I was going to write something about some of the detailed fiscal plans of our next prime minister, and then I thought that would be pointless. Part of the remit of being a Tory prime minister nowadays is to lie all the time. So how do I, or Tory members for that matter, know if either of these two candidates for prime minister are going to do any of the things they have promised when they get into power? All they are doing right now is saying whatever they think Tory members want them to say.
However both campaigns do at least raise the possibility that our next prime minister will throw caution (and fiscal responsibility) to the wind and embark on an extensive tax-cutting programme. It is critical to note that these tax cuts have not been carefully crafted to shield the economy against any demand shock that might follow from a no-deal Brexit. They are designed instead to make Tory voters happier with a government that enacts the biggest act of self-harm in UK history.
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