Labour aren't in the same league of unpopularity as the Tories in 1997. Blair still has some public support, although he is no longer trusted. They are presiding over an ostensibly healthy economy (although this is looking doubtful now), and the Iraq situation will be mostly resolved by the time of the general election.
As long as the economy continues to look good, Labour will remain popular enough to win the next general election. We tend to over estimate the antagonism against Labour because we support an opposition party. The rest of the country don't see it that way. It is the swing voters who decide an election, and they are likely to vote with their wallets.
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