Why the Lib Dems won't be choosing their coalition partner anytime soon

If the election results in another hung parliament, the party will side with whichever partner gives it the most liberal government.

So Nick Clegg suggests George Osborne is on the verge of making a monumental mistake, next thing you know Ed Balls is describing Nick as a man of integrity, suddenly there’s a Twitter love-in going on, and everyone acts like we may as well not bother with the 2015 general election, as a Lib-Lab coalition is a done deal. Coaliscious

Or is it?

Well, as Labour figures get increasingly nervous about whether it will be able to achieve a majority in 2015, you can see why they are suddenly making rather kinder noises about Nick than ever before. They’ve been positioning themselves as more Lib Dem friendly for a while now, with their adoption of policies like the Mansion Tax and low carbon energy targets, partly to secure the 2010 Lib Dem voters that have moved to them already, but also just in case the next election result leads to coalition negotiations with the Lib Dems. As it seems increasingly likely that Nick will be leading the party into that election, a softening of attitudes towards him was also inevitable.

But is the feeling really mutual?

I suspect the true feelings of the Westminster Lib Dems are better expressed when you look at the press release put out on Tuesday by the red-hot favourite to be next deputy leader of the party, Lorely Burt, where she said:

“I would also stand up for the Liberal Democrat Party’s core values of fairness and economic responsibility, which the Conservatives and Labour are incapable of delivering on their own.

“As we draw the battle lines for the next General Election against both the other major parties, I want to see the Liberal Democrats continuing to deliver more jobs, lower taxes for ordinary workers, and a fairer start in life through free school meals and help with childcare.”

In other words, a plague on both your houses.

The Lib Dems have consistently refused to say which side they would jump to if a repeat of the 2010 result happened. Rather, we’ll be talking to the largest party first – but not necessarily uniquely. And let’s not even get into the scenario where the Tories have the most votes but Labour have more seats.

Sure it's lovely when Ed Balls starts making cow eyes in your direction. But if the votes fall for a coalition, we’ll be looking for whichever partner gives us the most liberal government. We’re a way off deciding whose Prom invite we’ll be accepting just yet.

David Cameron, Nick Clegg and Ed Miliband attend a ceremony at Buckingham Palace to mark the Duke of Edinburgh's 90th birthday on June 30, 2011. Photograph: Getty Images.

Richard Morris blogs at A View From Ham Common, which was named Best New Blog at the 2011 Lib Dem Conference

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FTSE 100 plunges after Theresa May signals hard Brexit ahead

The Prime Minister is to lay out her Brexit plan later today. 

The FTSE 100 and the FTSE 250 plummeted this morning after the Prime Minister signalled Brexit will mean leaving the single market.

Theresa May is expected to rule out "partial membership" or any other kind of "half-in, half-out" deal with the EU in a speech later today.

The FTSE 100, the index of the UK's 100 biggest companies, and the FTSE 250 both fell more than 0.3 per cent immediately after opening. 

The worst performers included the housebuilder Barratt Developments, consumer goods tester Intertek and the mining company BHP.

Stock markets have been buoyant since Brexit, in part because many of Britain's biggest companies are international and benefit from a devalued pound. 

However, while markets fell, the pound crept up against the dollar, to $1.21. 

Critics of the Prime Minister say she is sacrificing the economy to prioritise immigration controls.

TUC general secretary Frances O'Grady warned: "If we leave the single market, working people will end up paying the price. It'd be bad for jobs, for work rights & for our living standards."

According to the Office for National Statistics, inflation rose from 1.2 per cent in November to 1.6 per cent in December. 

Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.