The Royal Wedding (and Kate Middleton) are capturing the world's attention, but there is another event around the corner that may be more notable for investors. On May 5th the UK will hold its first referendum since the mid-1970s. It is on the general voting style and it will likely keep the current "1st past the post" system. On the same day there will also be election in almost 280 local authorities and election in the devolved administrative areas--Wales, Scotland and Northern Ireland.
The is no direct implications from the the elections or referendum, but there could be indirect consequences that are notable for medium term investors. It could weaken the political environment and undermine the policy climate. This is all the more important because of the serious straits the country is in. Its debt/GDP ratio is worse than Spain and Portugal. The economy has essentially stagnated over the past six months.