Accepting criticism

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Mahmudur Rahman
One of the best kept secrets from the general public in the western democracies has been the "influence" of big businesses in their general elections. This has now been spoiled by the invasive media as they kept on hammering at the nervousness of investors as they awaited the results of the long deliberations between the three parties that shared the spoils of the electorates' choice in the United Kingdom.
It is common knowledge that some of the biggest multinational corporations are worth many times more than the budgets of many developing countries in that strange way of the world. And there are times when big businesses like to flex their muscles so to say.
For the first time ever the party with the smallest number of seats turned out to be the king makers. The Liberal Democrats or LibDems, had their day out by first discussing with the conservatives and then the Labour party propositions of the Island nation's first coalition government since the second World War. Former British premier Gordon Brown stuck to his guns in initially exuding confidence that he would continue in the role he has held for the past three years. Then it dawned on everyone that a Labour-LibDem coalition would actually mean the voters' first choice, the conservatives actually wouldn't form a government. The messages came through in the usual channels and finally it was David Cameron emerging as the new head of government.
The Conservatives had major disagreements with Labour over how to reduce the budget deficit that, while of concern, had not yet reached a stage of alarm. With the LibDems, the Tories found more resonance in the areas of the deficit as well as Europe and the only major sticking point was in the area of electoral reforms. Nick Klegg, who now becomes Deputy Prime Minister, is in unison with Cameron that there will be no increases in inheritance tax and no national ID programmes and they both agree that pensions will be taxed, banks will be taxed, immigration rules will be tightened and lower income groups benefit from a raise in the ceiling of tax.
Facing them is the prospect of a huge first year 6.0 billion sterling cut in public spending to balance the budget and all eyes are on them to see where the axe falls. The new fairly inexperienced cabinet will also be tested against the view that it has been the markets that have brought the two parties together rather than the will of the people and as has been seen it was the markets that decided the road for Greece much against the views of its populace.
The new Chancellor of the Exchequer George Osborne agreed with outgoing Chancellor Alistair Darling in that the UK simply would not provide any funds for a European bailout. Of more concern for Osborne will be the 64 billion sterling cuts that will be required. Prompt action will ensure the credit ratings remain high enough for banks and financial institutions to be comfortable in lending to the UK.
And now that the stake is in the sand regarding Europe, the UK will have to consider how Europe, the bulk market of its export, 65% to be precise will favour its' products given the Euro zone faces a meltdown of sorts.
Politics make strange bed-fellows, especially when it's about power sharing. That's when compromises, previously unconceivable, are made. Perhaps the hardest compromise made by the two leaders relate to their personal egos and views about one another. Cameron laughed away questions by the press and Klegg made motions towards a mock exit from the meet-the-press session but there was no denying the massive egotistical compromise that the two had met. Otherwise how could Cameron, who described the other Klegg as "the biggest political joke" actually team up with him? Klegg could well afford to smile for his swallowing pride may actually turn out to make him the jewel in the crown. Now is that a learning point for some of us?
Many are the promises that have been made. The future will reveal how statesmanlike Cameron and Klegg can be in ensuring their coalition lasts.
(The writer is a former Head of Corporate & Regulatory Affairs of British American Tobacco Bangladesh, former Chief Executive Officer of Bangladesh Cricket Board and specializes in corporate affairs, communications and corporate social responsibility. He can be reached at e-mail: mahmudurrahman@gmail.com)