It could turn out to be one of the most surprising and successful moves in political history. For that to happen Mandelson will have to act like a lightning conductor for the frustrations of the Blairite plotters. I'm convinced that's the main reason why Brown has embraced his long-time foe, although Mandelson's political and business skills will also be important at a time like this.

But the press have a thing about Mandy. If they bring him down for a third time or he becomes the focus for treason against Gordon, then the appointment will be up there with the 10p tax rate abolition and theelection- that-never-was as bad judgements by an inept Prime Minister.

As it is, those "events" that Harold Macmillan spoke about have come to the aid of the beleaguered Brown. Whereas Macmillan was to be buffeted by the easy virtue of Ms Keeler and Mr Profumo, the antics of the bankers and the tottering of western capitalism itself have made this no time to tinker with the top man.

Also the Prime Minister has been fortunate in his foes' ineptitude. The "Lancashire Mafia", as dissident North West MPs were dubbed by the papers, made the courageous move of – wait for it – asking for Labour leadership nomination papers! But they didn't coordinate their treachery with Big Ears. When Charles Clarke did grasp the trumpet, it gave out an uncertain note indeed.

Then there was Superbananaman Miliband. His o'erweening ambition smacked of Portillo's premature ordering of telephonic equipment when the Galloping Major looked vulnerable in the mid-nineties.

It was a surreal conference season held in perfect autumn weather. Delegates enjoyed the balmy days on Bournemouth seafront and the open spaces outside Manchester Central. But as soon as they turned on the radio, the strangely drawn-out sentences of the BBC's Robert Peston were telling them about Lehman Brothers, HBOS and Bradford and Bingley.

Labour resolved that they might as well hang together as separately. So John Prescott and Alastair Campbell were much in evidence around the Midland Hotel supporting the Prime Minister.

The Manchester conference complex is now the best in the country and was blessed with the same benign weather as two years ago. Marketing Manchester is expecting to sign Labour up for 2010 shortly. It's just a shame that they will almost certainly be in opposition by then.

This is because, for all the deft Cabinet reshuffling, the Conservative conference in Birmingham oozed self confidence. Lobbyists were out in force to get a sense of what a Cameron government would mean for them.

Britain was on display in all its diversity. There were plenty of women, young people and ethnic minorities. It had the feel of the Tory conferences of the late seventies when the Blessed Margaret was heading for Downing Street.

For too long the Tories have been seen as the party of southern England, but they now have a Northern Board under William Hague looking at priorities up here. Perhaps he had some input into the decision to oppose a third terminal at Heathrow and go for a new fast rail link to Manchester and Leeds instead.

If they can finesse their regional policy and spare the northern development agencies from the planned axe, then that
would be a good move in my opinion too.

The Lib Dems are struggling in the face of the Tory tide. Backing tax cuts, having lectured us on the morality of 1p on income tax for education not so long ago, is unconvincing. Cold calling people the evening after the leader's speech was found to be illegal. I did suggest to one of Nick Clegg's aides that, bearing in mind the PM's penchant for ringing people at 6am, they could combine their efforts!

For now Captain Ahab is on the bridge as we are battered by the mighty economic storm. If it passes, a grateful electorate might want to thank its captain. More likely it will look at the shredded sails and decide on a change.

---