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Pity he wasn't still an MP during the LibDem/Conservative coalition - would have made a great foreign secretary. RIP
I suspect if he had still been leader there might not have been a LibDem/Conservative Coalition, he was always closer to Labour and also I think would have been a bit cannier about what the Tories were up to.
His big chance was if Labour had needed a coalition in '97 (you've got to remember that after '92 it seemed like the Tories were never gonna lose unless PR came in) and yeah he'd have made a decent Foreign Sec in the Blair govt. But the Tories ruined it by being utter dreck in '97; Labour got a landslide and suddenly decided First Past The Post wasn't so bad after all.