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Web Only: the best of the blogs

The five must-read blogs from today, including why we need debt.

1. Debt is demonised - but here's why we need it

Debt, as much as money, makes the world go round, says John Cullinane at False Economy. Trying to live without it risks causing it to stop.

2. New grammar schools are a distraction from real educational reform

Tests don't improve schools by themselves; they just redistribute the children, says the Telegraph's Daniel Knowles.

3. The Lib Dems' differentiation strategy, pictured

Coffee House's Peter Hoskin illustrates the Lib Dems' plan to "turn up the dial on differentiation" with the Tories.

4. UK more and more isolated as Spain backs Robin Hood Tax

It is now clear that this year the Robin Hood Tax will turn from a campaign into law, says Owen Tudor at the Touchstone blog.

5. GMB to consider affiliation to Labour?

Labour List's Mark Ferguson notes the GMB's pointed warning to Labour over public sector pay.