Britons head to the polls tomorrow in what is tipped to be an especially close General Election, but what are the potential ramifications for Bermuda?

Over the years, the Island has been no stranger to election season threats from overseas against its status as an offshore jurisdiction.

There have been calls from Prime Minister David Cameron for a public register of the beneficial owners of offshore firms, and Labour leader Ed Miliband raised eyebrows in February with a more pointed threat. Both Premier Michael Dunkley and Finance Minister Bob Richards responded by pointing to the Island’s legacy of adherence to international standards and tax transparency.

Former Premier Sir John Swan and statistician Cordell Riley shared their views on the British election’s implications locally, with Sir John cautioning that a good relationship with Britain was imperative whatever the outcome.

“The British Government is supposed to represent us in all our external affairs, and their attitude has a real influence on us, particularly because we do so much international business,” he said.

Even in provocative cases such as Mr Miliband’s ultimatum, Sir John cautioned against being dismissive, saying the Island needed to be “humble” and focus on building relationships.

“We always have to hold out a hand, even to those that sometimes appear not to be working in our favour,” he said. “At the end of the day, they have a lot more say and sway than we have, and we should never underestimate the consequences a British election can have on us. We’re a small fish in a very big pond; big fish like to eat you up. That’s why you need big-fish companions.”

He added: “Make your friends before you need them.”

Mr Cameron has vowed to put Britain’s membership in the European Union to a referendum, to which Sir John remarked: “If they pull out, it means they’re standing alone and we stand alone with them. They would then not have a persuasive say in terms of the working of the EU.”

The French Government is less than enamoured of the financial services industries in many British Overseas Territories, and Sir John pointed out that British passports give Bermudians access to Europe for travel and work.

“The question is whether they will have a coalition Conservative government or a coalition Labour government,” he said. “Once we know who the partners are, we will need to communicate as best we can with them so that they understand our objectives before they start forming policies that could adversely affect us. Which could happen.”

Sir John said the election of Margaret Thatcher had been the most momentous of its kind that he had witnessed.

“I was fortunate to have a strong relationship with Mrs Thatcher and there were enormous benefits accorded to Bermuda as a result,” he said.

He added the Island had “lost out in the last decade” by not being receptive to new ideas or relationships.

“We can go back once we start to realise for a fact that we are small and we had better be prepared to be humble,” Sir John said. “Remove that arrogance and demagoguery that goes with anybody that thinks they have power to exercise without due regard for other people’s feelings.”

Mr Riley agreed that Bermuda, as a British territory, needed to cultivate good relations.

However, he said: “I don’t think the election makes a great deal of difference to Bermuda. Britain looks out for Britain’s interests. We have seen that with the decisions made by Governors: British interests come first. We have to go to bat for ourselves. Overall, whether it’s a Labour or Conservative coalition, the difference is minimal in terms of an impact on Bermuda.”

Bermuda has no choice but to toe the line, he said, although “when the UK starts to impose things on us like the disclosure of beneficial owners, that’s when we have to become concerned”.

He added: “Both the Government and Opposition were united on that.”

The Island has no choice but to depend on other nations, he said, but ultimately had to follow its own path on pursuing its own interests.

Local opposition to independence runs high — about 70 per cent, according to Mr Riley, who added: “That needle hasn’t budged.”

Mr Riley agreed that the potential for a British referendum on EU membership had implications for Bermudians who enjoy access to the benefits entailed with “the world’s most sought-after passport”.

He added: “That has another angle. They are also concerned about being held to the human rights laws of EU courts.”

In any case, he believes a “no” vote on the EU to be unlikely.

Asked if the closeness of Britain’s electoral race would diminish the overall significance of tomorrow’s result, Mr Riley said: “I don’t think so. It’s looking more like a Labour coalition; I don’t think either will win outright, but I also don’t think that will make any difference for us. Mr Miliband was talking about shutting down loopholes and havens, but we have heard the same talk from the Democrats in the US. It hasn’t happened. In actual fact, they benefit from us.”