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(40 minutes later)
11.38am: There are three polls around this morning. Here they are.

ICM for the Guardian
Labour: 41% (no change since ICM last month)
Conservatives: 36% (up 3)
Lib Dems: 11% (down 4)
Labour lead: 5 points
As Anthony Wells says at UK Polling Report, ICM normally give the Lib Dems higher ratings than the other pollsters and 11 points is their lowest rating in an ICM/Guardian poll since 1997.
Populus for the Times (paywall)
Labour: 41% (down 1 from Populus last month)
Conservatives: 33% (no change)
Lib Dems: 10% (down 1)
Labour lead: 8 points
YouGov for the Sun
Labour lead: 44% (up 1 point from YouGov in the Sunday Times)
Conservatives: 32% (no change)
Ukip: 8% (down 1)
Lib Dems: 7% (down 1)
Labour lead: 12 points
Government approval: -35
11.15am: And here are some quotes from the Q&A that Nick Clegg did after his speech. My colleague Juliette Jowit was there, and she's sent me this.
Clegg did not take many questions before officials cut him off with hand at throat gesturing from the back of the room. But what he said was definitely with hearing.
He appeared to put another decisive nail in the coffin of the "no fault dismissal" idea that Downing Street is known to be keen to drop.
"I don't support them [the proposals] and I never have, for the simple reason I have not seen any evidence that creating industrial level insecurity for workers is a good way of creating new jobs," said Clegg.
He said he would take seriously any evidence that did emerge from the current consultation, due to end in June, but continued to sound sceptical. "So far there just is no evidence," he added.
In answer to another question, the DPM sympathised with a point made by the Sutton Trust founder and chairman, Sir Peter Lampl, about the way America's top Ivy League universities appear more prepared to take students from disadvantaged backgrounds with lower grades if they see potential and a chance to "add value". "It strikes most people outside Westminster as common sense," said Clegg.
Clegg also spoke with passion about how the class restrictions work both ways, saying politicians from privileged backgrounds - like himself - had felt unable or unqualified to talk about social mobility. "if you did that you wouldn't be able to show compassion, show sympathy, to take collective decisions for the common good," he said.
Another questioner tackled the Lib Dem leader on the coalition government's manifesto-busting decision to raise tuition fees for universities to up to £9,000 per student. Clegg said that to avoid putting potential students from disadvantaged backgrounds off applying to university it was important to "dispel some myths" about the new system.
Unlike under the previous Labour government, no student now had to pay any up-front fees, students from poorer homes were now eligible for more grants (not just loans), and new repayment terms meant all graduates would pay out less every week when they reached a minimum income threshold to start repaying the loans - "in effect a progressive graduate tax".
"There's not a single reason in the system why a young person from a disadvantaged background, who wants to go to university, should not go," added Clegg.
11.03am: Back to Nick Clegg. In his speech said that the government would publish a "powerful set of indicators" to show whether the government was making progress on social mobility. It's easy to be sceptical about claims like this, but I've just had a quick look at the social mobility progress report that the Cabinet Office has published this morning (pdf) and the indicators are robust. If the government carries on publishing these reports every year, then they are going to provide a very good measure of whether the government is making progress or not.11.03am: Back to Nick Clegg. In his speech said that the government would publish a "powerful set of indicators" to show whether the government was making progress on social mobility. It's easy to be sceptical about claims like this, but I've just had a quick look at the social mobility progress report that the Cabinet Office has published this morning (pdf) and the indicators are robust. If the government carries on publishing these reports every year, then they are going to provide a very good measure of whether the government is making progress or not.
But they don't provide a particularly good measure yet. That's because, for more than half the indicators, no information is available on progress since 2010. And, even where data is available from 2010, it probably doesn't tell you much about the impact of government policies because the 2010-11 outcomes will mostly reflect the impact of decisions taken by Labour.But they don't provide a particularly good measure yet. That's because, for more than half the indicators, no information is available on progress since 2010. And, even where data is available from 2010, it probably doesn't tell you much about the impact of government policies because the 2010-11 outcomes will mostly reflect the impact of decisions taken by Labour.
Still, for what it's worth, I calculate that the government are making progress on five indicators - and going backwards on three.Still, for what it's worth, I calculate that the government are making progress on five indicators - and going backwards on three.
Here is my summary of what the 17 indicators are - and whether or not they record progress.Here is my summary of what the 17 indicators are - and whether or not they record progress.
1. Chances of poor children being born with low birth weight - no information since 2010.
2. Chances of poor children having good child development - data not available yet.
3. Chances of poor children making good development in early years - PROGRESS. Gap between the poor and average smaller in 2010-11 than 2009-10.
4. Chances of poor children being good at phonics reading - data not available yet.
5. Chances of poor children doing well at key stage two - PROGRESS. Gap between the poor and the average smaller in 2010-11 than in 2009-10.
6. Chances of poor children doing well at GCSE - PROGRESS. Gap between the poor and the average smaller in 2010-11 than in 2009-10 (but only very marginally).
7. Chances of schools with poor pupils doing as well as schools with rich pupils - PROGRESS. Gap between schools with most deprived intake and least deprived intake smaller in 2010-11 than in 2009-10.
8. Chances of poor children well at A-level - BACKWARDS. Gap between poor pupils and average larger in 2010-11 than in 2009-10.
9. Chances of state school children being more likely to get AAB at A-level - BACKWARDS. Gap between state schools and private schools larger in 2010-11 than in 2009-10 (but only very marginally).
10. Chances of poor children being more likely to be not in education or training from 18 to 24 - data not available from 2010.
11. Chances of poorer children being less likely to be unemployed from 18 to 24 - data not available from 2010.
12. Chances of poorer children being more likely to go to university - data not available from 2010.
13. Chances of state school children being more likely to go to university - data not available from 2010.
14. Chances of graduates from poorer graduates being more likely to get into "graduate" jobs - data not available from 2010.
15. Chances of people from poorer backgrounds being more likely to get into the professions - data not available from 2010.
16. Chances of low earners being able to earn more over the course of a decade - BACKWARDS - Proportion not making significant wage progression higher from 2002 to 2011 than it was from 2001 to 2010.
17. Chances of adults who failed at school getting GCSEs or A-levels after 19 - PROGRESS - Figures higher from 2010-11 than they were in 2009-10.		1. Chances of poor children being born with low birth weight - no information since 2010.
2. Chances of poor children having good child development - data not available yet.
3. Chances of poor children making good development in early years - PROGRESS. Gap between the poor and average smaller in 2010-11 than 2009-10.
4. Chances of poor children being good at phonics reading - data not available yet.
5. Chances of poor children doing well at key stage two - PROGRESS. Gap between the poor and the average smaller in 2010-11 than in 2009-10.
6. Chances of poor children doing well at GCSE - PROGRESS. Gap between the poor and the average smaller in 2010-11 than in 2009-10 (but only very marginally).
7. Chances of schools with poor pupils doing as well as schools with rich pupils - PROGRESS. Gap between schools with most deprived intake and least deprived intake smaller in 2010-11 than in 2009-10.
8. Chances of poor children well at A-level - BACKWARDS. Gap between poor pupils and average larger in 2010-11 than in 2009-10.
9. Chances of state school children being more likely to get AAB at A-level - BACKWARDS. Gap between state schools and private schools larger in 2010-11 than in 2009-10 (but only very marginally).
10. Chances of poor children being more likely to be not in education or training from 18 to 24 - data not available from 2010.
11. Chances of poorer children being less likely to be unemployed from 18 to 24 - data not available from 2010.
12. Chances of poorer children being more likely to go to university - data not available from 2010.
13. Chances of state school children being more likely to go to university - data not available from 2010.
14. Chances of graduates from poorer graduates being more likely to get into "graduate" jobs - data not available from 2010.
15. Chances of people from poorer backgrounds being more likely to get into the professions - data not available from 2010.
16. Chances of low earners being able to earn more over the course of a decade - BACKWARDS - Proportion not making significant wage progression higher from 2002 to 2011 than it was from 2001 to 2010.
17. Chances of adults who failed at school getting GCSEs or A-levels after 19 - PROGRESS - Figures higher from 2010-11 than they were in 2009-10.
10.32am: Tom Watson is giving evidence to the Leveson inquiry now. You can follow it on our Leveson live blog.10.32am: Tom Watson is giving evidence to the Leveson inquiry now. You can follow it on our Leveson live blog.
10.21am: Here's the full text of the IMF conclusions on the UK economy. And here are the key points.10.21am: Here's the full text of the IMF conclusions on the UK economy. And here are the key points.
• The IMF broadly supports the government's economic stance.• The IMF broadly supports the government's economic stance.
Current policies are aimed at assisting economic rebalancing and financial sector stability. Strong fiscal consolidation is underway and reducing the high structural deficit over the medium term remains essential. The UK has made substantial progress toward achieving a more sustainable budgetary position and reducing fiscal risks. Bold monetary stimulus has helped support the economy, as has the free operation of automatic fiscal stabilizers.Current policies are aimed at assisting economic rebalancing and financial sector stability. Strong fiscal consolidation is underway and reducing the high structural deficit over the medium term remains essential. The UK has made substantial progress toward achieving a more sustainable budgetary position and reducing fiscal risks. Bold monetary stimulus has helped support the economy, as has the free operation of automatic fiscal stabilizers.
• But it says the economy has not grown in the way the government expected.• But it says the economy has not grown in the way the government expected.
But the economy has been flat. The hand-off from public to private demand-led growth has not fully materialized. Much of this underperformance relative to earlier expectations is due to transitory commodity price shocks and heightened uncertainty following the intensification of stress in the euro area. However, the weak recovery also indicates that the process of unwinding pre-crisis imbalances is likely to be more protracted than previously anticipated, in part due to persistent tight credit conditions.But the economy has been flat. The hand-off from public to private demand-led growth has not fully materialized. Much of this underperformance relative to earlier expectations is due to transitory commodity price shocks and heightened uncertainty following the intensification of stress in the euro area. However, the weak recovery also indicates that the process of unwinding pre-crisis imbalances is likely to be more protracted than previously anticipated, in part due to persistent tight credit conditions.


• It says there are "substantial" risks to Britain from what is happening in the eurozone.

• It says there are "substantial" risks to Britain from what is happening in the eurozone.
Risks are large and tilted clearly to the downside. Setbacks in the euro area are the key risk to economic prospects and financial stability in the UK as trade and financial links are substantial. An escalation of stress in the euro area could set off an adverse and self-reinforcing cycle of lower confidence and exports, higher bank funding costs, tighter credit, and falling asset values, resulting in a substantial contractionary shock. By contrast, a decisive and durable resolution to stress in the euro area would aid the UK's recovery and remove this downside risk.Risks are large and tilted clearly to the downside. Setbacks in the euro area are the key risk to economic prospects and financial stability in the UK as trade and financial links are substantial. An escalation of stress in the euro area could set off an adverse and self-reinforcing cycle of lower confidence and exports, higher bank funding costs, tighter credit, and falling asset values, resulting in a substantial contractionary shock. By contrast, a decisive and durable resolution to stress in the euro area would aid the UK's recovery and remove this downside risk.
• It says the government should consider new measures to promote growth.• It says the government should consider new measures to promote growth.
Policies to bolster demand should help close the output gap faster. It needs to be recognized that policy options in this regard come with risks, including uncertainty about their effectiveness. However, these risks need to be weighed against the risk of weak demand that leads to persistently slow growth and high unemployment that become entrenched in decisions made by consumers and investors ...Policies to bolster demand should help close the output gap faster. It needs to be recognized that policy options in this regard come with risks, including uncertainty about their effectiveness. However, these risks need to be weighed against the risk of weak demand that leads to persistently slow growth and high unemployment that become entrenched in decisions made by consumers and investors ...
There is scope within the current overall fiscal stance to improve the quality of fiscal adjustment to support growth. The government has taken steps over the past year to make consolidation more "growth friendly" through cuts in spending on items with low multipliers (such as public employee wages) to fund higher spending on items with high multipliers (such as infrastructure). However, the scale of these adjustments has been modest and further budget-neutral reallocations should be sought, recognizing inevitable implementation lags and challenges.There is scope within the current overall fiscal stance to improve the quality of fiscal adjustment to support growth. The government has taken steps over the past year to make consolidation more "growth friendly" through cuts in spending on items with low multipliers (such as public employee wages) to fund higher spending on items with high multipliers (such as infrastructure). However, the scale of these adjustments has been modest and further budget-neutral reallocations should be sought, recognizing inevitable implementation lags and challenges.

There is more coverage on our eurozone crisis live blog.
There is more coverage on our eurozone crisis live blog.
10.13am: Christine Lagarde, the IMF managing director, has just told the press conference that if the economic situation gets worse, the British government should introduce a fiscal stimulus.10.13am: Christine Lagarde, the IMF managing director, has just told the press conference that if the economic situation gets worse, the British government should introduce a fiscal stimulus.
10.07am: George Osborne is holding his press conference with Christine Lagarde, the IMF managing director now. He started by welcoming the fact that inflation is now within its target range. It is the first time this has happened since he became chancellor, he said. He also welcomed today's IMF report, which he said endorsed his economic strategy. 10.07am: George Osborne is holding his press conference with Christine Lagarde, the IMF managing director, now. He started by welcoming the fact that inflation is now within its target range. It is the first time this has happened since he became chancellor, he said. He also welcomed today's IMF report, which he said endorsed his economic strategy.
But the IMF report does seem to make grim reading. Here's what the Press Associaton have filed about it. But the IMF report does seem to make grim reading. Here's what the Press Association have filed about it.

An escalation of the eurozone crisis would deliver a "substantial contractionary shock" to the UK economy, setting back progress made towards recovery, the International Monetary Fund warned today.
In a report on the UK, the IMF identified uncertainty over the future of the euro as the main danger to recovery and warned: "Risks are large and tilted clearly to the downside."
The report recognised "substantial progress" towards balancing Britain's books thanks to the coalition Government's deficit-reduction programme, but noted that the economy remains "flat" and warned that the weak recovery may be "more protracted than previously anticipated".
Although recovery is expected to gain pace from the second half of 2012, unemployment is "much too high" and much of the UK's productive capacity could remain "idle for an extended period", said the IMF.
The fund called for further monetary stimulus, in the form of the Bank of England printing money in another round of "quantitative easing" or a reduction in the base interest rate from its record low of 0.5% to make borrowing cheaper.
There is scope for the government to boost growth through higher spending on infrastructure projects, which would increase employment and demand within the economy and could be funded within existing budgets by imposing further public sector wage restraint or reforming property taxes, it said.
And if the UK recovery fails to take off, ministers must be prepared to use temporary tax cuts and more infrastructure investment to give the economy a shot in the arm, even if this means reining in the Government's austerity programme, said the IMF.
To retain credibility in this scenario, ministers would need to deliver a new deficit-reduction programme to show how the books will be balanced over a longer period.
An escalation of the eurozone crisis would deliver a "substantial contractionary shock" to the UK economy, setting back progress made towards recovery, the International Monetary Fund warned today.
In a report on the UK, the IMF identified uncertainty over the future of the euro as the main danger to recovery and warned: "Risks are large and tilted clearly to the downside."
The report recognised "substantial progress" towards balancing Britain's books thanks to the coalition Government's deficit-reduction programme, but noted that the economy remains "flat" and warned that the weak recovery may be "more protracted than previously anticipated".
Although recovery is expected to gain pace from the second half of 2012, unemployment is "much too high" and much of the UK's productive capacity could remain "idle for an extended period", said the IMF.
The fund called for further monetary stimulus, in the form of the Bank of England printing money in another round of "quantitative easing" or a reduction in the base interest rate from its record low of 0.5% to make borrowing cheaper.
There is scope for the government to boost growth through higher spending on infrastructure projects, which would increase employment and demand within the economy and could be funded within existing budgets by imposing further public sector wage restraint or reforming property taxes, it said.
And if the UK recovery fails to take off, ministers must be prepared to use temporary tax cuts and more infrastructure investment to give the economy a shot in the arm, even if this means reining in the Government's austerity programme, said the IMF.
To retain credibility in this scenario, ministers would need to deliver a new deficit-reduction programme to show how the books will be balanced over a longer period.
9.47am: And here's the top of the Press Association story about the inflation figures.9.47am: And here's the top of the Press Association story about the inflation figures.
Inflation fell to its lowest level in more than two years last month, official figures showed today, as high street discounting took the pressure off household budgets.
The consumer price index (CPI) rate of inflation fell to 3% in April, compared with 3.5% in March, its lowest level since February 2010, the Office for National Statistics (ONS) said.
In further evidence that the weak economic climate is forcing retailers to cut prices to draw in customers, clothing and footwear prices rose by just 0.2% in the period compared with 1.4% last year.
And softer excise duty rises on alcohol and tobacco, as well as lower air fares due to the timing of Easter, also helped keep a lid on the rising cost of living.
Bank of England governor Sir Mervyn King narrowly avoided sending his 10th "Dear chancellor" letter to explain why inflation is higher than the government's 2% target, as at 3% it is now within one percentage point of that goal.
Inflation has fallen from 5.6% last September due to the waning impact of the VAT hike at the start of 2011, falling energy, food and commodity prices and a number of bill cuts from utility providers.
However, it has not dropped as quickly as the Bank of England expected after fears over increasing tensions between the West and Iran pushed oil prices higher in March.
The sharp decrease in inflation in April is likely to bolster the case for the Bank to pump more emergency cash into the economy through its quantitative easing programme.
The economy entered a technical recession in the first quarter of the year as gross domestic product declined 0.2%, following a 0.3% drop in the final quarter of 2011.
Chloe Smith, the economic secretary to the Treasury, said: "Inflation is down and back within the target range for the first time since 2010, which is good news and will provide some welcome relief for family budgets."
The most significant downward pressure on prices in April came from the transport sector, which saw prices rise 1.2% compared with a 2.8% rise the previous year.
The largest downward effect came from air transport where the timing of Easter meant fares rose 7.4% compared with a huge 29% surge last year.		Inflation fell to its lowest level in more than two years last month, official figures showed today, as high street discounting took the pressure off household budgets.
The consumer price index (CPI) rate of inflation fell to 3% in April, compared with 3.5% in March, its lowest level since February 2010, the Office for National Statistics (ONS) said.
In further evidence that the weak economic climate is forcing retailers to cut prices to draw in customers, clothing and footwear prices rose by just 0.2% in the period compared with 1.4% last year.
And softer excise duty rises on alcohol and tobacco, as well as lower air fares due to the timing of Easter, also helped keep a lid on the rising cost of living.
Bank of England governor Sir Mervyn King narrowly avoided sending his 10th "Dear chancellor" letter to explain why inflation is higher than the government's 2% target, as at 3% it is now within one percentage point of that goal.
Inflation has fallen from 5.6% last September due to the waning impact of the VAT hike at the start of 2011, falling energy, food and commodity prices and a number of bill cuts from utility providers.
However, it has not dropped as quickly as the Bank of England expected after fears over increasing tensions between the West and Iran pushed oil prices higher in March.
The sharp decrease in inflation in April is likely to bolster the case for the Bank to pump more emergency cash into the economy through its quantitative easing programme.
The economy entered a technical recession in the first quarter of the year as gross domestic product declined 0.2%, following a 0.3% drop in the final quarter of 2011.
Chloe Smith, the economic secretary to the Treasury, said: "Inflation is down and back within the target range for the first time since 2010, which is good news and will provide some welcome relief for family budgets."
The most significant downward pressure on prices in April came from the transport sector, which saw prices rise 1.2% compared with a 2.8% rise the previous year.
The largest downward effect came from air transport where the timing of Easter meant fares rose 7.4% compared with a huge 29% surge last year.
9.33am: I'll come back to the Nick Clegg speech shortly. But, first, here are the inflation figures which are just out.

• The consumer prices index (CPI) measure of inflation fell to 3.0% in April, from 3.5% in March.		9.33am: I'll come back to the Nick Clegg speech shortly. But, first, here are the inflation figures which are just out.

• The consumer prices index (CPI) measure of inflation fell to 3.0% in April, from 3.5% in March.
• The headline rate of retail prices index (RPI) inflation fell to 3.5% in April, from 3.6% in March.• The headline rate of retail prices index (RPI) inflation fell to 3.5% in April, from 3.6% in March.
• The underlying rate of RPI inflation fell to 3.5% in April, from 3.7% in March.• The underlying rate of RPI inflation fell to 3.5% in April, from 3.7% in March.
And here's the full statistical bulletin from the Office for National Statistics (pdf) with all the details.And here's the full statistical bulletin from the Office for National Statistics (pdf) with all the details.
9.24am: Nick Clegg is taking questions now. But BBC News have decided it would be more interesting to hear from Carole Walker instead.9.24am: Nick Clegg is taking questions now. But BBC News have decided it would be more interesting to hear from Carole Walker instead.
9.21am: Clegg is now talking about class.9.21am: Clegg is now talking about class.
We are a long way from being a classless society, he says. This covers not just wealth, but attitudes.We are a long way from being a classless society, he says. This covers not just wealth, but attitudes.
Eighty years ago the historian Frank Harris said: "Snobbery is the religion of England." There is some truth in this, Clegg says.Eighty years ago the historian Frank Harris said: "Snobbery is the religion of England." There is some truth in this, Clegg says.
People at the top are brought up to believe the world is theirs.People at the top are brought up to believe the world is theirs.
But everyone should be brought up like this.But everyone should be brought up like this.
Parents at the top expect their children to become professionals. But, at the bottom, only 20% of parents have these ambitions for their children, he says.Parents at the top expect their children to become professionals. But, at the bottom, only 20% of parents have these ambitions for their children, he says.
9.19am: Clegg says the government is putting in place mechanisms to ensure that it makes progress on social mobility: indicators to measure progress, a ministerial group on social mobility and a social mobility and child poverty commission.9.19am: Clegg says the government is putting in place mechanisms to ensure that it makes progress on social mobility: indicators to measure progress, a ministerial group on social mobility and a social mobility and child poverty commission.
He also announces that there will be a social mobility sector transparency board. (It's not the most exciting announcement he has ever made, he jokes.)He also announces that there will be a social mobility sector transparency board. (It's not the most exciting announcement he has ever made, he jokes.)
9.16am: Clegg says the third myth is that social mobility involves dumbing down.9.16am: Clegg says the third myth is that social mobility involves dumbing down.
Again, this is nonsense. Nonsense, I should add, which is usually peddled by those who benefit from the status quo – and therefore want to keep things the way they are.Again, this is nonsense. Nonsense, I should add, which is usually peddled by those who benefit from the status quo – and therefore want to keep things the way they are.
Clegg says the government wants to encourage universities to recruit on the basis of potential, not just on the basis of A-level results.Clegg says the government wants to encourage universities to recruit on the basis of potential, not just on the basis of A-level results.
Now it may surprise the non-Brits among you to learn that in some quarters, the idea of carefully taking into account the impact of background in assessing university applications has been painted by some as a dangerous piece of revolutionary socialism.Now it may surprise the non-Brits among you to learn that in some quarters, the idea of carefully taking into account the impact of background in assessing university applications has been painted by some as a dangerous piece of revolutionary socialism.
But far from dumbing down, it's about increasing opportunity to achieve excellence.But far from dumbing down, it's about increasing opportunity to achieve excellence.
There is compelling evidence that translation of ability into attainment is affected by your social and educational background. A study at the University of Bristol showed that state school educated children with top A-levels were 50% more likely to get first-class degrees than privately educated children with the same grades.There is compelling evidence that translation of ability into attainment is affected by your social and educational background. A study at the University of Bristol showed that state school educated children with top A-levels were 50% more likely to get first-class degrees than privately educated children with the same grades.
9.14am: The second myth is that governments can only promote social mobility in times of prosperity, Clegg says.9.14am: The second myth is that governments can only promote social mobility in times of prosperity, Clegg says.
Partly this myth comes from those who think our spending plans are dismantling the state's capacity to help. That we are turning the clock back to the 1930s.Partly this myth comes from those who think our spending plans are dismantling the state's capacity to help. That we are turning the clock back to the 1930s.
This is simply not true. At the end of this parliament, public spending will still account for 42% of GDP.This is simply not true. At the end of this parliament, public spending will still account for 42% of GDP.
Clegg also says a growing economy increases absolute social mobility: ie, everyone gets richer. But it does not necessarily create relative social mobility.Clegg also says a growing economy increases absolute social mobility: ie, everyone gets richer. But it does not necessarily create relative social mobility.
Clegg says in times of economic difficulty, social mobility becomes even more important.Clegg says in times of economic difficulty, social mobility becomes even more important.
Just think how our economy might have responded to the crisis if everyone who'd ever thought about starting a business could get on with it. If everyone who'd ever hungered after the best education could go for it.Just think how our economy might have responded to the crisis if everyone who'd ever thought about starting a business could get on with it. If everyone who'd ever hungered after the best education could go for it.
Wasted talent is always a moral crime: but it is increasingly an economic crime, too. The Sutton Trust's own work has suggested that boosting poor educational attainment up to the UK average would increase GDP by £140 billion by 2050, and increase long-run trend growth by 0.4 percentage points.Wasted talent is always a moral crime: but it is increasingly an economic crime, too. The Sutton Trust's own work has suggested that boosting poor educational attainment up to the UK average would increase GDP by £140 billion by 2050, and increase long-run trend growth by 0.4 percentage points.
9.12am: Clegg says he wants to tackle some myths about social mobility.9.12am: Clegg says he wants to tackle some myths about social mobility.
The first is that social mobility is just a product of income inequality.The first is that social mobility is just a product of income inequality.

According to this myth, mobility will follow automatically in the wake of greater equality. And so it follows that the only thing we should worry about is closing the gap between rich and poor.
According to this myth, mobility will follow automatically in the wake of greater equality. And so it follows that the only thing we should worry about is closing the gap between rich and poor.
Of course, reducing inequality is a good and laudable aim. But unfortunately it's not the straightforward route to social mobility that its proponents suggest.Of course, reducing inequality is a good and laudable aim. But unfortunately it's not the straightforward route to social mobility that its proponents suggest.
In many ways, I wish it was. Life would be much simpler. Our goal would be clear: redistribution of income would do the job.In many ways, I wish it was. Life would be much simpler. Our goal would be clear: redistribution of income would do the job.
The trouble is that, as this conference has been discussing, it is just not that simple. The causal links are not that clear.The trouble is that, as this conference has been discussing, it is just not that simple. The causal links are not that clear.
Of course if the gap is narrower you have less distance to travel. But the uncomfortable truth is that nations with similar levels of income inequality have dissimilar levels of social mobility. Why do Australia and Canada have UK levels of inequality, but almost Scandinavian levels of mobility?Of course if the gap is narrower you have less distance to travel. But the uncomfortable truth is that nations with similar levels of income inequality have dissimilar levels of social mobility. Why do Australia and Canada have UK levels of inequality, but almost Scandinavian levels of mobility?
9.10am: Clegg says he does not denigrate anyone who sends their child to private school because they want the best for them. "Indeed, that aspiration on behalf of children is one of the most precious ingredients of parenthood," he says.9.10am: Clegg says he does not denigrate anyone who sends their child to private school because they want the best for them. "Indeed, that aspiration on behalf of children is one of the most precious ingredients of parenthood," he says.
And he says that the fact that he went to a private school (Westminster) should not stop him speaking about this subject.And he says that the fact that he went to a private school (Westminster) should not stop him speaking about this subject.
If people like me who have benefited from the system don't speak up, we will never get anywhere.If people like me who have benefited from the system don't speak up, we will never get anywhere.
We have to fight for a society where the fortunes of birth and background weigh less heavily on prospects and opportunities for the future.We have to fight for a society where the fortunes of birth and background weigh less heavily on prospects and opportunities for the future.
9.08am: Nick Clegg is speaking now.9.08am: Nick Clegg is speaking now.
He starts with a some statistics about the scale of the problem.He starts with a some statistics about the scale of the problem.
One in five children are on free school meals; only one in a hundred Oxbridge entrants were;One in five children are on free school meals; only one in a hundred Oxbridge entrants were;
Only 7% of children attend independent schools, but public schools provide 70% of high court judges and 54% of FTSE 100 CEOs;Only 7% of children attend independent schools, but public schools provide 70% of high court judges and 54% of FTSE 100 CEOs;
One in five children from poorer homes achieve five good GCSEs, compared to three out of four from affluent homes.One in five children from poorer homes achieve five good GCSEs, compared to three out of four from affluent homes.
This is a legacy "we cannot afford", he says.This is a legacy "we cannot afford", he says.
For liberals, this is core stuff. It gets to the very heart of our politics. We are a party and a creed that is defined by our belief in a fairer, more open society.For liberals, this is core stuff. It gets to the very heart of our politics. We are a party and a creed that is defined by our belief in a fairer, more open society.
For me, it's the reason I do this job.For me, it's the reason I do this job.
9.04am: Nick Clegg will be delivering his social mobility speech shortly.9.04am: Nick Clegg will be delivering his social mobility speech shortly.
The Cabinet Office has now published it's 52-page report Opening Doors, Breaking Barriers: A Strategy for Social Mobility (pdf). It's an update on progress made on social mobility since April last year.The Cabinet Office has now published it's 52-page report Opening Doors, Breaking Barriers: A Strategy for Social Mobility (pdf). It's an update on progress made on social mobility since April last year.
8.45am: MPs are debating the culture committte report on phone hacking later today. But, before that, we've got Nick Clegg delivering a speech on social mobility. It has already been extensively trailed. In the Observer Toby Helm revealed that Clegg would be saying that pupils at private schools are more than three times as likely to get AAB in the key A level subjects as pupils at state schools. In the Guardian on Monday Patrick Wintour said Clegg would be proposing a student premium designed to guarantee financial help for all children on free school meals entering higher education. And today Nicholas Watt reports that the government will be publishing 17 "trackers" to assess progress in improving life chances over the coming decades. This might seem like overkill, but this is one of the great causes of our time. If you don't accept that, look at the charts that Simon Rogers has posted on his data blog showing that the UK is far behind many other countries on social mobility.8.45am: MPs are debating the culture committte report on phone hacking later today. But, before that, we've got Nick Clegg delivering a speech on social mobility. It has already been extensively trailed. In the Observer Toby Helm revealed that Clegg would be saying that pupils at private schools are more than three times as likely to get AAB in the key A level subjects as pupils at state schools. In the Guardian on Monday Patrick Wintour said Clegg would be proposing a student premium designed to guarantee financial help for all children on free school meals entering higher education. And today Nicholas Watt reports that the government will be publishing 17 "trackers" to assess progress in improving life chances over the coming decades. This might seem like overkill, but this is one of the great causes of our time. If you don't accept that, look at the charts that Simon Rogers has posted on his data blog showing that the UK is far behind many other countries on social mobility.
Here's the full agenda for the day.Here's the full agenda for the day.
9am: Nick Clegg delivers his speech on social mobility.9am: Nick Clegg delivers his speech on social mobility.
9.30am: Inflation figures are published.

10am: George Osborne, the chancellor, holds a press conference with Christine Lagarde, the IMF managing director. The IMF is publishing a report on the UK economy.		9.30am: Inflation figures are published.

10am: George Osborne, the chancellor, holds a press conference with Christine Lagarde, the IMF managing director. The IMF is publishing a report on the UK economy.
10am: Alan Johnson, Lord Smith and Tom Watson give evidence to the Leveson inquiry.10am: Alan Johnson, Lord Smith and Tom Watson give evidence to the Leveson inquiry.
10am: Tim Loughton, the children's minister, gives a speech to mark the publication of the Prof Eileen Munro's child safeguarding progress report.10am: Tim Loughton, the children's minister, gives a speech to mark the publication of the Prof Eileen Munro's child safeguarding progress report.
10.30am: Sir Bob Kerslake, head of the civil service, gives evidence to the Commons public adminstration committee about the honours system.10.30am: Sir Bob Kerslake, head of the civil service, gives evidence to the Commons public adminstration committee about the honours system.
10.45am: Brian Moore, head of the UK Border Force, gives evidence to the Commons home affairs committee.10.45am: Brian Moore, head of the UK Border Force, gives evidence to the Commons home affairs committee.
11am: Theresa May, the home secretary, speaks at the Association of Chief Police Officers annual conference.11am: Theresa May, the home secretary, speaks at the Association of Chief Police Officers annual conference.
12.30pm: Lynne Featherstone, the Home Office minister, gives evidence to the Commons home affairs committee about private investigators.12.30pm: Lynne Featherstone, the Home Office minister, gives evidence to the Commons home affairs committee about private investigators.
1pm: Ed Davey, the energy secretary, publishes the draft energy bill. As Fiona Harvey reports, a dash for gas, a major fillip for nuclear power and blows to renewable energy are expected to be the key features.1pm: Ed Davey, the energy secretary, publishes the draft energy bill. As Fiona Harvey reports, a dash for gas, a major fillip for nuclear power and blows to renewable energy are expected to be the key features.
2.30pm: Nick Clegg takes questions in the Commons.2.30pm: Nick Clegg takes questions in the Commons.
2.45pm: Caroline Spelman, the environment secretary, gives a speech to the Association of British insurers.2.45pm: Caroline Spelman, the environment secretary, gives a speech to the Association of British insurers.
3.30pm: MPs debate a motion calling for the culture committee report on phone hacking, which accused News International executives of misleading parliament, to be referred to the standards and privileges committee.3.30pm: MPs debate a motion calling for the culture committee report on phone hacking, which accused News International executives of misleading parliament, to be referred to the standards and privileges committee.
As usual, I'll be covering all the breaking political news, as well as looking at the papers and bringing you the best politics from the web. I'll post a lunchtime summary at around 1pm and another in the afternoon.As usual, I'll be covering all the breaking political news, as well as looking at the papers and bringing you the best politics from the web. I'll post a lunchtime summary at around 1pm and another in the afternoon.
If you want to follow me on Twitter, I'm on @AndrewSparrow.If you want to follow me on Twitter, I'm on @AndrewSparrow.
And if you're a hardcore fan, you can follow @gdnpoliticslive. It's an automated feed that tweets the start of every new post that I put on the blog.And if you're a hardcore fan, you can follow @gdnpoliticslive. It's an automated feed that tweets the start of every new post that I put on the blog.