Rishi Sunak has dropped several hints that a general election is likely to be held in the autumn, with experts predicting late October or early November.
But he has so far not totally ruled out going to the polls before the summer.
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Labour says it is planning for a spring election and some commentators have claimed he could call a vote to coincide with the local and mayoral elections on May 2.
General election in May ruled out by Tory Minister
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2017: Prime Minister Theresa May calls early general election
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This couldn’t be further from the truth according to Trade Minister Greg Hands.
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Asked on Times Radio whether there was “any sniff of actually there being a general election in May”.
He simply replied: “No”.
Labour has been pressuring Mr Sunak to call an election as soon as possible, as they lead the government by around 20 points in the polls.
Shadow paymaster general Jonathan Ashworth said he is so confident that the country is heading for a May election he made a ￡10 bet with Sky News presenter Kay Burley.
Mr Ashworth said: "This election I think is coming in May - I think it's definitely coming in May. The Conservatives are planning for May."
The host replied that she would "bet you 10 of your English pounds it doesn't".
Shaking the presenter’s hand, Mr Ashworth added: "I bet you it's coming in May, right? Let's do that - we can do it".
He called on Mr Sunak to "name the date" of the election.
The Labour politician and Kay agreed the winnings will go to the National Association for Children of Alcoholics, which Mr Ashworth raises money for.
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If a general election were to take place in May it would require parliament to be dissolved on 26 March, as polling day is 25 days after dissolution.
This is the last day the Commons is sitting before the Easter recess.
There are some suggestions that by “going early” Mr Sunak would “head-off some bad news” in the summer with hundreds of thousands of people facing a mortgage-crunch.
Migrant boat crossings also tend to peak in August and September.
Any positive fallout from tax cuts in today’s (Wed) Budget would also be fresh in people’s minds in the coming weeks and months, indicating the PM could consider a spring election.
The Rwanda Bill, currently going through parliament, could also be cleared within weeks, paving the way for migrant deportation flights to begin.
A Whitehall source told the Daily Express: “There are a number of reasons why the Prime Minister could be going early, not least as it would head-off some potentially bad news in the summer.
“Labour have had a tricky time of late with the Rochdale by-election and George Galloway is going to be a constant thorn in Keir Starmer’s side.
“But let’s be fair, they have a big poll lead and going to the polls early probably won’t make any difference.”
Another government source said: “It’s going to be in the Autumn. A snap May election would be madness.”
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The last May election was held in 2015 with the Conservatives claiming a decisive victory after David Cameron promised voters a referendum on Britain’s membership of the EU.
There hasn’t been an Autumn election since the October of 1974 when Labour’s Harold Wilson narrowly defeated Ted Heath and the Tories.
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