Who governs?

Fraser Nelson makes a good point (something I don’t say often):

“It sometimes feels as if Mr Cameron and Mr Osborne do not regard themselves as being in power, but instead believe they are trapped – by the opinion polls, by the Liberal Democrats, by the Civil Service, by the bond markets, or by all four.”

If the government aren’t in charge then who is? Who governs? Does anyone? Or are we just adrift…?