There is one very tangible reason for the current outbreak of good spirits: Conservatives know things could be worse

Their party is flatlining in the polls, largely lacking in policies and on the verge of a heavy kicking in the local elections. And yet in Westminster, many Conservatives seem almost cheery. What exactly is going on?

Critics – including some Tories – may argue this is wishful thinking and displacement activity by MPs and shadow ministers who cannot accept that Kemi Badenoch is not up to the job of leading a party in existential trouble.