Well, the revolutions of the late 1840s did have effects in European countries with monarchs less reactionary than King Ernest. You see the more 'flexible' monarchs avoiding trouble by suddenly "discovering" that they woke up more liberal that they'd been before-- and adjusting their politics accordingly. Maybe something like that would have happened in Britain, too? Of course, there had been the Reform act of 1832, which Ernest couldn't reverse no matter how much he wished it. On the other hand, he caused major problems for himself by working to block the plans to repeal the "Corn Laws" (agricultural tariffs) in 1846. A lot depends on how that matter is treated, I'd say.