Is history repeating itself?

There is much that is remarkably similar about the circumstances in which Labour finds itself now, and where it stood on the brink of its landslide success in 1997. The party has seemingly made itself more electable in the eyes of the electorate following a tack back towards the ideological centre of British politics. Then, in an imitation of what happened after Black Wednesday in September 1992, it has been propelled into a large polling lead after the incumbent government's reputation for economic competence was severely damaged as a result of losing the confidence of the financial markets. Although the next election could still be nearly two years away, it would seem as though history could well repeat itself.