BIRMINGHAM -(Dow Jones)- Nick Clegg, leader of the smaller U.K. opposition party, the Liberal Democrats, Sunday dismissed suggestions he will be "kingmaker" if there is a hung parliament and moved to reassure investors that the political uncertainty wouldn't damage the U.K.'s financial position.
Speaking at the close of the Liberal Democrat spring conference in Birmingham, Clegg said it was the 45 million voters in the U.K. who are the kingmakers, not him.
"The party with the strongest mandate from voters will have the moral authority to be the first to seek to govern," he said. "They [the public] give the politicians their marching orders, not the other way around. This election is a time for voters to choose, not a time for politicians to play footsie with each other."
Attention has focused on the Liberal Democrats in recent weeks after opinion polls indicted the increasing likelihood that the election, which must be held by June 3, will result in a hung parliament. If that scenario materializes it could see the Liberal Democrats hold the balance of power.
Clegg Sunday criticized the ruling Labour party for failing to provide details on how they plan to bring the budget deficit, which is expected to reach 12.6% of gross domestic product this financial year, under control.
He also said the U.K.'s main opposition party, the Conservatives, had started to make threats about the stability of the financial markets in order to scare the public into voting for them.
Clegg said the Liberal Democrats had gone further than the other political party in publicly explaining the spending cuts that will see them save GBP15 billion a year by 2012.
Clegg moved to reassure the financial markets that the Liberal Democrats would act responsibly no matter what the outcome of the election.
"We are the guarantor, whatever the outcome of the election, that no risks will be taken with Britain's financial position," he said.
Clegg also Sunday attempted to preempt likely criticism from Labour party and the Conservatives, that a vote for the Liberal Democrats is a wasted vote. Clegg said that the only wasted vote is a vote that doesn't change anything.
Copyright 2009 Dow Jones Newswires
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