There were two important “read my lips” moments in the election campaign. One was Clegg’s pledge to oppose a rise in tuition fees. The other was Cameron’s “contract” with the electorate on pensioner perks. Each pledge cost the Treasury a comparable amount (about £7bn and £4bn respectively). Only one politician had to eat his words.
This may be one of the most important trade-offs of the coalition. Tim Montgomerie has done a brilliant job of collating all the Con-Lib compromises so far. But a lot of them are obscure policy disputes, matters for the Westminster village. Most will hardly register with the electorate.