'The Streets Of Belfast Will Be Paved With Gold': BNP Paribas Chairman And Former Tory Minister Steven Norris On U.K. Election Impact

"The reality is that Theresa May’s campaign was dreadful.”

Steven Norris, a former Conservative Transport Minister and now chairman of BNP Paribas Real Estate and property company Soho Estates, did not pull any punches in an interview with Bisnow about the surprise result of Thursday's General Election, which has resulted in a hung parliament.

“It’s a shame because I was a big believer in her," said the most high-profile figure from recent Conservative politics to have moved into real estate.

Norris believes her big mistake was putting a big idea in the manifesto — how people suffering from dementia might have to pay for more of their care — and then canceling it when it faced opposition.

"She didn’t appear in any kind of public debate and her oratorical skills were shown up by [Labour leader] Jeremy Corbyn. Her personal authority has been diminished and her rivals in the party have been strengthened."

He believes forecasters did not correctly analyse the market. “There was the presumption that UKIP (the staunchly pro-Brexit party) voters would automatically all go to the Tories, but they were not Tory before so why would they?"

Norris said he believes rejection of a hard Brexit played a big role in the election result — the party did not win many marginal votes in London, showing some rebellion against a "leave" government — but he does not anticipate the course of negotiations will be altered hugely.

“The problem will be defining the terms of Brexit. I think we will still pursue a clean Brexit, because that’s what we want and the member states just want to get a deal done that costs them as little as possible.”

Norris said he thinks May will be able to form a government that could last via an alliance with the Democratic Unionist Party — but at a price.

“The DUP will demand a huge cheque, and the streets of Belfast will be paved with gold now,” he said.

“They are very aligned with the Tories. But they will be saying in any negotiations that there needs to be an open border to reflect the interests of the North and South. The Prime Minister will be able to form a government. I don’t think it could go on indefinitely, but it could continue for some time."