A "rich and powerful backer" has been found for a new "fun" political magazine due to be launched this spring by Tory Iain Dale, founder of Westminster bookshop Politico's and now one of our most widely read political bloggers. Mr Dale will not name his backer - yet - but the name of the magazine will be Total Politics. No, he insists, it will not be a Tory rag. It will be non-party political - the editor will be Sarah MacKinlay, daughter of Labour MP Andrew - and it will be free to every elected politician in the country, national and local, as well as selling on news stands.

Will it have to break even? "No." says Mr Dale in outraged tones. "It will have to make a thumping great profit - it's being run on a fully commercial basis."