Political Times: Lib Dem leader announced, Boris Johnson hosed down and the Putin threat

We are just hours away from knowing who will succeed Nick Clegg. The race to become the next Liberal Democrat leader will come to an end sometime this afternoon (16 July) when one of the candidates (there are only two) secures victory.

The contest between former party president Tim Farron and former health minister Norman Lamb has been relatively thrill-free.

Lamb has stressed his drug legalisation credentials, bashing the government's plan to ban legal highs and saying he would make cannabis legal. Farron, on the other hand, has made some key economic concessions.

He told IBTimes UK that he dropped his support for the top rate 50p tax threshold. Instead of resurrecting the rate, the leadership contender said he wants to "shift the balance of taxation away from income and on to wealth".

Putin lies in wait

Elsewhere, prime minister's questions was fairly sedate on Wednesday (15 July) when Harriet Harman quizzed David Cameron over Greece, the government's welfare cuts and then, somehow, got onto party funding – the Tories are backed by some hedge funds, she protested.

But let's stick with the major economic and political issue. Harman warned that Russian President Vladimir Putin "was waiting in the wings" to bring Greece under his influence if the country's third bailout failed.

The prime minister agreed – Russian influence is a worry – but argued it was on eurozone countries to bail out the struggling state, not Britain.

Johnson hosed down

Finally, Boris Johnson has been dealt an embarrassing blow by Tory colleague Theresa May. The home secretary, who has been tipped as a future Conservative leader, vetoed the mayor of London's plans to allow the use of water cannons on the streets of England and Wales.

May warned that the crowd control devices had the "capacity to cause harm" without safeguards.

The comments come after Johnson authorised the Metropolitan Police to buy three second-hand cannons last year for £218,000 ($340,566). May, however, said she "remained unconvinced" about "the operability" of the devices.