What cost of living crisis? Tory hopefuls’ fuss over tax cuts is devoid of reality

Candidates' focus on reducing tax would throw petrol on the inflationary fire and turbocharge inequality

By the time the Conservative party gets around to electing a new leader, Britain will either be in recession or perilously close. The cost of living crisis will be entering a new, more painful phase with a fresh surge in energy bills. A tough autumn will be approaching, with inflation - already at a 40-year high - heading for 11%.

These are far from ideal conditions for an incoming prime minister. Yet so far, none of the Tory candidates is offering real solutions to the cost of living challenge. Instead, the leadership contest is taking place in some parallel universe where the biggest tax cutter is king.