Clegg can argue that he always said he would talk first to the party with rs gold the most seats, and in this scenario it would be the Tories. The deputy prime minister is also likely to argue that there is greater stability in a Tory-Lib Dem coalition than one involving an array of parties. He has, for instance, already ruled out working with the SNP and expressed his distaste for multi-party coalitions.

Labour, however, can point out that in 2010 Clegg did indeed speak first to the Conservatives, but was in talks with Labour within two days of the election outcome, if only to give himself some negotiating leverage with Cameron. Labour can also argue that the momentum is with Miliband’s party since the number of Tory MPs will be down and the number of Labour MPs up.

It is likely Labour will start to put pressure on the Liberal Democrats in the next fortnight over whether they are truly willing to give Cameron a referendum on Britain’s membership of the EU in return for power.

The argument likely to be mounted is whether the Lib Dems truly prefer putting the British economy through two years of political uncertainty simply because of a potential disagreement of one year over how fast the current account deficit should be brought into balance. It is also argued that the Scottish experience has disproved the theory that referendums clear the air, one of the chief arguments for an EU referendum.

Labour will be considering whether the Liberal Democrats under Clegg are detachable from the Conservatives, or whether he is too ideologically wedded to Cameron. The assumption is that Clegg will survive in his Sheffield Hallam constituency.

There is a counter-intuitive view in Labour that it might be better for the party if www.rsfarmer.com Clegg remains in charge after the election. First, he is disillusioned with Cameron as a person, feeling he did not provide the leadership required to defeat the rightwing element in his party. Moreover, Clegg as much as anyone believes in the principle of coalition.