The Guardian leads this morning on an opinion poll which shows support for Labour now down to 34pc with David Cameron's Tories on 38pc and Ming Campbell's Libs on 20pc.
Julian Glover, who seems to have taken over from Alan Travis as the paper's poll-meister, writes that this result "suggests that the next election may well produce a hung Parliament."
That is something of an understatement. Not only would such a result produce a hung Parliament, it would also lead to certain constitutional chaos in that the party that lost the election would still have the largest number of seats in the House of Commons.
To see what I mean, go to the Electoral Calculus site and type in the Guardian's poll predictions. It will give you a result that has Labour on 305 seats, 19 short of a majority, the Tories on 272, and the Lib Dems on 37.
What this means is that the party that would be deemed by public opinion to have "won" the election - the Tories - would not be in a position to form a government even in coalition with the Liberal Democrats.
The Labour Party, by contrast, would probably be able to stitch together enough alliances withe minor parties to stay in power, even though it would be clearly seen to have lost the confidence of the British people.
This is pretty unchartered constitutional territory. Only once before, in 1950, has the party which won the most votes (the Tories) not gained the largest number of seats and consequently not formed the Government. But then it was only by a tiny margin and there was no third party to complicate things.
As the Chinese used to say, we live in interesting times....