As “Flash Gordon” busies himself with saving the world economy, punters are moving their money back on Labour. There has been a sharp movement away from the Tories in the spread betting markets, as Mike Smithson at Political Betting has noted.

The dramatic reversal in Gordon Brown’s fortunes could also move the betting on an early election. One senior opposition MP has already suggested to us that Brown may be tempted to call a snap election if his bounce in the polls endures into next year.

It seems highly unlikely, but some punters are already putting money on it. The odds of an election in the first half of 2009 have shortened over the past few days. The odds fell to this level — about 4 t0 1 — when David Miliband attempted his “mili-putsch” over the summer.

Below is a chart from Betfair, the online betting exchange, showing the recent price movements.

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