Part of the reason for the current vitriol from the Labour Party towards the LibDems is that they took it for granted that the LibDems were a party of the left. As patronising as it was wrong.

On election night Guido was on ITN with Will Straw, off screen when it became clear there would be no overall majority, we argued for most of the night about what might happen. Straw basically thought Guido was bonkers to believe that a Liberal – Conservative Change Coalition was not only desirable, but that it was really possible. Will could not conceive of it happening, the subsequent widespread shock on the left when it did happen perhaps explains why the Labour Party is so scornful of the LibDems.

Guido always suspected the ex-Cambridge University Conservative Association member and son of a merchant banker might not be so keen on making common cause with Ed Balls and Gordon Brown. The polls might not support this view today, but that collective mis-judgement by Labour may cost them their second party status in the end.