The Tories “unequivocally” deny making any overtures, however LibDem sources familiar with the situation say they have held informal talks with their former coalition counterparts about streamlining the departments in a second government.

One suggestion is that DCMS and BIS could be merged into one department, run by Sajid Javid. There have long been rumours that Osborne is not averse to abolishing DCMS. This would mean the media and telecoms brief – transferred away from BIS after Vince Cable’s “war on Murdoch” comments – would be brought back under the responsibility of the new Business Secretary.

The LibDems’ price for Cable’s demotion would be taking DfE. Clegg last week demanded a LibDem Education Secretary and last night declared education spending a red line in any deal. It was initially speculated that Clegg might want the job for himself, though sources suggest David Laws could be their choice for Secretary of State. The Tories insist any suggestion of any pre-election deal is “b*llocks”.  Of course if the LibDems lose the bulk of their 57 seats it all becomes immaterial…