Bagehot keeps tabs on Nick Boles, "founder of the modernisers' favourite think tank, Policy Exchange, and now a freshly-minted Conservative MP":
[T]here are big hitters in both coalition parties who think that the era of one party rule in Britain may well be over, at least for the Tories. It is fair to say that an awful lot of MPs and certainly party members accept nothing of the sort. They would probably accuse Mr Boles of being an outrageous opportunist, seizing his chance to steer the Conservative party onto a centrist, liberal-conservative course that was his dream all along. Perhaps they are right that Mr Boles is an opportunist. I would venture that a more interesting question is whether Mr Boles and his fellow Cameroons are right or wrong that an earthquake and floods are imminent. If they are right, then radical change will not be a question of choice or ideological preference. It will be a matter of survival.
Massie thinks talk of a pact is slightly off the mark:
[W]hether there's a formal pact or simply an informal arrangement (ie, not trying too hard to win in some seats) the fact is that the Lib Dems are lashed to the Conservatives anyway. They cannot run against their own record without looking unusually ridiculous. Whether they like it or not they will stand or fall with the Tories.
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