SO who were the winners in the General Election of 2005? Tony Blair, of course, has secured his place in history as the man who gave Labour its cherished and unprecedented hat-trick of successive victories. But with a drastically reduced majority, the MP for Sedgefield is a wounded winner.

Michael Howard, in announcing that he will stand down as Tory leader, says the Tories have taken a significant step forward. But he failed to stop Labour's third term, despite the advantage of an unpopular war and a tarnished Prime Minister.

Charles Kennedy can argue that the Liberal Democrats' performance, with a net gain of eight seats, is solid progress towards the dream of the party becoming the real opposition. But it is not enough for true celebration.

The only real winner in the General Election of 2005 is Gordon Brown, whose long wait to be Labour leader is now within touching distance.

The danger is that having laid the economic foundations of Mr Blair's historic hat-trick, the cracks start appearing as a result of the Government's reliance on public sector investment.

And if those cracks turn into a black hole, just as Mr Brown takes over the reins, he might yet end up as the biggest loser of all.