Having stuck my neck out and predicted a November election yesterday (while some of my colleagues were saying the opposite), there’s no point backing away now.

I don’t think the headline opinion polls taken in the immediate aftermath of David Cameron’s speech to the Tory conference will make much difference to Gordon Brown as he spends the weekend deciding whether to go to the polls. One of his colleagues tells me he would be "mad" to take much notice of them.

MPs in Labour marginal seats may be getting jumpy after the brilliant Tory move on inheritance tax, but Mr Brown still has several weeks to deconstruct that policy or to come up with some distraction of his own.

The polling still puts Labour within striking distance of a winning 40 per cent share, while the underlying research still gives Mr Brown big leads over Mr Cameron in terms of who the public regards as having the best qualities to be a good prime minister.

Leaving aside the little fact that Mr Brown still has to make up his mind and only he knows what will happen, let me just map out a little "fantasy Gordon" scenario for how the next few days could pan out.

Over the weekend he studies the polls, including the marginal data, and decides that although a November poll is a gamble, things could be much worse for him if he delays.

The economy is slowing down and the Tories will have a huge morale boost if the prime minister looks like he is running away from a fight from David Cameron. Imagine what PM’s questions would sound like next Wednesday. Momentum would be running strongly with the Tories.

So Mr Brown takes the plunge and goes for the election. I would guess the decision will be leaked out over the weekend, possibly to the Sunday newspapers.

On Monday he makes a Commons statement on Iraq. I would imagine that he will give a much broader and longer term guide to Britain’s continued presence in the Basra area than he did on that ill-judged visit to Iraq earlier in the week.

On Tuesday Alistair Darling, chancellor, will deliver his mini-budget. A big splurge on health spending will grab the headlines, along with him pulling some tax rabbit out of the hat. An attack on "non-dom" wealthy foreigners perhaps, to match the Tory proposals? A tax cut elsewhere?

Then Mr Brown heads to the Palace to ask for the dissolution of parliament. Iraq will have been neutralised, the NHS puffed up with cash and the Tories wrong-footed on tax. Game on.

For what it’s worth, the collective wisdom/ignorance of Westminster journalists is (as I write this) that an election is back on. Ben Brogan’s Daily Mail blog, sets out a few reasons why doubts have set in for those who predicted it was off.

The truth is that none of us know. But the pleasure of being a journalist is making these low-cost political guesses. For Mr Brown, the calculation is altogether more serious.

Westminster is buzzing with rumours that Gordon Brown is about to pull the plug on an autumn election. After David Cameron’s notes-free tour de force at the Tory conference in Blackpool, there suddenly seems to be an outbreak of nerves in the prime minister’s camp.

The most detailed explanation I’ve seen of why Mr Brown might "bottle" an election comes in Ben Brogan’s Daily Mail blog. Some of the Labour excuses for abandoning a November poll are so ludicrous and self-serving they could only have been cooked up by somebody in full panic mode.

The idea that Mr Brown wants more time to unpick the details of the Tory inheritance tax plans – apparently a three week election campaign is simply not long enough – is absurd. As for the idea that the PM is too focussed on fighting foot-and-mouth disease….give me a break.

Does that mean the election is off though? I’ve just spoken to a very senior colleague of Mr Brown who gave quite the opposite impression. This person said it would be "mad" to take too much notice of the inevitable bounce Mr Cameron will get in the polls after the party conference.

Indeed at least one poll – in tomorrow’s Guardian – will show the Tories achieving a substantial bounce. But this Brownite says you have to look at the underlying picture.

I took away from our chat that the election was very much on. Downing St officials tell me "no decision has been taken". Journalists in the lobby are split on whether it is on or off. In the end, only one person knows: Gordon Brown.

No doubt I will be proved completely wrong within hours, but I reckon Mr Brown has gone too far down the election path now to turn back. It is not just the prospect of facing Mr Cameron at Prime Minister’s Questions next Wednesday and a load of Tory MPs baying that he is a coward.

It is the fact that through the autumn, Mr Brown will be dogged by his indecision. Every downturn in the housing market, every poor piece of economic news, every "event", will be presented as proof that he cocked it up by failing to go in November. The momentum will be with the Tories. My guess: election on.

Should Gordon Brown call an election now? Have your say here.

The body politic is showing signs of advanced election fever. Of course there may not be an election on November 1 or November 8 – Gordon Brown is said by colleagues to be still undecided – but the symptoms are everywhere.

Take George Osborne’s plan to tax wealthy non-domiciled residents £25,000 a year: first came Labour’s rebuttal, then the Tory counter-rebuttal, then Labour’s rebuttal of the counter-rebuttal and – finally – the  Tory reply to that. That kind of intense politics only ever happens during an election campaign.

Then look at Gordon Brown’s visit to Iraq, a headline grabbing trip clearly timed to overshadow the Tory conference. Then his decision to announce troop withdrawals having previously made great play of the fact he would make his statement when the Commons returns next Monday.

Normally the Tories would have bit their lip in the tradition of taking a non-partisan line on issues of national security. Instead Liam Fox, Tory defence spokesman, launched a scathing attack on Mr Brown, accusing him of a "cynical exploitation of  our armed forces".

Then there is the news that Lord Darzi is bringing forward at Mr Brown’s request publication of his report on the NHS to this Thursday. Little wonder speculation is mounting that Mr Brown’s trip to the Palace to start the election campaign could come on Tuesday October 9.

Of course Mr Brown could surprise everyone and announce next week the election is off. But such is the state of expectation – indeed hype – generated by Mr Brown’s own team that Labour would suffer a serious bout of deflation if polling is delayed until next year.

As for David Cameron, it would give his party vital momentum through this autumn, allowing him to build on a successful and galvanising conferfence in Blackpool.

I can’t see how Mr Brown can back down now without suffering severe self-inflicted damage in the process. An election on November 1 may be a bit of a push in terms of Labour preparing their campaign: my money is on polling on November 8.

There is a scenario for next week’s Tory conference in Blackpool which sees the party unite in the face of an imminent election, rally behind David Cameron and defy the media and Labour ministers preparing for a bloodbath.

It is a scenario to which I subscribe. The Conservatives may be in a depressed state, but are they suicidal? On balance, I think the answer is that most of them are not. But Mr Cameron will be living on his nerves for three long conference days and nights before he makes one of the most important speeches of his life on Wednesday.

No doubt he will make a good speech – he usually does – but will the party have imploded before then? Could John Bercow, a Tory liberal, or some other disillusioned MP defect to Labour on the eve of the conference? Will the Tory right keep quiet?

Reading Norman Tebbit’s comments in The Times today makes me wonder whether there really are some elements in the party who would rather maintain the ideological purity of Thatcherism than win an election. It is all so reminiscent of Labour in the 1980s.

Lord Tebbit pours scorn on Mr Cameron – the "public relations guy" – whom he claims has never spent much time in the real world. Gordon Brown, by contrast, is a "clever man" for whom the Chingford Polecat has "considerable regard".

In better times Mr Cameron might actually welcome an attack from Tebbo in the way that Tony Blair used to like being attacked by the unions. It suggests he is actually changing the party.

But in his weakened state, Lord Tebbit is a menace. He also represents a faction in the Tory party which seems to genuinely prefer Gordon Brown’s flag-waving Labour leadership to what they see is the limp-wristed Conservatism offered by Mr Cameron.

If the Tory right (and its cheerleaders in the Daily Mail and Daily Telegraph) succeed next week they could mortally wound Mr Cameron. But what would their annointed successor – David Davis – inherit? A smouldering ruin of a party coming to terms with its fourth electoral humiliation in a row.

Is that what they really want? Worryingly for Mr Cameron, the answer may be Yes.

It was a most unusual pre-election speech. For the first time I can remember, a party leader addressed his annual conference without even bothering to attack or mock any of his political rivals.

This was Gordon Brown in full "new politics" mode. Since he governs for the whole country, there is no need to even acknowledge the existence of other parties. Neither David Cameron nor the Conservatives (let alone the Liberal Democrats) were mentioned in his Bournemouth speech.

But make no mistake, Mr Brown and his party are ready for an early poll. His discourse on rising aspiration in Britain covered all the ground on which he expects to be fighting an election – health, education, crime.

It was a personal speech, setting out his commitment to public services and "personalising" them for the 21st century. And it was the speech of a politician who looks comfortable in his own skin: the angst of the Brown-Blair feud is now in the past.

His allies say that if there is not an election this autumn, the country will be given their say by the spring of 2008 at the latest. And if you needed any further confirmation, the soundtrack booming out of the Bournemouth PA before Mr Brown’s arrival said it all: Republica’s "Ready to Go".

Has the Northern Rock crisis delivered a serious blow to Gordon Brown’s reputation as the dependable helmsman of Britain’s economy?

On the face of it the answer should be Yes. The sight of queues of panicking savers in the High Street will linger in the memory and the Conservatives have assembled a compelling political line that the whole affair is symptomatic of an unstable economy built on "a mountain of debt".

But privately, senior Tories are doubtful the affair will cause Mr Brown lasting damage. Nobody (apart from the shareholders in Northern Rock) lost money in the affair, and the former Iron Chancellor’s record will need something more spectacular (unemployment and home repossessions, perhaps) to come tumbling down.

Take a look at the Tempus poll in the Times this week and you see another reason why the Tories are still wary of fighting an election on the economy. Mr Brown and Alistair Darling, his chancellor, continue to be far more trusted in difficult economic times than David Cameron and George Osborne, the shadow chancellor.

And there’s another factor. Remember John Major winning an election in 1992 in the teeth of a recession? The public sometimes cling to what they know in times of trouble (the incumbent) rather than take a leap into the unknown.

So even if the economy nosedives (highly unlikely) Mr Cameron may still be fighting the next election on what he calls the "social recession" – an admission that Mr Brown has the economy right but we just don’t feel happier as a society.

Westminster blog

on the UK political scene

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Jim Pickard and Kiran Stacey, FT Westminster correspondents, share the latest news and analysis on the UK's political scene.

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Contact the Westminster blog team: Jim Pickard, Kiran Stacey, Nicholas Timmins, Elizabeth Rigby and Helen Warrell.

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The authors

Jim Pickard joined the lobby team in January 2008. He has been at the Financial Times since 1999 as a regional correspondent, assistant UK news editor and property correspondent.

Kiran Stacey is an FT political correspondent, having joined the lobby in 2011. He started at the FT as a graduate trainee in 2008, working on desks including UK companies and US equity markets before taking over the FT's Energy Source blog.

Contributors

Elizabeth Rigby, the FT's chief political correspondent, joined the lobby team in September 2010. Elizabeth has worked at the FT for more than a decade and was most recently its consumer industries editor.

Helen Warrell is the FT's UK reporter, covering home affairs, crime and policing. She joined the FT in 2008 and has spent time as a reporter in the Brussels bureau and more recently, editing the paper's Asia coverage on the world news desk.

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