While Nick Clegg remains comfortable in coalition with the Tories, the Lib Dem president, Tim Farron, has other ambitions.
His decision to remake the Lib Dems as a centrist "party of government", rather than a centre-left outfit, could prove ruinous if the next election doesn't produce the right result.
"In the past the Liberal Democrats would eke out an existence on the margins of British politics. Now we hold the liberal centre while our opponents head left and right."
It is the Liberal Democrats that have secured the return of the freedoms curtailed by Labour.
Lib Dem activists in London and elsewhere opposed Labour's introduction of the policy now adopted by Nick Clegg.
While Miliband can only complain about the "cost of living crisis", Clegg and Cameron can act now.
Lib Dem activists suggest that Clegg's position could still come under threat if the party finishes fourth or fifth in next year's European elections.
The Business Secretary has long warned that ring-fencing some departments from cuts is not "a very sensible" approach.
After publicly disagreeing over the danger of a new housing bubble, the Lib Dem pair find themselves at odds over the end of the coalition.
Lib Dem delegates voted by a majority of just four (224-220) not to pledge to reintroduce the 50p rate as Clegg and Farron divided.