Six months ago, the polls suggested Labour was dead and buried and the Conservatives were heading for a sizeable Parliamentary majority. But as we near the election, the gap has narrowed and all the chatter has been about the prospect of a hung parliament. Clearly, the chance to play ‘power broker' offers Nick Clegg and the Lib Dems much to gain from such a situation, but they also need to be very careful not to undermine their position or to play their hand too soon. At their Spring Conference, Clegg said he was not ‘the kingmaker', but also said that he would not back early cuts to public spending, whilst also praising Thatcher's attack on the Trades Unions. Confused thinking or political pragmatism? To actively campaign for a hung parliament would be electorally disastrous for the Lib Dems, so they'll carry on trying to present a coherent set of policies whilst knowing a hung parliament offers their best prospect of exerting influence.