The episode is illustrative precisely because it allowed Mr Clegg to advance his strategy of creating differences with the Tories. For some months now he has been deliberately drawing attention to what divides him from David Cameron, rather than what unites them. Just because I am in the Coalition does not make me a Conservative, he appeals to those on the Left. Which is why he ostentatiously demanded faster tax cuts in the Budget for those on low incomes, and why he has reiterated his support for higher taxes on wealth, notably a mansion tax. Differentiation has given us a clear idea of what makes him different.

The CMA is a new government body

There will be no more legislative distractions. The economy, along with welfare and education, would be the Prime Minister's priority over the next two years, he said. And the fact he now feels able to focus on the economy with confidence tells it own, very important, story.

The news boosted Japanese stocks. The August reading suggested that Prime Minister Shinzo Abe's policies, dubbed 'Abenomics', were filtering through to companies.

JTRs "MMMBop" on Sunday: