The "Gang of Four" broke away from the Labour Party to found the Social Democratic Party, pledging to "break the mould of British politics".
Twenty five years on and what's changed? The SDP failed to make a breakthrough and eventually merged with the Liberals. Meanwhile those on the right of the Labour Party who did not defect instead stayed in the party and eventually defeated the hard left. Today it is New Labour that is the heir to the SDP.
Meanwhile nominations for the Liberal Democrat leadership election have closed today and we have three candidates remaining - Sir Menzies Campbell, Chris Huhne and Simon Hughes. Whoever wins is facing one of the biggest crises of the party's history. And given the fates of Charles Kennedy and Mark Oaten, all three must be desperately hoping they don't get Lembit Opik's backing. The party is declining in the polls, it has privately given up on the Dunfermline and West Fife by-election and it is facing the potential defection of three MPs. So much for the party being on the verge of heading towards government!