David Cameron is said by some to have emerged almost unscathed from the Liam Fox imbroglio and last week's terrible unemployment figures. But the latest monthly Populus/Times poll (£), the first to be conducted since Fox's resignation, makes grim reading for the Prime Minister. Labour's advantage over the Conservatives is up from four points to eight points, the party's largest lead in a Populus poll since the election-that-never-was in 2007. By contrast, the Tories' share of the vote is down to just 33 per cent, their worst Populus figure in this parliament. Regardless of whether you take into account the likely effect of the boundary changes, George Osborne wouldn't get the majority he craves on these figures. And there's little to cheer the Lib Dems, who are down four points to just 8 per cent, their lowest figure since Populus started polling for the Times in 2003.

Latest poll (Populus/Times) Labour majority of 94 (uniform swing).

There is also some evidence that Fox's resignation has damaged the Tories' reputation. The number saying that they are "honest and principled" has dropped from 36 per cent in September to 30 per cent this month, while the proportion saying that they are "competent and capable" has fallen from 48 per cent last month to 42 per cent now.

However, it isn't all bad news for the Tories. Cameron and George Osborne are still rated as a better economic team than Ed Miliband and Ed Balls (a remarkable political achievement given that the economy hasn't grown for nine months), although their lead has fallen from 18 per cent in June to 13 per cent in September. The full data tables aren't available yet but the Times reports: "This drop is particularly pronounced among women, where the lead fell from 20 per cent to 11 per cent over the same period, and from 28 per cent to 9 per cent among skilled manual workers (C2s)."

New Statesman Poll of Polls

Labour majority of 50 (uniform swing).

Yet so long as the Conservatives retain their lead on the economy and Cameron is rated as a better leader than Miliband, the Tories will be confident of clawing back Labour's lead. As I always point out, personal approval ratings are often a better long-term indicator of the next election result than voting intentions. Labour frequently led the Tories under Neil Kinnock, for instance, but Kinnock was never rated above John Major as a potential prime minister. As the economy enters a new and dangerous phase, it will be worth watching to see whether these ratings begin to swing in Miliband's favour.

P.S. Conversely, the latest YouGov poll puts Labour's lead at just three points. Miliband's party is on 40 per cent, the Tories are on 37 per cent, and the Lib Dems are on 9 per cent.