Governments facing wipeout will always cut taxes but there are better uses for UK’s £20bn windfall | Larry Elliott

Instead, Jeremy Hunt could shelve plan to cut public investment or repair welfare safety net

• What state are government finances in?

UK politics is stuck in a holding pattern. Ever since Liz Truss's seven-week stint as prime minister, opinion polls have been consistent: the Conservatives are on course for a thumping defeat. Historical precedent suggests the race should get tighter as the election approaches but there is currently no evidence of that happening. In fact, Labour's lead seems to be getting bigger.

What is worrying for the government is that its political plight seems to be getting worse even though the economic news has been getting modestly better.