GORDON BROWN'S new-found status as a global financial leviathan, capable of leading the world's economies out of their darkest days, will be tested in a location far from internationally high-profile. Yet for the people of Glenrothes in Fife, it's their world which matters most, not the abstract universe of global finance.

The Glenrothes by-election was, until financial meltdown struck, a hurdle Labour in Scotland had assumed would not be successfully negotiated. Downing Street had written off Labour's low-key campaign as functioning, but doomed to end in a repeat of Glasgow East. Now Brown's sudden bounce in the opinion polls, where a 20-point deficit to the Tories has been cut to just nine, has changed what Glenrothes stands for.

Brown's bounce has offered Labour hope that Glenrothes could be a turning point. The Nationalists have dismissed any increased support for Brown as being confined to global issues and remain convinced the local verdict will put another SNP MP in Westminster.

We should examine where the source of the bounce is. Having presented himself at Labour's conference as an economic sage who would get Britain out of trouble - dismissing the current global bear pit as no place for novices - Brown has been given the chance to show what experience means. This placed him at the centre of a recovery plan that deemed it necessary for the state to recapitalise failing banks. The plan had his signature on it, and was copied by the rest of the struggling Western capitalist economies. This has transformed Brown's and Labour's fortunes; from zero to hero in a few weeks. But what lies beyond the bounce? Brown's improved approval rating has certainly come with widespread applause. Britain has found itself leading - at least this is the common perception - the international restructuring of finance and debt. However, the applause is likely to be limited. Saving banks is one thing; savings jobs is another. It is ironic that the man at least partly responsible for the boat sinking should be given credit for reinventing the lifebelt. In Glenrothes, the focus will not just be on global bail-outs.

Yes, voters will acknowledge that Brown has not buckled in the crisis and Labour's performance will be better than expected. But alongside the banking rescue has come the impact on the real economy. A full-blown recession looms, jobs in manufacturing and the service sector will go, unemployment will rise and families will feel a great deal of pain. Assurances on global solutions for global problems are likely to feel hollow when jobs are lost at local level and no local solutions are offered.

Glenrothes will be the first test of Brown's positive global profile measured against the negative effects of Britain slipping into recession. The SNP believe the latter will outweigh the former, and add to their success in Glasgow East. Win or lose, Labour have their response at the ready; lose and it will be explained that their focus was on larger global issues that will ultimately help all the places like Glenrothes survive this downturn. If Labour win, Brown will tell his MPs the turnaround he promised in the summer has been delivered.

Either way, Glenrothes will be a by-election that marks Scotland's first response to two rescues: the government's rescue of Britain's banks, and the rescue of Brown's own fortunes.

Global finance's saviour or recessionary failure? The voters of Glenrothes have the first say.