Labour’s confidence – what is left of it – rests on a technicality. Britain chooses parliaments, not presidents. Ed Miliband may be fluffing his audition to be prime minister but electoral arithmetic keeps his party within reach of power. The Conservatives can win more votes and still end up with fewer seats. A Ukip surge on polling day would finish David Cameron.
Maybe Miliband will look like a stronger candidate as the obstacles to a Tory victory loom larger. Alternatively, those obstacles will shrink as Miliband’s dwindling authority becomes a crisis of Labour’s self-belief. Judging by the bleak mood in the party ranks on the eve of the annual conference, the latter scenario is likelier.