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British electoral system
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For more on marking an answer as the "Best Answer", please visit our FAQ.The traditional explanation that I have heard is that payday for the workers is / was on Friday. They go out and spend all their money at the weekend on drink and debauchery, but by the time it's Thursday they have spent all their money and are now frugal and impoverished again, so they can be trusted to make a sobre judgement about the best interests of the nation.
Even now, there is flexibility in the date of parliamentary by-elections; the returning officer of the constituency can theoretically set the date on any day within a range of about four days. The most recent occasion on which a parliamentary by-election was held on a non-Thursday was in Hamilton in Scotland on Wednesday 31st May 1978, because Thursday 1st June clashed with an important football match in the World Cup. The most recent occasion on which any election in Britain was on a non-Thurday was a local council by-electionon Monday 5th April 2004, because there is an archaic law which prevents elections from being held on Maundy Thursday.
Incidentally, local elections in Northern Ireland are normally held on Wednesdays because the electoral system (Single Transferable Vote) means that it takes about two days to count all the stages of the voting - so they can get most of it finished by Friday evening so that they don't have to let it hang over the weekend (or so that they don't have to do counting on Saturday).