If you want smug, have a chat with your local Tory candidate. The Conservatives are triumphalist, already convinced they have the next election in the bag. But they’re about to be outflanked by Labour. By the time of the election, Britain will be coming out of recession. The Tories will still be promising ‘painful’ spending cuts, while Labour will be able to claim that their public spending splurge can continue. Never underestimate the stupidity of British voters – they’ll forget the damage Labour has done and go for the easy option. After all, Mandelson has more intelligence and cunning in his little finger than there is in the whole Tory party.