Liberal Democrat have real grounds for confidence

Public opinion may be converging around a fusion of economic competence and social justice - in Lib Dem eyes, their natural territory. The current Lib Dem positioning of themselves as more economically competent than Labour but more socially just than the Tories is classic centre-ground politics.

The Lib Dem experience of government is undoubtedly traumatic. But it is a widely underestimated achievement, especially in such tough times. The result is that the Lib Dems are not just battle scarred but battle hardened. They have been through the fire - and survived. Now they are beginning to think about how to give themselves a chance to govern again. It would be rash indeed to assume they will not do so

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