Huge moves in Brown’s price as markets react to the Chancellor’s speech

Based on best betting prices the implied probability of Gordon Brown being next Labour leader touched more than 80% this morning as punters took stock of the Chancellor’s conference speech and news of his forthcoming Middle East trip.

Brown’s unveiling of “New Labour renewed” will set the backcloth to the expected transition from Tony Blair and has clearly been designed to allow the Prime Minister to step aside in the most positive manner. With his successor talking the same language but with his personal slant the two men have developed a powerful formula.

Can the new-style New Labour under Brown deliver to the party the electoral success that is has come to get used to under Tony Blair?

Whatever your political allegiance it is hard not to be impressed by the skill of this morning and to wonder if the Tories, under whoever they choose as their next leader, have any chance at all in 2009.

Mike Smithson