Web Only: the best of the blogs

The five must-read blogs from today, on bank bonuses, electoral reform and drugs policy.

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1. How coalition sought to water down EU bonus proposals

Nick Clegg may be bashing bankers again, but the coalition is proposing weaker restrictions than the rest of the EU, writes the FT's Jim Pickard.

2. AV: poll lead for Yes campaign as Clegg set to take back seat

As public support for AV rises, Clegg looks set to be sidelined from the campaign, reports Left Foot Forward's Shamik Das.

3. Why Labour was right to reject Bob's drugs policy

At Liberal Conspiracy, Hopi Sen offers three reasons why Ed Miliband was right to condemn Bob Ainsworth.

4. Repressive democracy

Elsewhere, Chris Dillow says that democracy – in its current form – precludes the possibility of a rational debate about drugs.

5. MORI on how the three leaders are being perceived

Mike Smithson says that the lastest MORI poll was nowhere near as bad for Miliband as first reported.