It is a remarkable achievement of Michael Howard's that in a Financial Times poll last week 49 per cent of finance directors thought he would make a better prime minister than Tony Blair. It is difficult for leaders of the opposition to be seen as credible alternative prime ministers. But for finance directors, Mr Howard's intelligence and focused attacks have won through.

The same finance directors were not so kind to Oliver Letwin who lagged behind Gordon Brown. Why the difference? Mr Letwin is also manifestly highly intelligent and careful.