A new home for Old Labour

On the eve of last year’s general election result, many pundits predicted the demise of Britain’s two-party system. The likeliest outcome was another hung parliament in which one of the smaller parties — the Lib Dems or the SNP — held the balance of power. These same pundits pointed to the steady decline in membership of the two main parties, as well as the success of insurgent parties in the European and regional elections, as evidence of this sea change.

In the event, the pundits were ridiculed for getting it wrong. Yet is it possible they were just a year too early? The surprise Brexit win in yesterday’s EU referendum looks like it may bring about some kind of political realignment.

First, let’s deal with the impact of the Brexit victory on Labour which, it’s now clear, will be worse than on the Conservatives. More than half of Labour voters have turned out to be committed Eurosceptics.