Yes, admits a Clegg ally, it now looks disastrous to have sought a referendum on the complicated preferential voting system known as the alternative vote (AV).
The academy, through its accounting firm, now called PricewaterhouseCoopers, tabulates the ballots using what is called the "preferential voting" system.
When the current expansion of free-trade accords has covered an overwhelming percentage of world trade, it may be possible for the WTO to fix the system, so no nation has preferential bias with one or another trading partner over others countries.
This system began as a result of wage caps during World War II, and then expanded when preferential tax treatment for employer plans was codified into law.