Until last night, the Tories hadn't won a seat from Labour in a byelection since 1978. Needing a swing of 8.2% to win the seat, the final result was a drubbing so thorough - a swing of 17.6% on higher than expected turnout of 58% - it left both parties stunned.

David Cameron hailed it as "the end of new Labour," which, coming off of Labour's worst local election in years just a few weeks ago, may not be far from the mark. Said Cameron:

"I know that winning a by-election and winning a General Election are two different things. But thousands of people voted for us, who have not voted for us before, they came across and put their trust in the Conservative Party.

We have to build the biggest coalition for change. We really can change this country, remove this government and rebuild the country."

Gordon Brown defiantly swatted down any suggestion that he might step aside but acknowledged the significance of the defeat by saying, "the message that we have got is that people are concerned."

The BBC reports that Cameron will seek to capitalize on last night's victory by calling an early byelection in Henley to fill the seat recently vacated by Boris Johnson who was elected Mayor of London. Speculative dates could be June 26 or July 3.

Iain Martin has an excellent piece in the Daily Telegraph summarizing how the Tories' recently honed political skills contributed to last night's smashing victory. Martin concludes with this:

Cameron flies off to the Scottish Tory conference today and will get a hero's welcome, emphasising the real significance of this by-election. Less than a year ago, Cameron was written off prematurely by too many when he was mired in the mess of Grammar schools and Rwanda. He learnt lessons, rebuilt from the wreckage and is assuming the role of PM in waiting. There is a long journey to the general election but in Crewe a giant leap has taken him much, much closer to Number 10.