General Election betting scandal: “We need an ethical revolution,” says Professor Atul K Shah

The Labour party is expected to win the UK’s General Election tomorrow with a 40 per cent landslide victory, the likes of which have not been seen since 1997.

Voter intention has made very little movement in the six weeks between current Conservative PM Rishi Sunak called for a General Election in the pouring rain, to today on the eve of polling stations opening.

The only real surprises in the election so far have been the return of Nigel Farage as the leader of Reform, and the betting scandal.

Tory MPs bet on the General Election

Tory MP Craig Williams was found to have bet on the date on which the General Election would be held, just days before PM Rishi Sunak called it on 22 May.

It is a criminal offense for officials to use insider information to gain advantage on the betting market, under the section 42 of the Gambling Act.

This revelation was followed up by an inquiry from the Gambling Commission, which by the end of June rose to 15 Conservative Party members being investigated, including Tory MP Laura Saunders.

After initially refusing to denounce the MPs, PM Sunak finally dropped Craig Williams and Laura Saunders, saying that he could no longer support their candidacies.

'An ethical revolution is needed', says ethical finance lecturer

Professor Atul K Shah is a Visiting Lecturer in Ethical Finance at City, University of London. Reacting to the betting scandal, he said:

While I welcome the news that the Conservative Party have withdrawn support from candidates Craig Williams and Laura Saunders, it seems this has only happened due to public scrutiny and investigation from the Gambling Commission.

The Tory betting scandal is evidence of the segregation between private conduct and a public face. This hypocrisy has become endemic to many other professions including accounting, law and banking too.

Politicians have a foremost duty to act in the public interest, and they have failed miserably. Tory politicians have allowed personal greed and selfishness to dominate for far too long.

Furthermore, the UK public’s trust in politicians is at its record lowest. Should the Labour party win the upcoming General Election, they will have a long road ahead of them to repair this damaged trust.

We urgently need an ethical revolution to transform our leadership in the UK.

Rebuilding trust in our leaders will require quality education and training at a young age, which ought to be our public mission as academics and educators.

As an educator in accounting and finance, I draw on my Jain faith to inform my teaching. By thinking about the ways in which our actions impact the human, animal and plant world around us, we can achieve a just and ethical society. I bring this firm belief into the classroom. Diversity of faith is a big strength.

The Tories – and all politicians – would do well to remind themselves of their role as public servants and keep the greater good in mind above their political ambitions.”