This week in 1992

Parallels have been drawn between the last week’s election results and the Conservative party’s victory in 1992. Both elections saw a reigning Conservative government record a surprise victory, after months of opinion polls had shown the party neck-and-neck with Labour, causing the country - and the construction sector - to prepare for the difficulties of a hung parliament. As it happened, John Major’s Conservatives prevailed with a clear majority, which was greeted by relief from many in the industry. In a news story following the results, Building spoke to key construction members to gauge opinion. It read: “A majority of construction chiefs approached on Monday said the re-election of the Conservative Party for a fourth term would ‘galvanise confidence’ among homebuyers and lead to an early rise in house sales. Trafalgar House chairman Sir Nigel Broackes typified response: ‘Of course we’re all very relieved by the outcome. In a restrained sort of way we’re rejoicing. The alternative would have been dreadful.’ House sales would improve immediately, Sir Nigel predicted. But he warned: ‘We mustn’t think it’s a new dawn. There are too many foreign problems quite apart from our own. We’re not going into a boom, but we’re fairly well embarked on a steady recovery.’”