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It is now obvious that the nature of the Labour party as presently constituted in the Commons after its defeat makes it impossible to deliver a deal with the Lib Dems which would work. Too many want to keep first past the post. More important the old hands know that the biggest bucket of do do in political history may very well tip over the new government and opposition in a hung parliament in the present financial crisis is the clever place to be.

The Lib Dems now have just a few more hours to agonise. Should they go into a government for the first time since 1940? Churchill by the way was not elected and became Prime Minister exactly 70 years ago. Clegg will have achieved a spectacular milestone. The problem is, if things go wrong, it may be the Lib Dems last. Clegg has proved himself a shrewd and nimble political operator. That may lead him to the conclusion that the right road is with Labour, but in opposition. Let the Tories through the Queen’s speech then let them sail as bet they can, waiting to sink them when a re-vitalised newly led Labour is ready to fire the torpedo.