francine: how tough does george osborne need to be?t need to come back and say, we've renegotiated this? or does he really have to try to get some of the red lines that angela has been talking about? svenja: it is all about how you package them, really. david cameron had a period in which he alienated other european leaders because he was trying to please the home crowd. george osborne, very different figure. he's a lot more measured. he can afford to be, being the chancellor. i think there's been some positive response already from the eu. ideally, they would like to see britain stay in. they are -- some people just won't budge. the important issue here is which will be palatable to both germany and france and to the more eurosceptic tory crowd at home. francine: what are your biggest concerns for the country? ross: i think the pound should be manageable. we haven't had any sort of export-led recovery. you would not want to see further appreciation. i think we can probably live with mid-150's against the dollar. i think the risk is th

from the prime minister but that is what george osborne has been saying.yan, thank you for now. quickly back to john, apologies our conversation keeps being interrupted. briefly, your thoughts on interest rates. are we going to see fiscal holocene tighter than the markets expected? then interest rates -- >> in the short-term this is continuity they will mainly determined by what is going on in the underlying british economy about what goes on in the states and china. but for the markets, i think the main changes will come in the areas which are relieved. housing and the mansion tax kensington, non-dom, the shires versus the inner-city who can expect a bit more of public spending and on the other side george osborne will now have to deliver his spending cuts because he has tied himself down to no tax increases. so where will you find them? anna: in the run to the election, the parties perhaps thought they would not get majorities. so where's this -- there was this flurry of gifting and a lot of the parties thought we will not have to deliver this and now we

george osborne expected to come out of 10 osborne -- 10 downing here any moment now.nservative party really shifts gears from being careful not to get too triumphant as they were earlier in the day. back to you. guy: ryan, thank you very much indeed. we will see you in a moment. ♪ . g's european headquarters in london. i'm guy johnson. so coming up in this hour, stock surges as david cameron's conservative party led the elections. the pound is also jumping against the euro and against the dollar. gilts also leaping with yields falling sharply. the conservative leader david cameron back at number 10 while the labour party takes a beating, the most high profile loss, the shadow chanceler. -- chancellor. ed miliband will remain shortly. a big night. a big morning. let's find out the latest. jonathan ferro standing by. jonathan: thanks, guy johnson. the conservative party inches away from a majority. you can see the action straightaway straight away on the bloomberg terminal. the pound stays higher throughout the night and morning. not just against the dollar bhutch stron

guy: george osborne.his speech was about the economy, the budget is a big part of the conversation, any suggestion on what is going to be in that legit? >> yes he specifically asked government departments to find extra savings by july and say you promised 13 billion by 2017 this is how we will do it. guy: he talks about productivity. that is something that puzzles everyone. the top economics are trying to figure out why productivity is so low. >> yes, he has promised a productivity plan to address these issues. of course there are no quick fixes, essentially he will look at how to improve infrastructure, things like broadband, how to make business more efficient. of course it does not look at various business investments. guy: identifying the problem is part of the issue. cameron is also speaking today he will speak about in them -- immigration. this is part of the relationship with the eu, what will he say? ask he will promise the words on seizing salaries of illegal migrants in the u.k.. deporting peopl

george osborne spoke to the cbi yesterday. did you give any clues in his speech?ng forward an emergency budget. july 8 is the date. reporter: what he has done is asked government departments to find extra savings by july so he can stand up and say i promised 13 billion and cuts but i will deliver them in targeted manner. what he is also going to do is give us more detail on the extra funding and how it will be delivered. mark: he also chatted about productivity. that has puzzled many an economist. reporter: he said he will address it. how he will achieve that remains to be seen. he will focus on improving productivity. he will have a vote on a few measures about and lamenting broadband. the productivity puzzle has been the big question hanging over the u.k. economy. at the end of the day it is going to affect growth performance. anna: a lot have been talking about it for so long but it will be a focus and he has made some key appointments people who are on the same page with him in the need to invest in the future. reporter: he has jim o'neill on board and another

the austerity prescribed by george osborne. at first the imf said what are you doing, no austerity.hen the imf had to apologize to george osborne and the british government for effective -- how effective their response was. pimm: and now they are using the same argument for greece. olivia: sometimes it feels like the imf forecasts are actually retroactive. pimm: the figure of them out based on what already happened. yesterday's news tomorrow. olivia: that is actually hu europe's economy. it is even more severe, the lack of productivity in the u.k. than it is in the u.s.. pimm: with your experience, having lived in the united kingdom, have you noticed if there has been any change in the government's role in business? part of what david cameron has talked about is moving out of the way of business. olivia: avery think you're in the city is thrilled to see that ed miliband is not going to be in charge because their bonuses are going to be safe. the big charge question is going to be the role of scotland in westminster. pimm: after the s&p win. olivia: thank you. thank you for being her

george osborne is going to remain on as chance there.an smith is going to be in charge of pensions. the welfare reform that has been so controversial that is going to be under his watch. the chief wit is going to be justice secretary. we don't know who is going to be business secretary yet. various papers were speculating over who might take that role. one used to be an investment banker. he's also had experience at culture as well. a diverse range of experience. look out for a number of women being appointed to the cabinet as well. david cameron has made no secret of the fact that he wants to see around one third of his appointments in the cabinet being women. we will see if he has anything that advances that course. mark: and of course after ed miliband stepped down, labor is looking for a new leader. run us through some of the names in the frame. anna: chakra mono was speaking on the bbc, suggesting not telling us whether he wants to stand right now, but suggesting that he does think labor does better when it has a very broad offer. l

in the last few hours george osborne gone. ed balls, gone. a significant shift in the economic landscape. andanna: warmly congratulating his conservative rival saying he had a sense of sorrow. now we wait for the leaders to acknowledge the outcome. the latest forecast is that the conservatives will get 300.9 feet here -- 329 seats. let's talk to the global market strategist at j.p. morgan chase. we will talk europe what is your sense at how quickly this euro question will dominate. how quickly will they push this through? they want this off the radar don't they? david: they have made it very clear that the legislation that permits a referendum is a core plank of their policy. they want to get that on the books. they want to get the referendum date set. guy: when? david: two years. i would say they will stick to the plan. you put the date in and go to brussels. the brits could leave. you hesitate when you say i want this i want that, to make the case to stay in the european union. anna: avon, thank you very much for joining us. -- david, thank

we know that george osborne is reappointed as chancellor.ain duncan smith is back in charge of pensions and welfare. that could be a crucial role given what we know about the conservative plan for cutting back on welfare spending. look out for some key women to be named as well. david cameron once a third of his cabinet to be female. guy: thank you very much indeed. anna edwards joining us from downing street. francine: bank of england governor mark carney will reveal his latest rate decision today. we are joined by bloomberg's jennifer ryan. it is quite a big week because we are expecting that inflation report. jennifer: think about it. the announcement of the rate decision is delayed until today. policymakers were meeting last week. amid that uncertainty you could see a really big argument for them not to do anything. on top of that, inflation is still at zero and their target is 2%. guy: jen, talk us about the market moves and how economists are changing their forecast. we got carney speaking later on. where is the current forecast versus

george osborne just reappointed chancellor of the exchequer.ime minister. francine lacqua in two minuetes. ♪ >>matt: it is time for bloomberg on the market. midway through the trading day, we have the continue rally of u.s. stocks. the dow jones industrial average up 1.5%, gaining 278 point. the s&p up 1.4% at 21.17. rising up to a high there a record high. the nasdaq up at 5,013. very interesting look at the s&p. as the jobs number impressed on some levels. the unemployment number did at 5.4%> the uk election. i'm here with -- he's an equities derivatives strategy. i want to ask you about the market in general. this has more to do with our jobs number than the u.k. election, but we rise in sympathy with what is going on in europe. >> at the same time, we continue to believe the market has the legs to go higher. of course, 30 cent spike in volatility and a coalition between the stock market and the bond markets -- stocks and bonds were selling off together sharply and start to rise back up together. we think this is not going to last and fadeaw

anna: the top stories on bloomberg this hour. 100,000 jobs could be lost in whitehall as george osborne the books. osborn is targeting so billion pounds in cuts from the civil seniors. asking prices for london homes fell the most in nine months in may over concerns that the labor government would have imposed a so-called mansion tax. prices dropped 2.3% in april. london's finance industry continues to hire despite the uncertainty surrounding the election. job vacancies jumped to 14% in april, a slight increase. you can find more on that story at bloomberg.com/europe. manus: join us on twitter. the chicago fed said there is no compelling reason to raise rates. mark: coming up, more on greece. when willits life line be maxed out? later, is the eurozone deflating beast to be blamed? and we are going to count down to the europe mark's open. 0 so minutes before the start of trading. anna: we will look at the prospects for the greek economy and what it means for investors, stay with us. anna: welcome back. are we entering the end game for greek banks? the country's central bank could have as

francine: george osborne days after being reappointed.e plans to start talks about britain's relationship with the eu. he is now the chief negotiator for the u.k. we are back with paul donovan. author of the new book "the truth about inflation." if you look about inflation in europe, how likely is it -- theat all rates stay as they are? paul: very likely. dr. draghi has been disingenuous in claiming there is a deflation threat in europe. there is no deflation threat in europe. deflation is a decline in prices. we do not have that in europe. we have one price that has fallen -- oil. people behave differently. ironiciallally, in europe the one country that can make a claim that has deflation is greece. so the threat of deflation was conjured out of thin air by mr. draghi. guy: is monetary policy appropriate for the inflationary environment? paul: as far as the eurozone is concerned, the quantitative policy we have got does not make a great deal of difference at the moment, frankly. the general policy environment is reasonably appropriate. b

george osborne targeting 10 billion pounds of cuts.sking prices for london homes found the most in -- how they would impose a so-called mansion tax. staying in the u.k. the first day in a new parliament under a conservative majority led by david cameron. a big day for them, they have already called a budget in july of all things. guest: this is the first budget we will get for quite some time. you mentioned the job cuts. these are part of spending cuts outlined however, he now can go even further. he has also promised savings and welfare up to 12 billion. he has also promised a great increase in funding for the nhs. what we need now is detail. jon: will be get any clarity? governor mark carney has been sticking his nose into this as well. guest: a lot of calls from lobby groups, from labor. jon: is that a surprise? guest: know, because i am a cynic, but it is the way of really distancing himself from ed miliband's leadership. i think these calls will multiply as we get closer to this deadline. cameron himself has said he will bring it

george osborne has reappointed the cafferty of the npc. npc. tesco is up 1%. potentially after mr. clark's termination. deutsche bank's flat at the moment. the challenges will be raised. vodafone is up 13% -- .13%. what they have said here is that the standalone process for vodafone is something they are questioning. they need to reset the dividend strategy. they need to contemplate taking liberty as being the senior role. that is something they are saying. operating synergies could amount to $22 billion. they really do like that tesco news. after that payoff to mr. clark. the mining companies, why am i surprised? china's growth numbers are disappointing. the aussies are worried about the chinese level of growth. of course you are seeing billy's up. glencore is up. that will be one to keep an eye on. rio tinto up .80%. we will wait to see what these pmi's bring us. jonathan: what a busy morning. french pmi's coming through in the last three minutes for it 49.3 is the reading for manufacturing, slightly better than the survey of 48.5, a pickup from the previous month. it is getting

george osborne has re-does reappointed -- reappointed. web not seen too many comings and goings. greatly -- graley will be leader of the house of commons. we saw him going in a few minutes ago. all eyes will be on the door behind me. jon? jonathan: all eyes will be on the bank of england's decision. every single economists surveyed by bloomberg expects the rate to remain at a record low. why did the majority and the effect on fiscal policy could have an impact on what the bank of england can do, what is the take away? anna: it is interesting. the market has a reappraising were key interest rate will go on the back of the conservative majority pretty if the government is going to run a fiscally tight ship, does it mean the bank of england has to keep rates lower for longer to allow the economic recovery to continue? the markets to some extent haven't adjusted and are factoring in the first rate rise of 2016. mark carney is going to be speaking on wednesday. will he take the opportunity to push back of when a rate rise will occur or will he decided you are getting complacent at a r

emily: cameron has already appointed george osborne as the exchequer. the extra cash would give teva the ability to increase its offer. last one, mylan rejected the takeover offer. a federal court says broadcasters will not have to turn oversensitive documents to the fcc as part of the government's review of the at&t directv deal. the court ruled the fcc did not deem it necessary to the process. aol shares are rising the most in 16 months. the company reported a 7% gain in first-quarter sales and turned a profit of $7 million. they have shifted their focus to digital advertising and sales. now to the lead. hoover is willing to spend billions to buy one of the world's largest digital mapping services. uber has submitted a bid of up to $3 billion for new kia's -- nokia's mapping business. uber's bid is competing with another one from a group of german automakers including bmw, audi, and mercedes-benz. they are also teaming up with baidu on their offer. joining us is cory johnson. with me in the studio is the mapping expert,. i am so glad you are here toda

george osborne will be looking to steer talks toward britain's role in the eu including a possibility of a grexit. >> we come here with a clear mandate to improve it and reform the eu so it creates jobs and increasing living standards for all of it's citizens. i don't think anyone is in any doubt we'll hold that referendum on the european union having conducted the negotiations. we go into the negotiations aiming to be constructive and engaged and resolute and firm. >> within the last hour the u.k. chancellor arrived at his first euro group meeting since the surprise election victory. aside from the grexit george osborne will be looking to steer talks toward britain's role in the eu including the possibility of a grexit. when you take a look at financial markets, markets are more focused on the potential grexit but there's the potential of britain leaving the eu. >> you're right in terms of the scale of the issue but the timing is also crucial and yes we have at least a year according to your latest estimates before we start having to even think about the prospect of a british exits.

. ♪ charlie: do the majority of people believe that george osborne is right in terms of the economicolicy, the austerity that he brought to great britain? did the majority of people believe paul krugman is right? that that really had nothing to do with it. ian bremmer: i think there is an ideologically divide. they have a much bigger problem with the middle class. that probably need more transfers. charlie: social inequality and economic inequality. here's what is interesting for me. give me your assessment of bill clinton's foreign policy. ian bremmer: i think it was in some ways as nonstrategic and reactive as we see from his successor. i think bill clinton inherited the soviet union has collapsed. we have won, so we don't actually need a global strategy. it is a question of taking the manager of being the world's great power. charlie: what happened and what could we have done? many people see that as a crucial time between -- while the berlin wall fell in 1989. between that time and you know. ian bremmer: who lost russia occurred under his administration. it sounds quaint compared

george osborne, they stay in the same hands. he has a small majority government. he doesn't have to share power with the lib dems. they have gone. he has positions to redistrict amongst his own parliament that will give him treats in which to demand favors. >> simon mcgregor-wood, he'll keep his eye on developments in the u.k. forest. >> now, a military transport plane crashed in the south of plane, killing 10 crew members. it took place on the edge of seville's airport. the airbus a400 m was undergoing trials at the time of the accident. seville's airport as been temporarily closed. >> palestinian leaders ruled out a possibility of resuming peace talks with the israeli government. the coalition formed by binyamin netanyahu includes the jewish home party which has rejected is 2-state solution. it wants to expand illegal jewish settlements in the occupied west bank and east jerusalem. mike hanna reports from ramallah. >> reporter: a political science class under way at this university. 61 seats out of 120 formed the israeli government, students are told. if any par

. >> rose: do the majority of people believe george osborne is right in terms of the economic policy, the austerity that he brought to great britain, or to the, or do the majority of people believe that paul krugman is right saying that really had nothing to do with it? >> i think there is an ideological divide between the united states and europe generally speaking where we are much more willing to plow it down and spend money and. >> rose: infrastructure dack -- >> and they are not, they are in a place where -- they do have a much bigger problem with the middle class and more -- >> rose: social inequality and -- >> yes. >> and economic inequality. this is what is interesting about this book to me among many things. give me your assessment of bill clinton's foreign policy. >> i think it was in some ways as nonstrategic and react if the as we see from his successors. i think that bill clinton inherited. >> rose: soviet union has collapsed. >> we have won and so you don't actually need to have a global strategy, you know? it is much more a question of taking advantage of being the worl

now we will see george osborne go for welfare cuts in a fairly big and explicit way.t actually bring the cuts further towards us in time. they were supposed to be spread out across the whole of the parliament. politically and to some extent economically, there is a lot said for getting the pain out of the way soon. talk about a budget of course in the not too distant future. i doubt if they will announce measures to be enacted now but it will lay out the groundwork. by next are we could find we are in the midst of it ready intense squeeze. manus: do think he will bring forward the referendum on europe into next year because of the selections? we anticipate a great deal of sterling volatility, market volatility as we run up to this. roger: i do not think it is that big a deal. on bringing it forward, i suspect he will think better and the safer thing to do this is all because you have been arguing we want the referendum sooner. i think they are having -- making mistake. -- making a mistake. the grexit will be a big thing in all of this. if we get a grexit, that will be

in an interview with guy johnson, george osborne says that sticking with david cameron is the way too for voters hitting the pollls thursday. >> there are two choices as the general election looms. you can either have a bit cameron back in the job on friday leading a strong and stable government or we can have the political instability or economic chaos as a result of the week ed miliband propped up by a scottish nationalists. betty: the polls continue to suggest a hung parliament with cameron and miliband sinking a last-minute swing to form a majority government. the tech word is offering tributes to dave goldberg who died friday night. the 47-year-old was the husband of facebook chief operating officer sheryl sandberg. the couple were vacationing overseas when he passed away. the cost has not yet been disclosed. those are your top stories this morning. when it comes to mcdonald's, everybody has an opinion on how to shine back the golden arches. this morning, steve easterbrook is taking charge. he is right now unveiling details of a plan to turn around the company's fortunes. happen

economy but i need to go back for a moment to our conversation about the british election the george osbornees and your criticism of paul krugman. the reason i am belaboring this point is because in your piece for the huffington post, you addressed the criticism of osborne or at least the criticisms -- how should i put it? you make the point that had britain bought troubled assets instead of injecting capital directly into the banks things would have been better. you draw a comparison to the united states. niall: that's not quite what i said. i said it was wrong to say tarp, when it became a master of equity injection which it did it was comparable with the nationalization of banks like rbs. paul krugman argued that nationalization was the way to go and the government should take over these banks. that actually happened in the u.k. 80% of rbs is owned by the british government to this day. it ended up buying equity in preferred stock and it has been sold off. if you ask larry summers, did we do what paul krugman recommended, his answer would be no. erik: i'm going to suggest that you might b

i look at that and i see the strength of david cameron, george osborne policy coming out of the crisis. the question is currently, britain is the fastest g7 economy, they do more trade with the eurozone man with the u.s. at some point, and because a lot of restaurant euro. brendan: i tell you what i see -- i see crowds and crowds of brits making way for their stack andg and hen parties. tom: i spoke to -- moments ago and basically at 12:00 noon london time, the most likely cameron victory will be cast in the own. it is jobs day america. yes it is our top story, but maybe it is not. we know the united kingdom held an important election yesterday. we and our francine lacqua stunned. labour has been crushed, liberal democrats wiped off the map, conservatism and the ghost of 1707 have one big. francine let me go to what you nailed the other day, which is the undecideds. what and why did the undecideds go to the conservatives? francine: tom, you are right, it is from the undecideds that they won the election. the undecideds we understand, are a lot of the younger crowd the ones on social me

. >>> george osborn is considering a commission to a study as to the british leaving the eu. the specific rules of the vote will be revealed in the queen's speech coming this wednesday. >>> meanwhile, the bank of england is under fire after it accidentally revealed details of a project it is working on in the event of a brexit. it was mistakenly sent to an england newspaper. >>> julia is still with me on that issue. it's not surprising that the bank of england is trying to work out what may or may not be the fallout if we have a brexit. it's embarrassing they released the thing they didn't mean to release. >> it's risk management. isn't that what risk management is about? you need to take the steps. the big issue for me is the steps that they would take to try and ask the prs the representatives within the bank of england to prevaricate regarding their preparations. >>> we've got an important week coming up. david cameron is going to be visiting various european leaders. do we think that events over the last week both in greece and now in spain with how voting has gone there,

the imf had to apologize to george osborne because the reforms they once criticized actually turned outwell. why isn't david cameron more popular if the economy is relatively outperforming? >> that is the big question. even though we know from polls that economic confidence is a lot higher than it was, somehow it is not translating to people backing david cameron. the tories are still hoping that they will have that last-minute swing. voters will go to the ballot box and see that things haven't been so bad. at the same time, this is a government that has been associated with five years of austerity. that is the kind of mode that sticks. olivia: where does immigration fall in this? will immigration be an issue that decides the election? >> immigration is usually the number one issue in voters mind. both parties stay away from it because it is pretty toxic. david cameron is trying to make a few pledges that he has not managed to meet on setting targets. this is where they have made ground. tom: we have a thursday election. we know that an america -- what do the two leaders do today? olivi

. >>> george osborn will present a new budget on july 8th the second in britain this year. osborn said the emergency budget would have a "laser-like focus on raising productivity and living standards." meanwhile, the u.k.'s new conservative government is being challenged to bring forward the referendum. still with us is anatole. let's quickly touch on this budget we're going to get from osborn first. we've had this conservative majority. everything is looking hunky dory for the u.k. doesn't it. >> i don't think it really changes anything for the u.k. relative to how it was the last couple of years but of course that are lack of change is itself a big change. nearly everybody by myself included expected a very dramatic change right now. and it couldn't be able to carry on and push through the policies they denounced last year. i don't think anything changes very much in terms of economic performance. possibly not for the markets because as we now know with hindsight, the markets were sort of positioned for the outcome that emerged because there wasn't much response but i thi

george osborne is warning the country will wake up to fall out friday if the opposition wins. the opinion polls show no signs of shifting in either party's favor with some forecasters now putting the probability of a hung parliament near 100%. wilfred frost is on the campaign trail. over to you. >> the prime minister david cameron was here just moments ago. he didn't have time to stop inside he was talking about the fact that he is the choice for stability in the u.k. government and saying you do not want labor propped up. that's the story over the last week or so. interesting to see him with his jacket and tie off. shirt sleeves rolled up. energized. people started to say he was showing the passion he lacked for months on the campaign trail. he has about 36 hours left before he retreats to his own constituentcy. ed miliband campaigning hard today. the democrat leader earlier saying he felt his party would do better than people are currently expecting. 1.5 days left of campaigning until the polls open. as you said at the top, the polls still close to call. >> the uncertainty r

. >> last summer george osborne made a speech at the conservative party conference and he said that the conservative party in a radical departure from the sensible way which we've adopted over the last five years to balance the books, are not going to ask the very wealthy in society to pay a single extra penny in tax to balance the books and instead only the working-age poor are going to pick up the tab for the mistakes made by the bankers. i think that's unfair. they've said they want to take the equivalent of 1,500 pounds off the 8 million poorest families in this country. they won't tell you how they'll do that. 12 billion pounds is about exactly as much as we spend as a country on disability living allowance. are they going to scrap disability allowance? are they going to scrap it? it's about the same as we spend on employment support allowance. are they going to scrap that? i think the point that danny was making quite rightly is we've had five weeks of this election campaign. the conservators have a very unfair plan to balance the books which departs from what we've done in coalit

economic recovery only benefitted a few and the voters seem to be suggesting that the message that george osborne and david cameron were putting across is throughout. that is what has gone on in voters minds and they voted accordingly for the conservative party. back to you guys. >> thank you so much. let's take a look at european markets. the stoxx europe 600 getting a nice boost from the ftse. we're at session lows though. take a look at this right at the start of the trading session. we saw the session highs but have been receding ever since. we're still higher by 1.5%. later this afternoon we still get the payrolls outside of the u.s. the xetra dax higher. but the ftse 100 out performer by 1.6%. it was back above the crucial 7,000 level. i want to bring you some news on a couple of individual stocks. the italian banks third quarter net profit doubled beating forecasts thanks to interest and trading income. it's committed to selling it's 3% stake in the italian insurer toward the end of next year now another mover in italy is the energy company's first quarter came in just over 4 billion euros

data and it's another boost for chancellor george osborne. according to statistics excluding state controlled banks. that was down almost 27% from a year ago and that is the lowest short fall for that month since 2008. the public sector budget deficit narrowing more than expected. keep in mind though this is the first month of the new fiscal year 2015 2016 so it's not a great indication of how the rest of the year is going to play out according to analysts from rbc and we get an updated budget in the month of july and that could change barring a little bit more. sterling dollar 156, 60. we saw that move yesterday. >> we did. >> we're looking at sterling at 15 against the u.s. dollar. let's take a look at european markets narrowing the deficit is what the data showed us here in the u.k. let's look at how markets are reacting to that. ftse 100 has been going higher: it's up 20 points. business confidence slipping in the month of may. moving slightly lower. the cac 40 down about.3% and the italian market which is the big winner so far in 2015 up

the secretary of the treasury sitting right next to nick clegg and george osborne. david cameron, big decisions made on tax and spending. yet, he thought a pretty good fight. i was going to say ran it close, but that is not true. look at the change in the share of the vote. it is a very brutal business. in the coalition, sitting next to the tory ministers taking all the same decisions, the tories are in potentially with the majority and the liberal democrats are out more or less on that. jane: danny alexander sums up the night for me. snp doing stunningly well in scotland and the liberal democrats collapse. danny alexander's rise to the top and walking out of government tonight. host:tom: colin you have predicted the end of the liberal democrat majority. colin: we came at 10:00. because we would do very well, most people went for the next two or three hours but if anything they strengthened as the night went on and i expect that to continue in the morning. tom: shine tories? -- shy tories? colin: there are all sorts of reasons. shy tories. failure to be convinced th

. >> last summer george osborne made a speech at the conservative party conference and he said that the conservative party in a radical departure from the sensible way which we've adopted over the last five years to balance the books, are not going to ask the very wealthy in society to pay a single extra penny in tax to balance the books and instead only the working-age poor are going to pick up the tab for the mistakes made by the bankers. i think that's unfair. they've said they want to take the equivalent of 1,500 pounds off the 8 million poorest families in this country. they won't tell you how they'll do that. 12 billion pounds is about exactly as much as we spend as a country on disability living allowance. are they going to scrap disability allowance? are they going to scrap it? it's about the same as we spend on employment support allowance. are they going to scrap that? i think the point that danny was making quite rightly is we've had five weeks of this election campaign. the conservators have a very unfair plan to balance the books which departs from what we've done in coalit

osborn or as bill calls themselves. definitely, probably and i think i actually did. one of the family roomer chief aides georgeently into journalism. he now hosts the weekend show on abc news and the morning show on abc news. and he is the chief political correspondent on abc news. now we know he remains close to the clintons. he gave $75,000 of his personal fortune to the clinton foundation. this is a conflict. he did not disclose it in his interviews on the subject of the clintons and even in an interview with peter sweitzer author of the thousand famous book clinton cash. >> this back and forth throughout this entire year, was slamming sweitzer for questionable sources and material. listen to this. >> do you have any evidence that a crime may have been committed? we have done investigative work here at abc news and found no proof of any kind of direct action. there is no evidence at all that hillary clinton got directly involved in this decision. do you have any evidence that she actually intervened in this issue? the democrats have said this is indication of your partisaj qzw you were funded by the koch br