By the end of May we will, once again, have a Conservative/Lib Dem coalition
That's pretty unlikely, IMO. Here's why: the number of seats currently held by the Tories is 302, and the LibDems is 56. So together they have 358 seats. The magic number needed for an overall majority is 326.
However, the LibDems are widely expected to lose about 50% of their seats. So lets assume they hold on to, say, 30 of them (including this one, I reckon - just!).
So if the Tories were to simply retain their current 302 seats, that would leave the combined number of seats held after the May election at 302 Tory + 30 LibDem = 332. That is only six more than the minimum need for an overall majority - too close for comfort. And anyway, we can't assume that the Tories will retain their 302 seats - far from it. Two reasons for that:
1. History tells us that governing parties rarely increase their share of the vote or their number of seats when seeking re-election.
2. UKIP are snapping at their heels.
On the other hand, Labour currently have a mere 216 seats, and they are almost certainly going to lose some of those to the SNP. So for what's it's worth, my guess is that the Tories will still end up as the largest single party, but that they will try to form a minority government and work more informally with a couple of other parties (LibDems, the DUP, even UKIP!) on what is apparently called a 'confidence and supply' basis.
But there again, we could all have a big surprise and end up with Red Ed and Wee 'Eck!