Can the Lib Dem tortoise outrun the populist hare? For those around Sir Ed Davey, the answer is yes.
According to this strategy, the Lib Dems continue their bottom-up grassroots approach - building on gains in the "blue wall" of former Tory seats, while gradually expanding into other more Labour-leaning urban areas.
But not everyone is convinced, with some in the party now concerned they are missing the political opportunity of a lifetime.
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This rival theory reads as follows: the UK is entering an unprecedented age of populism and political fragmentation and - as an historic home for disaffected voters - the Lib Dems should be sharpening their messaging, being more brazen and pushing into a wider set of areas where people are turning away from Labour and the Tories.
Questions follow this thesis: why are the Lib Dems not shaping the debate more loudly on big contentious issues? Why is the party not getting down and dirty with the smaller parties in the so-called "air war" raging on social and broadcast media? And, crucially, why, if progress is being made, are they still polling the same as they were at the last election?
Those inclined to this school of thought look at predictions of the newly invigorated Greens taking Labour strongholds in London, and wonder quietly to themselves - why not us?
Speak to party insiders, and their answer comes in the form of four digits: 2019.
The result of that year's general election still looms large in the memories of Lib Dem staffers.
Buoyed by months of promising polling, then leader Jo Swinson ran a campaign targeting seats across the country - declaring she could be the next prime minister and would cancel Brexit if elected.
The results were miserable.
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Yes, the party vote share was up. But when spread thinly across the country, it gave them fewer seats than in the 2017 vote.
By 2024, discipline had been restored. Careful seat selection and targeting saw a negligible rise in their vote share translate into a huge 72 constituencies turning yellow.
The focus now is to build on these gains rather than obsess over national polling.
In areas like Surrey and Sussex, party sources say the chief challenger is Reform UK rather than the Tories.
It's a similar story in traditionally Labour-facing places like Hull, as Nigel Farage's crew supplant both main parties.
As for the Greens, strategists argue they are fishing in largely different pools of voters - targeting areas in outer London close to their more traditional strongholds.
So for both Reform and the Greens, the analysis here goes that getting into a slugging match leads to polarisation and puts a ceiling on your appeal.
Better to keep beavering away in and around areas of existing support, with an eye on the relatively small number of seat changes needed to install Sir Ed as leader of the opposition in 2029.
The populist hare burns out, only to be overtaken by the Lib Dem tortoise - or so this story goes.
But another reason for the current strategy is perhaps more obvious.
The Lib Dems are no longer the anti-establishment party they were in the past.
In fact, some suggest that mantle was lost more than a decade ago following their time in coalition with the Tories.
Semantics aside, it's hard to picture Sir Ed getting into the verbal fist fights embarked on by Zack Polanski and Mr Farage.
There's a reason why party staffers put him in wet suits and perch him on rollercoasters.
That's who he is and so far, it's worked.
But what if a day comes when Lib Dem opinion begins to gather around a new spikier approach?
Well, it's hard to see such a tilt taking place without a change in leader.
One final thought.
Sitting in a leafy garden in South Cambridgeshire a fortnight before the local elections, Sir Ed Davey admitted that yes, he probably is a "centrist dad".
Read and watch more:
Davey takes aim at Tories and Reform
Polanski's success brings more scrutiny - is he ready for that?
What's happening with this year's local elections in England?
While there's no official definition, "centrist dads" tend to be seen as middle-aged men who favour moderate gradual change over radical upheaval.
So far, so Lib Dem.
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There's a further observation, though, often made by those on the more radical edge of politics, that the problem with centrist dads is that they fundamentally cannot come to terms with the fact that the world and politics is drastically changing.
In that context, the biggest risk for the party is that the Lib Dem tortoise may not even be running the same race as the populist hare.
This interview is part of a series that Sky News will be conducting with party leaders ahead of the May elections.
(c) Sky News 2026: Can the Lib Dem tortoise outrun the populist hare?


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