There is a lot of hardship ahead so the political outlook may change and change quickly. For now, Labour is winning the economic argument and so people are taking a look at the party again.
Luckily, David Cameron has no shortage of advice. Take Michael Portillo in the Sunday Times this morning who alerts Cameron to his secret weapon: Kenneth Clarke. It is indicative of the wretched state of the modern Conservative party that this is not an option that he is likely to pursue. Why? Two reasons: Kenneth Clarke is pro-European and false loyalty for his friend, George Osborne.
The most revealing line in the piece is: "Nobody has changed the Conservative party as much and as fast as he [Cameron] has, yet he will seek office on much the same economic ground as William Hague and Michael Howard." The quote kind of contradicts itself. Nonetheless, the conclusion is devastating. David Cameron has followed the trajectory of all recent Conservative leaders. He will fight the next election on a Thatcherite platform.
Maybe the same trick will work eventually but it is most definitely not the direction that David Cameron wanted to take his party in. He has lost a grip on his political strategy and is now prey to, admittedly highly unpredictable, events.
Post script: Sunder Katwala has also written on this today though he discusses Chris Patten alongside Kenneth Clarke.