Talk of a by-election in Portsmouth South has been growing, fuelled by allegations against MP Mike Hancock. And, in a speech to the parliamentary press gallery lunch yesterday, Nigel Farage claimed Ukip could win it. The reasoning is simple: Ukip are on the up, and they came within 2,000 votes and 5 percentage points of a win in Eastleigh, so surely they can go over the top in another Hampshire by-election where the Lib Dem incumbent has had to step down amidst a scandal.
Of course Ukip could win — but its chances may not be as high as that reasoning suggests. Indeed, Farage himself seems to think his party would be more likely than not to lose. He said ‘I would think that the odds on Ukip winning it would be 2/1, 3/1 at Ladbrokes and elsewhere.’ That prediction raises two questions: would the bookies offer those odds? And should you take them if they do?
The Eastleigh by-election provides a reasonable point of reference.
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