Labour begins the year ahead but Cameron is still preferred to Miliband

First poll of the year gives Labour a 12-point lead but Cameron is eight points ahead as "the best prime minister".

If, as Harold Wilson said, a week is a long time in politics then two and a half years is an eternity. But that hasn't stopped commentators speculating about the result of the 2015 general election. In a notable piece for the Daily Telegraph just before the new year, former Tory MP and ConservativeHome executive editor Paul Goodman suggested that David Cameron should abandon any hope of winning a majority (an argument I made after Nick Clegg killed the boundary changes last August). His piece prompted a response from the energetic Conservative chairman Grant Shapps who, unsurprisingly, insisted that the race was from over and one from his ConHome colleague Tim Montgomerie, who argued that a Conservative majority, while unlikely, remained possible.

The first YouGov poll of the year offers evidence to support both arguments. Labour is on 43 per cent, 12 points ahead of the Conservatives (compared to a lead of just two at the start of 2012), a lead that, on a uniform swing, would see Ed Miliband enter Downing Street with a majority of 116 seats.

Poll leads, of course, can come and go. In February 1981, Michael Foot led Margaret Thatcher by 16 points. Yet aided by the "Falklands bounce" and the splintering of the centre-left vote, the Conservatives went on to win a majority of 144 seats in 1983. But even if the Tories chip away at Labour's lead in advance of the next election (as they surely will), it's hard to see them remaining the single largest party, let alone winning a majority. The Lib Dems' veto of the boundary changes means that Labour needs a lead of just one point on a uniform swing to win a majority; the Tories, by contrast, require one of seven. Since fewer people tend to vote in Labour constituencies, the party is able to win more seats with the same number of votes.

In the face of these daunting odds, one of the principal reasons why the Tories remain optimistic about their chances is David Cameron's consistent lead over Ed Miliband as the best prime minister. While Cameron's lead has narrowed since a year ago, when it stood at 24 points (41-17), he retains an eight-point advantage (33-25. Nick Clegg is on five per cent with "don't know" leading on 38 per cent). In the wake of his bravura conference speech, Miliband reduced Cameron's lead to four (31-27) but the gap soon widened again.

But this is a parliamentary system, you say, why should we care? The answer is that personal ratings are frequently a better long-term indicator of the election result than voting intentions. Labour often led the Tories under Neil Kinnock, for instance (sometimes by as much as 24 points), but Kinnock was never rated above John Major as a potential prime minister. A more recent example is the 2011 Scottish parliament election, which saw Alex Salmond ranked above Iain Gray even as Labour led in the polls. The final result, of course, was an SNP majority.

In an attempt to exploit Cameron's advantage over Miliband, the Tories intend to run a highly presidential campaign, asking the voters: do you want David Cameron or Ed Miliband as your prime minister? It's hard to see this overriding factors such as the collapse in the Lib Dem vote (which will gift Labour victory in scores of Tory-Labour marginals) but it is in Cameron, who remains more popular than his party, that Tory hopes continue to reside.

Thirty three per cent of voters believe David Cameron would make the best prime minister, compared to 25 per cent for Ed Miliband. Photograph: Getty Images.

George Eaton is political editor of the New Statesman.

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Why relations between Theresa May and Philip Hammond became tense so quickly

The political imperative of controlling immigration is clashing with the economic imperative of maintaining growth. 

There is no relationship in government more important than that between the prime minister and the chancellor. When Theresa May entered No.10, she chose Philip Hammond, a dependable technocrat and long-standing ally who she had known since Oxford University. 

But relations between the pair have proved far tenser than anticipated. On Wednesday, Hammond suggested that students could be excluded from the net migration target. "We are having conversations within government about the most appropriate way to record and address net migration," he told the Treasury select committee. The Chancellor, in common with many others, has long regarded the inclusion of students as an obstacle to growth. 

The following day Hammond was publicly rebuked by No.10. "Our position on who is included in the figures has not changed, and we are categorically not reviewing whether or not students are included," a spokesman said (as I reported in advance, May believes that the public would see this move as "a fix"). 

This is not the only clash in May's first 100 days. Hammond was aggrieved by the Prime Minister's criticisms of loose monetary policy (which forced No.10 to state that it "respects the independence of the Bank of England") and is resisting tougher controls on foreign takeovers. The Chancellor has also struck a more sceptical tone on the UK's economic prospects. "It is clear to me that the British people did not vote on June 23 to become poorer," he declared in his conference speech, a signal that national prosperity must come before control of immigration. 

May and Hammond's relationship was never going to match the remarkable bond between David Cameron and George Osborne. But should relations worsen it risks becoming closer to that beween Gordon Brown and Alistair Darling. Like Hammond, Darling entered the Treasury as a calm technocrat and an ally of the PM. But the extraordinary circumstances of the financial crisis transformed him into a far more assertive figure.

In times of turmoil, there is an inevitable clash between political and economic priorities. As prime minister, Brown resisted talk of cuts for fear of the electoral consequences. But as chancellor, Darling was more concerned with the bottom line (backing a rise in VAT). By analogy, May is focused on the political imperative of controlling immigration, while Hammond is focused on the economic imperative of maintaining growth. If their relationship is to endure far tougher times they will soon need to find a middle way. 

George Eaton is political editor of the New Statesman.