My colleague Beth Rigby reveals tonight that Nick Clegg is pressing the Treasury to give every British voter shares in the state-owned banks when they are privatised – creating a “people’s banking system”.

It’s a move that smacks of populism. Clegg has briefed the press corps following him around Brazil that he has penned a letter to George Osborne asking them to look into a “mass share ownership scheme” as part of the privatisations of RBS and Lloyds. Read more

I said I’d give you Labour’s response to Ian Davidson’s use of the word “neo-fascist” to describe the Scottish National party – a bizarre lapse given that he chairs the Scottish affairs select committee. Labour says select committee chairmanships are a matter for the House. But a spokesman says:

“The use of the word ‘neo-fascist’ was unacceptable and Ian on reflection will want to apologise and withdraw the comment.” Read more

We revealed last night that shadow cabinet members are unhappy that they weren’t told about Ed Balls’ announcement (last Thursday) about Labour’s plans for a £13bn a year VAT cut. Some are not sure that it adds to the party’s economic credibility.

On one level the policy may seem unsurprising, given that Miliband and Balls both spoke out loudly against the rise from 17.5 per cent to 20 per cent at the start of January. But in the political world, opposing a rise is not the same as pledging to reverse it. Read more

I’m told that senior figures from the Scottish National party met Labour whips this morning to call for the resignation of Ian Davidson, chairman of the Commons Scottish affairs select committee.

During a heated debate last night (just before 11pm) Mr Davidson described the SNP’s outlook as “narrow, neo-fascism“. When the remarks prompted an uproar, the MP repeated his insult, saying: “Is it not neo-fascist to attempt to shout down speakers that you disagree with?” (Answer: technically, no.) Read more