The talks continue as the prospect of a formal Conservative/Liberal Democrat coalition hangs in the balance, but one thing is certain – whether or not electoral reform is offered, there is enough already on the table to convince Nick Clegg to accept, whether or not it pleases his party.

Of course, the idea of the Liberal Democrats rolling over without any discussion over electoral reform is a non-starter. His reaction to yesterday’s ‘fair votes’ demonstration clearly shows that Nick Clegg is aware of the pressure he is under to insist upon at least a referendum on a form of proportional representation. However, Clegg like Cameron is a pragmatist, and although he is a strong supporter of PR, he is not unbreakably married to it. We know that the Tories have offered three cabinet seats to the Lib Dems: Home Secretary (Clegg); Chief Secretary to the Treasury (Vince Cable) and Secretary of State for Transport (probably David Laws), and in politics, nothing persuades like power.

For generations, not a single Liberal has sat around the cabinet table, and after a disappointing election night for Nick Clegg, the prospect of coming out of it presiding over one of the great offices of state, may be too tempting to turn down.

The reality is, the Conservatives can only be pushed so far. They are more than willing to form a minority government should the talks break down, and with a rainbow ‘progressive’ coalition looking increasingly unfeasible, the Liberal Democrat leader knows that a failure to agree a deal at a time of economic instability could lead to his party being severely punished at another election within the next 18 months. Therefore, how strong is Clegg’s hand? The truth is – not very.

So it is with that in mind that Clegg will know that the post of Home Secretary, even if he only holds it for a matter of months, could be the high-point of his political career. Nothing persuades like power, and Nick Clegg will likely put party principle second. Get ready to welcome Home Secretary Clegg.