This was not the disaster for Labour that many feared

The party has not suffered a 1983-style wipeout.

With 46 seats left to declare, the Conservatives have conceded that there is now no chance of David Cameron emerging with an overall majority from this election. At best, the Tories hope to win roughly 310 seats, leaving them 16 short of a majority.

Labour must now do all it can to win over the Lib Dems, most obviously by offering Nick Clegg's party a referendum on proportional representation. Its attempt to do so has been helped by the fact that its losses have been nowhere near as severe as some feared.

As things stand, Labour has 241 seats. That's more than the party won in 1983 and 1987 and significantly more than the Tories won in 1997, 2001 and 2005. The electoral wipeout that some feared did not come to pass.

Meanwhile, although big names such as Charles Clarke, Jacqui Smith and Tony McNulty have fallen, not a single cabinet minister has lost his or her seat. Neither Alistair Darling nor Ed Balls provided the "Portillo moment" that so many hoped for.

Finally, after weeks of level-pegging with the Lib Dems in the opinion polls, Labour has reaffirmed its position as the dominant centre-left party. Clegg's claim that the election had turned into a "two-horse race" between the Tories and the Lib Dems now looks astonishingly hubristic.

The newly humbled Lib Dems may well be tempted to form a partnership of principle with Labour, rather than an alliance of convenience with the Tories. But Clegg's desire to avoid forming "an alliance of the defeated" is still likely to prove fatal for Brown.

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George Eaton is political editor of the New Statesman.

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Commons Confidential: What happened at Tom Watson's birthday party?

Finances, fair and foul – and why Keir Starmer is doing the time warp.

Keir Starmer’s comrades mutter that a London seat is an albatross around the neck of the ambitious shadow Brexit secretary. He has a decent political CV: he was named after Labour’s first MP, Keir Hardie; he has a working-class background; he was the legal champion of the McLibel Two; he had a stint as director of public prosecutions. The knighthood is trickier, which is presumably why he rarely uses the title.

The consensus is that Labour will seek a leader from the north or the Midlands when Islington’s Jeremy Corbyn jumps or is pushed under a bus. Starmer, a highly rated frontbencher, is phlegmatic as he navigates the treacherous Brexit waters. “I keep hoping we wake up and it’s January 2016,” he told a Westminster gathering, “and we can have another run. Don’t we all?” Perhaps not everybody. Labour Remoaners grumble that Corbyn and particularly John McDonnell sound increasingly Brexitastic.

To Tom Watson’s 50th birthday bash at the Rivoli Ballroom in south London, an intact 1950s barrel-vaulted hall generous with the velvet. Ed Balls choreographed the “Gangnam Style” moves, and the Brockley venue hadn’t welcomed so many politicos since Tony Blair’s final Clause IV rally 22 years ago. Corbyn was uninvited, as the boogying deputy leader put the “party” back into the Labour Party. The thirsty guests slurped the free bar, repaying Watson for 30 years of failing to buy a drink.

One of Westminster’s dining rooms was booked for a “Decent Chaps Lunch” by Labour’s Warley warrior, John Spellar. In another room, the Tory peer David Willetts hosted a Christmas reception on behalf of the National Centre for Universities and Business. In mid-January. That’s either very tardy or very, very early.

The Labour Party’s general secretary, Iain McNicol, is a financial maestro, having cleared the £25m debt that the party inherited from the Blair-Brown era. Now I hear that he has squirrelled away a £6m war chest as insurance against Theresa May gambling on an early election. Wisely, the party isn’t relying on Momentum’s fractious footsloggers.

The word in Strangers’ Bar is that the Welsh MP Stephen Kinnock held his own £200-a-head fundraiser in London. Either the financial future of the Aberavon Labour Party is assured, or he fancies a tilt at the top job.

Dry January helped me recall a Labour frontbencher explaining why he never goes into the Commons chamber after a skinful: “I was sitting alongside a colleague clearly refreshed by a liquid lunch. He intervened and made a perfectly sensible point without slurring. Unfortunately, he stood up 20 minutes later and repeated the same point, word for word.”

Kevin Maguire is the associate editor (politics) of the Daily Mirror

Kevin Maguire is Associate Editor (Politics) on the Daily Mirror and author of our Commons Confidential column on the high politics and low life in Westminster. An award-winning journalist, he is in frequent demand on television and radio and co-authored a book on great parliamentary scandals. He was formerly Chief Reporter on the Guardian and Labour Correspondent on the Daily Telegraph.

This article first appeared in the 19 January 2016 issue of the New Statesman, The Trump era