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British Elections Scheduled For May 6: Reports

British Prime Minister Gordon Brown will call for elections on May 6, according to reports.

This is from Reuters:

Brown will meet cabinet ministers on Tuesday morning before asking for parliament to be dissolved on April 12 to give time to conclude essential parliamentary business before polling day, the source said.

Opinion polls suggest Brown's Labour party, in power since 1997, is on course to lose the parliamentary election to the Conservative opposition, but analysts say the vote could goeither way or even result in a rare minority government.

"We remain the underdogs in this election," the Labour source said.

A hung parliament, where no party has overall control, is the worst case scenario for financial markets because political deadlock could hamper efforts to cut Britain's record budget deficit, currently around 12 percent of gross domestic product.

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