Predictions of an immediate election are now being downplayed, of course Gordon Brown had to see what impact the Conservative conference would have. He enjoyed a bounce after his, now it is the Cameron/Osborne bounce we are witnessing. With Osborne's tax cuts playing well in the marginals, and the newspapers showing a favourable disposition to the Conservatives for the first time in about 15 years, calling an election now would be madness for Brown.
A tentative prediction! Alastair Darling is to complete a spending review, within that inheritance tax will be cut and a policy on non-doms (non domicile earners) will be announced. The review will look at reducing public spending and so reducing tax, this will take the wind out of Conservative's sails and then Brown will call an election. Odds on for May 2008.
This may prove utterly wrong and Sunday will see Brown call an election, if he does it is highly risky and will give him three-four weeks to get himself back up the polls. The only reason he might is if he foresees an economic collapse; if that is imminent then he may well want to lose a snap election, let Cameron and Osborne take the credibility hit, and see what happens. But Brown is a man who seems to have had his eye on the job of PM for a long time, it is doubtful he will give it up easily.