I think the LD's major problem (and the reason more people dont vote for them) is that they have no experience in government. It's easy to make nice promises from the opposition benches.We dont know what they'd really be like running the country. At least the other 2 parties are known quantities (Tories less so as havent been in power for so long).
Therefore if I were Nick (and who's to say I'm not..........) my priority would be to prove that the LD's can be effective in government.
So, I've got two choices. I could strike a deal with Dave, who, to be fair, has not screwed me over before, but who I'm not that aligned with. However, the major advantage is that I dont need my whole party to support the Cons on everything for the Cons to get a majority.
If, on the other hand, I form a pact with Lab, I'd better make sure I've got a damn good whip because if my MP's rebel against key bills like the finance bill, I look irresponsible and as though I'm putting party before the key priority of sorting out the deficit.Plus labour screwed me on PR last time. Fool me once, shame on you. Fool me twice, shame on me, and all that.
I'd go with the Cons, lose my cabinet cherry, get some respect for sorting out the economy, get a ref on PR.