If the Tories and Labour need to worry about anything, it’s Vince Cable

Some pro-European Labour and Tory MPs admit privately they have more in common with the Lib Dems than their own party’s leadership

The Lib Dem leader is economically astute and is well regarded in Westminster (Reuters)

Jeremy Corbyn is proving something of a curse for the Liberal Democrats. At the June election, he somehow hoovered up the Remain vote they targeted while he backed Brexit. Now the Labour leader has invaded Lib Dem territory by opposing the EU (Withdrawal) Bill and Theresa May’s hard Brexit.

So there will be a sense of frustration in the air as the Lib Dems gather in Bournemouth this weekend to kick off the party conference season. If the public mood does turn against Brexit, the Johnny-come-lately Labour Party rather than the brave Lib Dems would probably reap the electoral benefit.

Yet the Lib Dems have some reasons to be cheerful. They have a grown-up in charge in Sir Vince Cable, the leader elected unopposed when Tim Farron stood down after winning only 12 seats and seven per cent of the vote. Cable’s personal ratings are better than Farron’s, partly because he is more visible; when he says something, the Westminster bubble takes notice. His challenge now is to persuade the electorate listen to his party again.

Cable’s message to his troops is that the Lib Dems must not become “Ukip in reverse”; while they will continue to offer an “exit from Brexit” by championing a referendum on May’s deal, they should no put all their eggs in one basket (not least because they would have little else to offer if Brexit goes ahead – still the most likely scenario). The Lib Dems will portray the former Business Secretary, who predicted the credit crunch of 10 years ago, as a leader with more economic credibility than May or Corbyn. Cable will offer radical policies on issues such as inequality and the intergenerational divide. He knows his party needs other tunes to revive its fortunes in the West Country, where its Brexit stance was not shared by many natural supporters.

The scale of the task was highlighted with brutal honesty this week by Paddy Ashdown, the party’s former leader, who warned that it is “doing very little new thinking and producing very few new ideas.” Writing on Liberal Democrat Voice, Lord Ashdown asked: “Is our obsession with Brexit in danger of distracting us from what kind of country we want Britain to be, whether in the EU or out of it?” He added: “People see us, not as a force for change but as a part of the establishment.” Again, Corbyn is part of the problem; he has eaten into the anti-establishment vote once scooped up by the Lib Dems and Greens.

Ashdown is worried that the Lib Dems will “die” if they do not change and that they may be too weak to lead the “radical restructuring” of the “progressive centre” he believes the country needs.

Cable, naturally, begs to differ. He argues that there is no need to create a new centre party because the Lib Dems are already it, and so should be at the heart of any realignment. It is certainly true that some pro-European Labour and Tory MPs admit privately they have more in common with the Lib Dems than their own party’s leadership. But that doesn’t mean that working closely together to amend Brexit legislation will magically create a new political force.

The good news for those who believe the centre is unrepresented by a hard left Labour and hard right Tory Party is that Cable is much more open to cooperating with people in other parties than Farron, a more tribal figure who rightly thought his tribe could die out after its 2015 election massacre. The Lib Dems stood aside in only two seats in June, limiting the prospects of a progressive alliance. But Cable told LBC this week: “In the long term, we have no idea how our politics is going to evolve and it could well involve parties working together in the national interest.”

Cable’s open-mindedness has cheered supporters of an anti-Tory alliance. He has always been interested in the concept. Although he reluctantly concluded the Lib-Con coalition was in the national interest in 2010, Cable is no Tory. He recalls that he used to teach students about the free market philosophy of Adam Smith in the morning and then practice municipal socialism as a Labour councillor in Glasgow in the afternoon.

For now, Labour is in “one more heave” mode after doing so well in June. Corbyn has convinced many of his followers there will be another election soon but may well be disappointed. Despite losing their majority, the Tories might be able to delay the next election until 2022. Even if Tory MPs amend Brexit legislation, they would not vote for an early election, as required under the Fixed-Term Parliaments Act.

Cable, a sprightly 74, intends to fight the election whenever it comes. If Tory prospects revive under a new leader, Labour may yet find that it needs Cable’s support to oust the Tories.