Politics

Read about the latest UK political news, views and analysis.

Tuesday

12 Jul 2022

China’s Ponzi banks are teetering

What began as a run on a handful of provincial banks is rapidly morphing into one of China’s worst financial scandals, threatening the stability of the country’s heavily indebted financial system. It poses a serious challenge to a Communist party obsessed with social order, which has thuggishly cracked down on desperate depositors demanding their money back. At the weekend, protesters in Henan’s capital Zhengzhou were charged, beaten and dragged away by unidentified security officials dressed in white shirts and dark trousers, who appeared to be working in concert with uniformed police. An estimated 1,000 angry depositors had gathered in front of a branch of the People’s Bank of China, carrying banners

Katy Balls

Can the leadership candidates take the heat?

11 min listen

Appropriately matched to the summer heatwave, the Tory leadership contest is hotting up. Whilst Grant Shapps has pulled out and decided to back Rishi Sunak, candidates must secure nominations from at least 20 MPs by this evening to enter the contest. Who will go through to the next round? And are they ready to be Prime Minister? James Forsyth speaks to Katy Balls. Produced by Natasha Feroze.

Tom Tugendhat

We need a clean start

Families in the United Kingdom face a moment of crisis. It is becoming harder for people to simply get by. For so many of them, there is more month than there is pay. We face danger abroad, division in our politics, an economy saddled with debt and a creeping sense of despair about our collective future. This is a defining moment for us. It is a defining moment for our country. It is a defining moment for our party, and it is going to test the values for which we stand. I am going to talk about economic policy today: but for me – for conservatives – leading on the

Kate Andrews

Is Rishi’s tax cut pledge enough to rally MPs?

Rishi Sunak has a reputation for sleek and snazzy presentation, and his leadership launch this morning was no exception – by Westminster standards, anyway. The air-conditioning was on full blast as young activists lined up with their ‘Ready For Rishi!’ signs, next to heavily branded backdrops. And the guest list was long. MPs in attendance included many who had already declared for Sunak: Bim Afolami, Claire Coutinho, Helen Whately, and Liam Fox. There were also surprise guests, including the Deputy Prime Minister Dominic Raab, who introduced Sunak and credited him for delivering ‘the biggest tax cut for working people in a decade’ by lifting the National Insurance threshold for millions.

James Heale

How far will Tugendhat go?

There were three leadership launches in Westminster this morning. Rishi Sunak, the frontrunner, spoke at the QEII Centre; Kemi Badenoch, the rising star, pitched to Policy Exchange. But what of Tom Tugendhat, the longtime backbencher, kicking off his campaign at the BBC’s Westminster studios? How best to describe his place in the Tory leadership race? The former army officer’s appearance this morning epitomised his strengths and weaknesses within a crowded field. His speech was prepared and heavy on policy: his pitch stressed integrity and the need to win public trust. Having won the backing of Jake Berry, the Northern Research Group chairman, Tugendhat detailed his support for the ‘levelling up’

Katy Balls

The big question over Kemi Badenoch’s bid

Kemi Badenoch has just completed her leadership launch. Although she is an outside bet, her campaign has been building momentum after Michael Gove endorsed her and she came a narrow second in a ConHome poll on who should be the next Tory leader. The launch saw her try to put the flesh on the bones of her pitch to MPs – which so far has been dominated by identity politics. In a flick to her position on culture wars, the toilets at the venue had paper signs put on them so they weren’t gender neutral. In her speech, Badenoch was all too happy to put clear blue water between herself

Steerpike

Kemi Badenoch’s toilet stunt

War and famine in Ukraine and inflation and rising bills at home. These are tough times in Britain and abroad: the winning candidate for the Tory leadership will have to be able to really deal with the big issues. But, er, not every MP in the running is keen to focus on such themes. Kemi Badenoch, the surprise star in this contest, has taken a rather different approach, preferring instead to dive head-first into the culture war. And so it was in that spirit that the Badenoch campaign sought to make something of a stunt out of the facilities at their official launch this morning. Camilla Turner, the Telegraph journalist,

Stephen Daisley

Does Suella Braverman understand welfare?

Suella Braverman’s welfare tirade exemplifies the current Tory pandering to baby boomer myths about social spending and moral decay. Interviewed by ITV News on Monday, the leadership candidate said: I think we spend too much on welfare. There are too many people in this country who are of working age, who are of good health, and who are choosing to rely on benefits, on taxpayers’ money, on your money, my money, to get by. I don’t think there’s enough rigour. Universal Credit’s been a brilliant thing in stamping out the culture of dependency but there’s further we can go, there’s more we can do. Since I’m about to be very critical, let’s

Steerpike

Watch: Beth Rigby heckled at Sunak’s launch event

Former Chancellor Rishi Sunak tried to strike a conciliatory tone at his campaign launch this morning, in which he praised his former boss Boris Johnson as a ‘remarkable’ man with a ‘good heart’. It appears though that Sunak’s defenestration of the PM might be a sore point for his campaign. At the launch, Sunak was grilled by Sky’s Beth Rigby, who suggested he was a divisive figure, saying: ‘You have a police fine over partygate and there have been questions too over your very wealthy family avoiding paying millions of pounds in tax due to your wife being a non-dom taxpayer…’ Mr S isn’t sure that Rigby is best placed

Julian Jessop

Cutting taxes isn’t irresponsible

Everyone is supposed to have their 15 minutes of fame. Perhaps I have just had mine, after the contenders for the Tory leadership were invited to endorse the ‘charter for tax cuts’ that I co-wrote for Conservative Way Forward. It was certainly pretty cool to be namechecked at the launch event on Monday both by the new Chancellor, Nadhim Zahawi, and by a strong candidate to be the next prime minister, Suella Braverman. The thinking behind the charter was simple. I wanted to summarise the case for tax cuts and respond to some of the arguments against; including that we cannot afford them, or that they would be inflationary. The

Kemi Badenoch

Why I should become prime minister

This is an edited transcript of Kemi Badenoch’s speech announcing her candidacy for the Conservative party leadership. It’s time to tell the truth. For too long, politicians have been telling us that we can have it all: have your cake and eat it. And I’m here to tell you that is not true. It never has been. There are always tough choices in life and in politics. No free lunches, no tax cuts without limits on government spending, and a stronger defence without a slimmer state. Governing involves trade-offs, and we need to start being honest about that. Unlike others, I’m not going to promise you things without a plan to deliver

Nick Cohen

Cakeism is Boris Johnson’s true legacy

The smirk on the faces of politicians and journalists when they talk about ‘cakeism’ shows how Boris Johnson degraded public life, and will carry on degrading it long after his overdue departure from Downing Street. The Munchkin civil war we call the Conservative leadership contest shows that ‘cakeism’ is the one part of Johnson’s legacy that will survive him. ‘My policy on cake is pro having it and pro eating it,’ he said in 2016. Instead of laughing at Johnson and saying his desire to have it all ways was one of many reasons to ignore him, they laughed with him as if he were Billy Bunter at the tuck shop.

Rishi Sunak

My plan to give Britain a better future

Rishi Sunak launched his Tory leadership bid today. Here’s the full text of his speech: We need to have a grown up conversation about where we are, how we got here and what we intend to do about it. It is a conversation for those of us gathered here in this room today and the Conservative party more widely. But, above all, it’s a conversation we need to have with the British people. And it starts with being honest with each other. That matters because the decisions we make in the coming days and weeks will set a course that will determine whether the next generation of British people inherent

Freddy Gray

End of quote. Repeat the line. Joe Biden can’t go on

How much longer can the global disaster that is Joe Biden’s presidency go on? Surely there comes a point when the Democrats do what the Tory party did to Boris Johnson last week – declare enough is enough and force him out? The odds of Biden running for a second term are shrinking dramatically – no matter how many times he insists he will go on. The more pressing question is whether he can even hold on for the remaining two years of his first four. A miserable poll just published in the New York Times shows that only 13 per cent of Americans think their nation is on the

Susanne Mundschenk

The problem with euro-dollar parity

The euro is nearly level with the dollar. It should not matter in theory, because of the relatively low share of the US in EU trade. But it does in practice. Some predict that the euro will fall below parity. There is a straightforward explanation for this: the war in Ukraine and unpredictable Russian gas supplies to Europe make the dollar a safe haven for investors. On top of this, US interest rates offer a higher return on investment. But it is not only the dollar. Looking at the broader picture, the European Central Bank’s measure of the euro’s real effective exchange rate against 42 partner countries confirms this trend

Isabel Hardman

Is the Tory right being split?

Today’s the day in the Tory leadership race where it starts to look less like a fun run with anyone and everyone taking part. By this evening, candidates need to have the backing of at least 20 of their MP colleagues. Rishi Sunak, Penny Mordaunt and Tom Tugendhat are the only candidates out of a field of 11 (and possibly still growing) to reach the threshold. It means today will be a frenzied round of conversations in the corridors of power, with half of Conservative MPs still to give their endorsements (read the full list here). Liz Truss isn’t far off reaching the threshold, but she is competing with Suella

Tom Tugendhat

How I’d deliver a clean start for the UK

Good morning and welcome. Families in the United Kingdom face a moment of crisis. It is becoming harder for people to simply get by. For so many of them, there is more month than there is pay. We face danger abroad, division in our politics, an economy saddled with debt, and a creeping sense of despair about our collective future. This is a defining moment for us. It is a defining moment for our country. It is a defining moment for our party, and it is going to test the values for which we stand. I am going to talk about economic policy today: but for me — for Conservatives

Andrew Lilico

The case for Liz Truss

The past six years have been a turbulent and controversial time in British politics. Through them all, one person consistently delivered progress, not deflected by the chaos around her. As others made headlines, Liz Truss made deals. Having been environment secretary under David Cameron, Truss was justice secretary and lord chancellor then chief secretary to the Treasury under Theresa May, before moving on to become trade secretary, minister for women and foreign secretary under Boris Johnson. Experience at Environment, Justice, the Treasury, Trade, Women and Foreign Affairs provide the perfect background of experience – a suite and breadth that no other candidate in the race comes even close to matching.

Gareth Roberts

The desperate drive to be the next Tory leader

There’s a scent in the air around the Tory leadership contest. It is the whiff of desperation. The aroma of provincial ballrooms when the lights go up at midnight; or of the last few seconds before a firing on The Apprentice when a contestant butts in with ‘Can I just say…’ and Lord Sugar snaps: ‘I’ve heard enough from you.’ First to set the tone was Rishi Sunak, coached not to blink or move his eyes, which some PR adviser obviously still thinks makes a person look agreeable and approachable, and not like a double glazing salesman who must get this commission from a confused elderly lady or starve. He

Kate Andrews

Is Sunak really a big state believer?

There’s something strange happening in Tory politics. It’s not surprising to see leadership candidates taking special aim at the current frontrunner Rishi Sunak. But the attacks being used are redefining the economic philosophy of the Tory party in a way that could soon backfire, regardless of who wins the top job.Take, for example, Liz Truss’s most recent pitch to MPs: get behind one Tory right candidate or risk sending Sunak into No. 10. Allies of Suella Braverman are reported to be making a similar pitch. The vast number of candidates in this race has indeed caused a lot of uncertainty and increases the likelihood of surprise results – something leadership