We have just finished our weekly leader conference, in which the newspaper's verdict on the election result was, naturally, the only topic of conversation. (Well, the only one if you exclude digressions on B-list celebrity sightings at election parties.)
The Observer's considered opinion will appear in print on Sunday, once we have seen what happens in any front bench reshuffles. One matter that is likely to be an ongoing source of debate is the question of how excited the Tories should be by their results.
Seen from one angle, they have barely matched Labour's dismal performance with Michael Foot at the helm in 1983. From another view, the tide that washed Conservatives out of seats such as Enfield and Putney is clearly receding. Michael Howard's resignation gives the Tories ample time to get a good run-up for the final leap into government.
So which is it? Have the Conservatives done little more than consolidate their base or have they turned the corner?
As the Editor likes to say, deepest counsels must be sought before press day. Which is why the question is on the blog.
