General Election 2015: Lib Dem plan for Danny Alexander to keep Cabinet post if they forge another coalition with Tories

Danny Alexander could retain his Cabinet post in a second coalition government even if he loses his seat in the Scottish Highlands, under a plan floated by Liberal Democrat aides.

Mr Alexander could be offered a peerage if pollsters are proved right and he becomes one of the election’s highest-profile casualties next month. As a member of the House of Lords, Mr Alexander could still be a member of the Government and continue as Chief Secretary to the Treasury.

The idea of the peerage is understood to have caused disquiet among senior Lib Dems, with one describing it as “a V-sign to democracy”. However, Mr Alexander believes that he will defy the odds and be returned to the Inverness, Nairn, Badenoch and Strathspey constituency, which he has represented since its creation in 2005.

Mr Alexander is highly valued by his leader, Nick Clegg, and respected by the Tories. The two Lib Dems, with David Cameron and George Osborne, formed the “quad” that approved coalition policy.

Should the Lib Dems be in a position to forge another coalition, particularly with the Tories, the party leadership would certainly want to retain the services of Mr Clegg’s most trusted lieutenant.

A Lib Dem source said that activists, who could veto a coalition at a special conference, would probably oppose the idea; another suggested that Mr Alexander, 42, should use his experience at the Treasury to get a highly paid job in the City before returning to politics. A source close to Mr Alexander said he was “totally unaware” of the peerage plan.

He remains one of the Liberal Democrats’ front men for the election. He has attacked the Conservatives’ plans for spending cuts as a “dangerous deceit”, dismissing Mr Cameron’s claims that the cuts only amount to £1 in every £100 as “completely made up”, adding that a Lib Dem analysis has estimated the figure at £6 in every £100 that the Government spends over three years.

“Freed from the shackle of Liberal Democrats in coalition, the Tories are returning to type,” Mr Alexander said. “They will balance the books on the backs of the working poor, while giving tax breaks to millionaires.

“They will not raise a single penny in tax from the wealthiest to help pay down the deficit, and incredibly, won’t tell us where this axe will fall. This means David Cameron knows and refuses to tell us, or he simply doesn’t know. The reality is they want to cut more than our entire defence and police budget combined. It spells disaster for schools, nurses and the life chances of our children.”

Tory poster shows Ed Miliband as a puppet under the SNP’s control

After previously appearing in Alex Salmond’s pocket, Ed Miliband now finds himself portrayed as a puppet on strings controlled by the SNP leader, Nicola Sturgeon, in the latest Tory election poster.

Grant Shapps, the Tory party chairman, explained: “Labour are collapsing in Scotland. This means the only way that Ed Miliband might crawl through the gates of No 10 now is if he’s carried there by the SNP.

“Nicola Sturgeon would pull the strings and demand weaker defences, more spending and unaffordable welfare handouts. It would be a disaster for taxpayers.”

Labour has yet to comment.

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