An outbreak of peace among the Tories puts the pressure on Miliband

On Monday night, a Tory donor spent £90,000 on a bust of David Cameron at the party’s summer ball. It was an encouraging sign that there are still Conservatives prepared to lavish money and praise on the Prime Minister, and a reminder that the Tories will be able to run an extremely well- funded campaign at the next election.

Another source of comfort for the Prime Minister is the stability of his great political love, the coalition. Those close to him are giddily confident that the government will make it all the way to May 2015. One minister boasts, ‘I’m absolutely certain of it.’

This uptick in confidence is a result of the successful, and relatively stress-free, conclusion of the spending round. The further fiscal tightening that George Osborne announced on Wednesday will see this government through to the election. Gone is the danger that a minister would quit over cuts. To many in Downing Street, this means that the threat posed by Vince Cable to the durability of the coalition has now passed.