Maintaining a centrist position in the coalition is all very well, but in the run-up to the 2015 election, voters need to know that Lib Dems are both ideologues and principled.
The risk for the Deputy PM is of looking desperate to stay in office at any price.
Such was the force with which the Deputy PM delivered the Conservatives' attack lines that Peter Bone said he was "turning into a Tory".
The decision to base the bank in the Deputy PM's home city is the latest instance of government policy favouring the Lib Dems.
With the Tories his party's main electoral foe, Clegg is seeking to woo the One Nation voters alienated by the Conservatives' UKIP tendency.
The revival of the Tory-aligned National Liberal Party would offer a path into the Conservatives for Jeremy Browne and other right-leaning Lib Dems.
The lowest-paid five million workers will not benefit from an increase in the income tax threshold to £10,500. Cutting VAT or National Insurance would be more progressive.
The party's conference voted overwhelmingly that it was the wrong thing to do, but does that get across to the average voter?
To win back trust, Clegg needs to spend the next 548 days telling voters about his policy guarantees.