The polling is undeniably still around extreme levels for the Tories, but it’s also not dissimilar to that seen at a comparable point ahead of the 1992 election.
Methodological changes (brought about by the 92 election result) have to be considered of course, but the interesting aspect and potentially relevant point is how the Conservative support improved from its 1990 low as the inflation and interest rate cycles reversed, something which will happen over the remainder of this year.
I don’t think the Conservatives will win the next election, but I still believe that Sunak does have a very narrow path to potentially making it into a tight contest, and I wouldn’t be surprised at all if the polls do close significantly over the next 12 months.
I think much more likely is that this very small narrowing caused by immigration chest thumping subsides as soon as the tories hit their next scandal - maybe that led by donkies second jobs thing - and Labour are back to 25-30 by summer.