It's a bit of a lose-lose situation really, and democracy has been sold very short.
If we vote "yes" then we get the Alternative Vote, which isn't much better than First-past-the-post, and then you get the argument that "you've had your change, now shut up". Effectively, while you can now vote Green if you want to, they still aren't going to win 50% of votes in your constituency, and so you may as well have put your second choice first. Even if 5% of people in the country voted Green, the Green Party still wouldn't get 5% of seats in the House of Commons (which they would if we had true proportional representation). Even if Labour had only 30% of voters putting them as first choice, they could end up with more than 50% of the seats in Parliament by being people's 2nd or 3rd choice.
For more information on all the systems click here.
Either way, the real fight for real electoral reform (proportional representation) and a fairer system which would actually re-engage voters, because they would see that their vote would make a difference, and which would bring us back to the lead as a democratic nation (not a backwater stuck with an archaic and unfair system) has been struck a heavy blow by this referendum for a reform which doesn't move things forward at all.
Shame on you Nick Clegg, you have wasted the opportunity of a generation. You've lost my vote.

By the way, I'll be voting "no" and writing "I want Proportional Representation" on my ballot paper.
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