The Tories have one issue on their plate and it's seasoned with plenty of snake oil. Emily Hohler reports.
"When Donald Tusk, the European Council president, warned Britain in April not to waste' the extra time it had been granted to sort out its position on Brexit", he probably didn't have the Tory leadership contest in mind, say George Parker and Sebastian Payne in the Financial Times. This week, much of the debate has revolved around the idea that, unless Britain can renegotiate its Brexit deal, it will leave with no deal on 31 October. However, Jean-Claude Juncker repeated on Tuesday that the draft withdrawal deal would not be reopened, and there is still no majority for a no-deal Brexit in the Commons. The Tory leadership contest is "taking place on a different plane".
Boris Johnson, the frontrunner, says he will see through his promise to ensure that Britain leaves on the 31st, with or without a deal. Andrea Leadsom "insisted that the EU would agree to rewrite the deal". Dominic Raab is talking of "suspending Parliament" to force through his vision of Brexit, says the Financial Times's Robert Shrimsley (though Labour is moving to prevent this). Esther McVey is refusing to rule out this gambit, too.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Gymnastic manoeuvres towards the exit
Regardless, Johnson is leading the field by a long margin, commanding the support of at least 80 MPs, more than twice that of his closest rivals, says Daniel Capurro in The Daily Telegraph. Jeremy Hunt whose "central pitch", notes the FT's James Blitz, is that he is "a wiser and more pragmatic figure than Mr Johnson" has the backing of 30 MPs. Michael Gove, who may have had his chances scuppered by revelations of his cocaine use, has 31.
Johnson is also fighting this contest in "propitious circumstances", says James Forsyth in The Spectator. He is the Tories' most obvious answer to the Brexit party, and the least like Theresa May (parties always "overcorrect when picking a successor"). The "conundrum" for the Tories is that they need a "proven vote winner" like Johnson, but they are also "desperate to avoid the very election they need him to fight until Brexit is delivered", says Philip Johnston in The Daily Telegraph. If Johnson were to push for a no-deal Brexit by 31 October, his "short-lived government" would be brought down in a vote of no confidence.
"Mind you, this assumes that when Johnson says he will seek a no-deal Brexit, he means it." But once he encounters refusal in Brussels, he will surely realise that the "only way out" is another general election or referendum, with the Tories campaigning unambiguously for Leave and Labour morphing into the "champions of Remain". Johnson may even do a deal with Nigel Farage. But "until Brexit is sorted", any "promises and attempts to redefine Conservatism are irrelevant". The country "craves clarity, direction and a leader who can provide it Without Johnson, arguably, Brexit would never have happened. Now he has to deliver it."
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
-
It’s been 16 years, but the UK economy finally has a chanceOpinion The UK economy has been dealing with one crisis after another since 2007. Policymakers now have a chance to fix some of the underlying problems holding back growth.
-
The “plan for growth”: what Truss and Kwarteng got rightOpinion The Tories’ “plan for growth” has got off to a bad start, but their reforms can still transform Britain
-
Investors should get ready for a political revolutionOpinion Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
-
Who will be the next prime minister and what are the bookies’ odds?News The Tory leadership contest is in its final phase. Matthew Partridge reports on the contest and looks at who the bookies’ favourite is.
-
The public may have reached its limit for tax risesEditor's letter The UK tax burden is now at a 70-year high. And, while there may be some reason to hold off on cuts right now, taxes are too high because the state tries to do too much. Perhaps it should do less, says Merryn Somerset Webb.
-
Boris Johnson's exit leaves Britain with a towering in-trayBriefings Britain’s economic problems are rapidly piling up after the last few years of drift and chaos. What should we do first?
-
Backtracking on HS2: the state of high-speed rail in the UKBriefings The government has found a reverse gear on the controversial high-speed rail project. But does backing out now make sense?
-
Why the government's plan for funding social care is a lousy oneEditor's letter Insisting that people use their property wealth to pay for social care is perfectly reasonable, says Merryn Somerset Webb.
