Iain Martin - who's been blogging has been splendid lately - is right: the Tories should be worried that Labour might unseat Gordon Brown and fight the next election under new leadership. It's hard to see how even this could win the election for Labour, but at the very least it might limit the losses the party can otherwise expect next summer.
In fact Labour would be well-advised to get rid of Brown after the European elections next month, replace him with someone such as Alan Johnson or even, god help us, Jack Straw and promise to hold an election in October this year. Since there's little advantage in carrying on with Broon to the Bitter End it would be better to lance the boil now and be done with it. A new leader might not win, but he might not be hated and the subject of ridicule as Brown is. Indeed, a degree of frankness from Labour: we messed up with Gordon but that's Over Now might help Labour. Candour will be respected, pretending everything is fine will not.
Will this happen? Probably not. But those Labour MPs who take a Micawberish atitude to their prospects seem pretty likely to be disappointed. Something is not going to turn up because there's nothing that can turn up to save the day so long as the ship is skippered by Gordon.