Labour blogger Kevin Meagher says Theresa May wanted to become the new Margaret Thatcher and her gamble has "blown up in her face."
Meagher, a frequent critic of Jeremy Corbyn, also praised the Labour leader for his campaign performance.
Meagher was speaking to Julia Hartley-Brewer after exit polls suggested May will fail to win an overall majority, raising the prospect of a hung parliament.
He told Julia "this is not in the script" but added "we've been here before," pointing out that polls tipped Neil Kinnock to beat John Major in 1992.
Despite his caution, Meagher was critical of May, saying the Prime Minister "thought she couldn't lose, that she would get a big majority, that she would sweep the board.
"This is what drove her to make bold suggestions in terms of social care reform. She had such a big cushion, she could afford to be very straight with the voters, take some unpopularity to get a mandate for change.
"She was going to be the new Angela Merkel, the new Mrs Thatcher. It's blown up in her face."
Corbyn, on the other hand, has "been very good. The Labour campaign has been pretty efficient and a lot of credit needs to be given to Corbyn.
"Some of his critics in the Labour Party will have to shake his hand through gritted teeth."
However Meagher thinks Corbyn still lacks credibility and carries a lot of negative baggage, and a more popular and charismatic figure might have forced a change of government.