implemented by the UK government, England-wide and legally enforceable. Clarification (12 October 2021): If vaccines become mandatory for people working in care homes at any point in 2021 (https://www.gov.uk/government/publications/vaccination-of-people-working-or-deployed-in-care-homes-operational-guidance/coronavirus-covid-19-vaccination-of-people-working-or-deployed-in-care-homes-operational-guidance) this market will be settled for yes, so long as the measure satisfies the other conditions in the market rules, i.e. that it is mandatory, implemented by the UK government, England-wide and legally enforceable.