Conservative party

Remember those Lib Dem calls for a mansion tax at the weekend? I said at the time that, ‘the Lib Dems appear to be drawing more attention to which of their own policies they are fighting for within government, whether those policies make it to the statute books or not.’ Well, now they're at it again. Nick Clegg is giving a speech this morning in which he'll urge George Osborne to go ‘further and faster’ in raising the income tax threshold to £10,000 a year. It was the stand-out policy of the Lib Dem manifesto, so it's hardly controversial that Clegg should want to see it enacted ASAP. But it's still striking that he's making this appeal in public. A year ago, he'd have emphasised what the coalition was already doing to raise the threshhold.

Incredible events in the chamber today. An absolute sensation at PMQS. For the first time since last summer, Ed Miliband got through the session without triggering talk of a leadership crisis. There was gloomy news aplenty to dwell on. Debts soaring; growth flat-lining; dole queues snaking back through blighted high streets and bankrupt business parks. The Labour leader chose to wallop Cameron with a well-prepared attack on the NHS. Quoting the prime minister’s vow, ‘to take our nurses and doctors with us’, he asked why the government had stopped listening. The prime minister’s reply was frivolous and desperate. He giggled and smirked like a teenager at the despatch box and tried to make light of his loathed policy.

Britain's national debt rose to over £1 trillion last month, and will never return below this threshold. George Osborne is increasing net debt by 61.5 per cent in real terms over this parliament, more than the 59.9 per cent which Labour proposed when it fought the last election. Here's how the OBR's current projections for debt contrast with what Darling proposed in his last Budget: At the time, Osborne said Labour's debt plan was reckless and unsustainable. I think he owes Alistair Darling a generous apology. Then, Darling said he'd halve the deficit over four years. Too slow, said Osborne. Now, he's taking five years to do it – as the below graph shows: Osborne has kept to his spending plans, which cut departmental totals by 2.

Rarely can a government have been so pleased to have been defeated. The Tories are, privately, delighted that the Lords have voted to water down the benefit cap, removing child benefit from it. The longer this attempt to cap benefit for non-working households at £26,000 stays in the news, the better it is for the government. It demonstrates to the electorate that they are trying to do something about the injustices of the something for nothing culture. The matter will now returns to the Commons where the coalition is confident it can be reversed. I understand that Nick Clegg remains solid on the issue, despite the fact that Ashdown and Shirley Williams led the Lib Dem rebellion in the Lords on this amendment.

Today’s polls make grim reading for Labour. Even three months ago senior Labour or Tory people wouldn’t have thought that the Tories would be five points ahead at this point in the cycle. Part of Labour’s problem is that its positions require too much explanation. As one Number 10 source jokes, ‘Ed Miliband can do a Rubik's cube in less time than it takes him to explain his position on the cuts.’ A prime example of these overly complicated policy positions is Labour’s approach to the benefit cap. The leadership says that it is in favour of a cap in principle but against this one in practice.

Ever since Ed Miliband’s ‘predatory capitalism’ speech at the Labour Party conference, the future of capitalism has been a subject that has much occupied our MPs. Clegg made his speech on Monday, and Cameron delivered his yesterday. I have had plenty to say about the coalition government’s inadequate economic policy, and its inability to stoke growth. But Cameron’s speech was impressive, and it’s worth going into in some detail. I look at it in my Telegraph column today. Much rot is spoken about capitalism. It is not an ideology, there is no rule book you can tweak: it is simply the name given to the system where people trade with each other the world over.

Remember Theresa May's border skirmish against Brodie Clark back in November? This morning the Home Affairs Select Committee published their report into the whole affair. Ideally it would have cleared up some of the confusions over who was responsible for waiving various security checks at our borders last summer, and whether they were right to do so — but it doesn't really manage it. This is not really the fault of the committee: some of the crucial questions they put to the Home Office remain unanswered, and key documents have not been released to them.

Boris Johnson was very well behaved this evening when he appeared before the 1922 Committee of Tory MPs. He stayed off the topics of Europe and tax and instead confined his remarks to London, saying that he wanted the capital to be an example of ‘cost-cutting, one nation Conservatism’. Those MPs inside the room say the performance was classic Boris, as one put it ‘he left no erogenous zone unstroked’.   Afterwards, Mark Reckless, a north Kent MP, asked the Mayor a sceptical question about his plan for a new airport in Kent. In the questions, I understand that Boris also took the chance to express his support for Rebecca Harris’s daylight saving times bill.   Interestingly, the turn-out for Boris was decent but not massive.