Big, open and comprehensive

According the David Cameron, while there are policy disagreements between the Tories and Lib Dems on a range of issues, such as Europe and defence, there are also "many areas of common ground".  The tory leader apparently likes the Lib Dem idea of a 'pupil premium' in schools and also backs their stance on a low-carbon economy, tax reform and ID cards. But the package on offer does not appear to include a pledge on a referendum to change the voting system - only an "all party committee of inquiry on political and electoral reform".

It will probably be some time before this limited offer receives an official response. The Lib Dems are said to be shell-shocked at the extent of their election failures and need to re-evaluate their bargaining strength which stands at something less than half of the number of votes they expected to bring to the despatch box. At least this is supposed to be the assessment of Labour strategists who apparently feel that a longer game involving PR and Brown's head on a platter will eventually prove irresistible - and a far easier sell to the Lib Dem rank and file.

Just how long Clegg can keep the country waiting remains to be seen. As much as he has disputed his role as kingmaker, the maths still work in his favour. But he will still need to proceed with caution - for as one observer has already remarked, the member for Sheffield Hallam should think himself lucky. Any other political leader delivering a net loss of seats in a contest against one of the most unpopular governments on record would normally be considering his own position instead of dictating the fate of the current PM.