Who passes the Clegg test?

How many of Nick Clegg's four demands do Labour and Tories meet?

So Vince Cable won't be the next chancellor after all. Today's Guardian reports that the Liberal Democrats are planning to rule out forming a coalition government with either the Conservatives or Labour in the event of a hung parliament. But they will be prepared to offer parliamentary support to any party that accepts their "shopping list" of four demands.

So who, as things stand, would pass the Clegg test?

1. "Investing extra funds in education through a pupil premium for disadvantaged children."

Conservatives: The Tories have already promised to introduce a pupil premium, with extra funding for schools that take children from the poorest homes. But the party has yet to say anything about how much it would spend, or where the money would come from.

The Lib Dems have said that the policy would cost £2.5bn a year, with the average school receiving roughly £2,500 extra for every disadvantaged child on its roll.

Labour: Ed Balls opposes a pupil premium, arguing that it would not guarantee that pupils with disadvantages or extra needs actually get the support that they need.

Verdict: A point to the Tories. None for Labour.

2. "Tax reform, taking four million out of tax and raising taxes on the rich by requiring capital gains and income to be taxed at the same rate."

Conservatives: A number of Tories are impressed by Nick Clegg's plan to raise the income-tax threshold to £10,000, but David Cameron has yet to poach the idea. Instead, he plans to focus on cutting inheritance tax and recognising marriage in the tax system. In addition, George Osborne has pledged to reduce corporation tax from 30 per cent to 27 per cent. The Tories have no plans to raise capital gains tax (CGT).

Labour: No plans to cut income tax, but Alistair Darling is said to be looking at raising CGT in the Budget to stop the wealthy exploiting a tax loophole by declaring income as capital gains. This would please the Lib Dems, who could claim to have led the agenda.

Verdict: In anticipation of a rise in capital gains tax, Labour wins half a point.

3. "Rebalancing of the economy to put less emphasis on centralised banking and more on a new, greener economy."

Conservatives: Osborne is sympathetic to calls to split investment and retail banking but has stopped short of calling for a complete separation. Cameron has promised a "localist green revolution" with companies such as Tesco and Marks & Spencer helping to make homes more energy-efficient. But will his backbenchers stand in the way? A ConservativeHome/ConservativeIntelligence survey revealed that reducing Britain's carbon footprint was the lowest priority for Tory candidates.

Labour: The government has so far refused to separate retail from investment banking and is unlikely to change its position. On the "green economy", Labour has promised to create a more than a million new green jobs and to cut UK greenhouse-gas emissions by 34 per cent by 2020.

Verdict: Half a point to the Tories on banking and half a point to Labour on the green economy.

4. "Political reforms, including changes to the voting system and a democratically elected Lords, that go further than proposed by Labour."

Conservatives: The Tories are opposed to any electoral reform and support the current first-past-the-post system. Cameron opposes proportional representation on the grounds that it hands power to the "political elites".

The Tory leader has said he supports a largely elected second chamber but is reluctant to challenge his own peers on the issue, as they are opposed to reform. In private, Cameron has described Lords reform as a "third-term issue".

Labour: Supports the replacement of first-past-the-post with the Alternative Vote and has passed legislation to ensure a referendum will be held. The Lib Dems support the move as a "step in the right direction", but are disappointed that Labour did not opt for a proportional system.

The government continues to favour a predominantly elected Lords. However, Jack Straw has warned campaigners that they will have to wait more than decade before this is achieved.

Verdict: Half a point to Labour.

Final score: Conservatives: 1½ out of 4

Labour: 1½ out of 4

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George Eaton is political editor of the New Statesman.

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This is no time for a coup against a successful Labour leader

Don't blame Jeremy Corbyn for the Labour Party's crisis.

"The people who are sovereign in our party are the members," said John McDonnell this morning. As the coup against Jeremy Corbyn gains pace, the Shadow Chancellor has been talking a lot of sense. "It is time for people to come together to work in the interest of the country," he told Peston on Sunday, while emphasising that people will quickly lose trust in politics altogether if this internal squabbling continues. 

The Tory party is in complete disarray. Just days ago, the first Tory leader in 23 years to win a majority for his party was forced to resign from Government after just over a year in charge. We have some form of caretaker Government. Those who led the Brexit campaign now have no idea what to do. 

It is disappointing that a handful of Labour parliamentarians have decided to join in with the disintegration of British politics.

The Labour Party had the opportunity to keep its head while all about it lost theirs. It could have positioned itself as a credible alternative to a broken Government and a Tory party in chaos. Instead we have been left with a pathetic attempt to overturn the democratic will of the membership. 

But this has been coming for some time. In my opinion it has very little to do with the ramifications of the referendum result. Jeremy Corbyn was asked to do two things throughout the campaign: first, get Labour voters to side with Remain, and second, get young people to do the same.

Nearly seven in ten Labour supporters backed Remain. Young voters supported Remain by a 4:1 margin. This is about much more than an allegedly half-hearted referendum performance.

The Parliamentary Labour Party has failed to come to terms with Jeremy Corbyn’s emphatic victory. In September of last year he was elected with 59.5 per cent of the vote, some 170,000 ahead of his closest rival. It is a fact worth repeating. If another Labour leadership election were to be called I would expect Jeremy Corbyn to win by a similar margin.

In the recent local elections Jeremy managed to increase Labour’s share of the national vote on the 2015 general election. They said he would lose every by-election. He has won them emphatically. Time and time again Jeremy has exceeded expectation while also having to deal with an embittered wing within his own party.

This is no time for a leadership coup. I am dumbfounded by the attempt to remove Jeremy. The only thing that will come out of this attempted coup is another leadership election that Jeremy will win. Those opposed to him will then find themselves back at square one. Such moves only hurt Labour’s electoral chances. Labour could be offering an ambitious plan to the country concerning our current relationship with Europe, if opponents of Jeremy Corbyn hadn't decided to drop a nuke on the party.

This is a crisis Jeremy should take no responsibility for. The "bitterites" will try and they will fail. Corbyn may face a crisis of confidence. But it's the handful of rebel Labour MPs that have forced the party into a crisis of existence.

Liam Young is a commentator for the IndependentNew Statesman, Mirror and others.