The Prime Minister is well qualified for the job in at least one important sense: he is lucky. He is lucky that Nick Clegg has absorbed most of the opprobrium directed at the coalition in its first year. From some of the press coverage recently, a Rip Van Winkle might rub his eyes and conclude that Mr Clegg was the most evil man in Britain. Yet anyone who has actually been awake during the past 12 months must know that Mr Clegg is trying to promote the values of social justice and toleration for which his party stands. As John Rentoul argues today, one may disagree with the way he has gone about it, but one should not doubt his sincerity or seriousness of purpose.

Business Secretary Vince Cable this morning said that the coalition would continue in a "businesslike" fashion, despite yesterday's election and referendum results, but made clear that Liberal Democrats would not accept policies which go beyond last year's agreement with Tories - such as proposals for NHS reform.

Nick Clegg's hopes of resurrecting his constitutional reform agenda in the wake of yesterday's disastrous AV defeat will be scuppered by his Conservative coalition partners.

Campaigners against changing the way MPs are elected claimed a "resounding" victory tonight as the No camp gained an unassailable lead in the UK-wide referendum.

The coalition

Even before polling booths closed last night, recriminations began over how electoral reformers appeared to have blown a once-in-a-generation chance to change the voting system.

Conservative ministers are preparing to rebuild bridges with Liberal Democrat colleagues after a bruising referendum campaign which has threatened to strain tensions within the coalition to breaking point.