What exactly did the Bank of England governor tell Nick Clegg during the coalition talks?

Did the establishment ensure a Tory-led government?

Back in May, I speculated in a piece about the breakdown of Labour-Lib Dem coalition talks, on whether "establishment figures" -- such as, say, the governor of the Bank of England, Mervyn King -- may have leaned on Nick Clegg, the Lib Dem leader, with a view to ensuring a Conservative-led government.

My punt came at a time when some rather odd incidents were occurring, such as a Facebook page with hundreds of supporters urging Clegg not to get into bed with the Tories mysteriously disappearing from the site. But I had no way of knowing for sure that King had spoken to Clegg.

This morning, at the Commons Treasury select committee hearing from where I send this, King has just admitted he did indeed speak to Clegg -- by phone -- but claims he told him nothing about the economy that was not in the public domain. King was being questioned by the Labour MP Chuka Umunna.

Clegg, meanwhile, maintains he found out things about the scale of problems in the economy that helped cause him to change his position on cuts to tackle the deficit.

What Clegg was told, and by whom, remain crucial pieces of information for anyone interested in not just how we ended up with the coalition we now have, but also in who runs Britain.

James Macintyre is political correspondent for the New Statesman.
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Donald Trump vs Barack Obama: How the inauguration speeches compared

We compared the two presidents on trade, foreign affairs and climate change – so you (really, really) don't have to.

After watching Donald Trump's inaugural address, what better way to get rid of the last few dregs of hope than by comparing what he said with Barack Obama's address from 2009? 

Both thanked the previous President, with Trump calling the Obamas "magnificent", and pledged to reform Washington, but the comparison ended there. 

Here is what each of them said: 

On American jobs


The state of our economy calls for action, bold and swift.  And we will act, not only to create new jobs, but to lay a new foundation for growth.  We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together.  We'll restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost.  We will harness the sun and the winds and the soil to fuel our cars and run our factories.  And we will transform our schools and colleges and universities to meet the demands of a new age.


For many decades we've enriched foreign industry at the expense of American industry, subsidized the armies of other countries while allowing for the very sad depletion of our military.

One by one, the factories shuttered and left our shores with not even a thought about the millions and millions of American workers that were left behind.

Obama had a plan for growth. Trump just blames the rest of the world...

On global warming


With old friends and former foes, we'll work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet.


On the Middle East:


To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West, know that your people will judge you on what you can build, not what you destroy. 


We will re-enforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate completely from the face of the earth.

On “greatness”


In reaffirming the greatness of our nation we understand that greatness is never a given. It must be earned.


America will start winning again, winning like never before.


On trade


This is the journey we continue today.  We remain the most prosperous, powerful nation on Earth.  Our workers are no less productive than when this crisis began.  Our minds are no less inventive, our goods and services no less needed than they were last week, or last month, or last year.  Our capacity remains undiminished.  


We must protect our borders from the ravages of other countries making our product, stealing our companies and destroying our jobs.

Protection will lead to great prosperity and strength. I will fight for you with every breath in my body, and I will never ever let you down.

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland