Bettors expect the polls to underrate Conservatives again. If they underrate Labour instead, Theresa May’s majority is at risk.
In April, when U.K. Prime Minister Theresa May called for a “snap” general election for June 8, polls showed her Conservatives with an average lead of 17 percentage points over Labour. Such a margin would translate to a giant majority for Conservatives: perhaps as many as 400 of the 650 seats in Parliament. (Conservatives currently control 330 seats; 326 are needed for a majority.) After several unpredictable years in U.K. politics — marked by Conservatives unexpectedly winning a majority in the 2015 general election, the successful Brexit referendum, and David Cameron’s decision to resign as prime minister and Conservative leader — such a result promised to provide May with a mandate as she negotiated the terms of the U.K.’s exit from the EU.