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The BBC's Nick Robinson's take on the reshuffle is interesting:
The fact that Mr Smudge has swopped jobs with Mr Mudge may matter very little to people outside the Westminster village, but reshuffles do tell us a great deal about how a party leader sees his strengths, his weaknesses and the balance of opinion within his party.
The return of Ken Clarke reveals that David Cameron regards his inexperience as his Achilles heel. The promotion of not just Clarke but of plain-speaking northerner Eric Pickes and tough-talking Chris Grayling, alongside the unveiling of William Hague as deputy leader in all but name, suggests that the Tory leader also sees the danger of being presented as "Lord Snooty", the prefect of the Bullingdon boys.
On Europe, he has sought to reassure his party by promoting arch-sceptic Mark Francois to the Shadow Cabinet, as if Messrs Hague, Osborne, Letwin and many others weren't enough.
So beyond the presentation has anything really changed?
The answer is yes. Having invited Ken Clarke into Team Cameron, they will have no choice but to listen to him.
A stray word here, a planned intervention there, or even his resignation would be devastating for the Conservatives.
Ken Clarke has been around politics long enough, and cares enough about the future of the country, to use any one of those weapons if he felt he had to.