The Lib Dem triple lock
Following the UK General Election which resulted in a hung Parliament, before there can be any special agreement between the Liberal Democrats and either the Conservatives or Labour, the Lib Dems have to address their so-called ‘triple lock’. What is this?
Established by the party in 1998 – when talk of an arrangement between Paddy Ashdown and Tony Blair was rife – it states that any “substantial proposal which could affect the party’s independence of political action” will need the consent of a two-thirds majority of both Lib Dem MPs and the party’s Federal Executive which is made up of elected activists, regional representatives and a few MPs and Peers.
If the majority in either of these bodies is less than 75%, a special conference is called. Two-thirds of those who vote at the conference – which is open to all party members – need to support any deal. If that fails, then a full ballot of party members will taken when a simple majority will be required.
Meanwhile the markets are very anxious and a financial crisis is possible …