David Cameron with Ed Miliband before the state opening of Parliament in 2013. Photograph: Getty Images.
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The Tories cut Labour's poll lead to one point

Osborne's populist Budget helps the Conservatives claw back voters from UKIP.

With its laser focus on pensioners (the most likely age group to vote), George Osborne's fifth Budget was his shrewdest to date - and the Tories have been duly rewarded in the polls. Two surveys published tonight - Survation for the Mail on Sunday and YouGov for the Sunday Times - put Labour's lead at just one point.

As intended, the measures announced by Osborne have helped to draw the over-65s away from UKIP and back to the Tories. Survation puts the Conservatives up four points to 34 per cent, with the Farageists down three points to 15 per cent. Labour support has actually risen by one point to 35 per cent, showing that the Tories have benefited by clawing back voters from UKIP and winning over the previously undecided. YouGov does show a fall in the Labour vote, from 39 per cent to 37 per cent, but again it's UKIP that has suffered most, with its support down from 15 per cent to 11 per cent.

The polls are the best for the Tories since an ICM survey last summer put them level with Labour on 36 per cent (the last time they led in a poll was March 2012, just before the omnishambles Budget) and will inevitably lead many to conclude that the Conservatives are on course for victory in 2015. This might well be the case (the political and economic cycles look increasingly well aligned for Osborne) but it's wise to treat the numbers with caution for now.

It's not unheard of for the governing party to enjoy a bounce from the Budget (although it is rarer than most think), especially if it is well received by the media, which fades as normal business is resumed. David Cameron's "veto" of the EU fiscal treaty in December 2011, which saw the Tories briefly regain their lead over Labour, is a good example of how one-off events can skew voting intentions. 

Even so, since we are still 14 months away from the general election, with some voters unlikely to return to the Conservative fold until the last moment (there is little prospect of UKIP polling 15 per cent in 2015), the Tories have cause to be hopeful of victory tonight.

The consolation for Labour is that as long as it retains the support of around a quarter of 2010 Lib Dem supporters (which is not guaranteed), its vote share will remain high enough for it to run the Tories close.

George Eaton is political editor of the New Statesman.

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Voters are turning against Brexit but the Lib Dems aren't benefiting

Labour's pro-Brexit stance is not preventing it from winning the support of Remainers. Will that change?

More than a year after the UK voted for Brexit, there has been little sign of buyer's remorse. The public, including around a third of Remainers, are largely of the view that the government should "get on with it".

But as real wages are squeezed (owing to the Brexit-linked inflationary spike) there are tentative signs that the mood is changing. In the event of a second referendum, an Opinium/Observer poll found, 47 per cent would vote Remain, compared to 44 per cent for Leave. Support for a repeat vote is also increasing. Forty one per cent of the public now favour a second referendum (with 48 per cent opposed), compared to 33 per cent last December. 

The Liberal Democrats have made halting Brexit their raison d'être. But as public opinion turns, there is no sign they are benefiting. Since the election, Vince Cable's party has yet to exceed single figures in the polls, scoring a lowly 6 per cent in the Opinium survey (down from 7.4 per cent at the election). 

What accounts for this disparity? After their near-extinction in 2015, the Lib Dems remain either toxic or irrelevant to many voters. Labour, by contrast, despite its pro-Brexit stance, has hoovered up Remainers (55 per cent back Jeremy Corbyn's party). 

In some cases, this reflects voters' other priorities. Remainers are prepared to support Labour on account of the party's stances on austerity, housing and education. Corbyn, meanwhile, is a eurosceptic whose internationalism and pro-migration reputation endear him to EU supporters. Other Remainers rewarded Labour MPs who voted against Article 50, rebelling against the leadership's stance. 

But the trend also partly reflects ignorance. By saying little on the subject of Brexit, Corbyn and Labour allowed Remainers to assume the best. Though there is little evidence that voters will abandon Corbyn over his EU stance, the potential exists.

For this reason, the proposal of a new party will continue to recur. By challenging Labour over Brexit, without the toxicity of Lib Dems, it would sharpen the choice before voters. Though it would not win an election, a new party could force Corbyn to soften his stance on Brexit or to offer a second referendum (mirroring Ukip's effect on the Conservatives).

The greatest problem for the project is that it lacks support where it counts: among MPs. For reasons of tribalism and strategy, there is no emergent "Gang of Four" ready to helm a new party. In the absence of a new convulsion, the UK may turn against Brexit without the anti-Brexiteers benefiting. 

George Eaton is political editor of the New Statesman.