Ed Miliband has now sacrificed millions in donations, as well as one of his party’s main bargaining chips, without securing any concessions in return.
While Nick Clegg remains comfortable in coalition with the Tories, the Lib Dem president, Tim Farron, has other ambitions.
The Liberal Democrat president lavishes praise on the Labour leader and says "I don’t want join in with the Tories who compare him to Kinnock."
In politics, trajectory is everything. The return of growth and falling unemployment means that Miliband now struggles to discomfort the PM.
The emphasis that Miliband put on building more houses in his TUC speech suggests that a big announcement could soon follow.
The Labour leader says his trade union reforms mean Labour could become a party "not of 200,000 people, but 500,000 or many more."
If Labour is forced to compete with other progressive parties for millions in union funding, it is more likely to listen to what workers want.
Labour leader will say in his TUC speech that Cameron's declaration that trade unions are a "threat to our economy" was reminiscent of Thatcher's "the enemy within" and Romney's "47%".
After spending the summer telling voters how badly off they are under the coalition, Miliband plans to spend the autumn outlining how they would be better off under Labour.
The paradox of thrift, political inequality and the difficulties of conference season.