It is hard to imagine a more devastating and more completely foreseeable slow-motion car crash in economic policy than the one that the Conservative government is heading towards. The scale and the damage caused by steeply rising energy prices, amid surging inflation, has been predictable for many months. And yet, preoccupied by its leadership contest, the Tory party has remained in almost complete denial until the last minute. Some Conservatives, perhaps including Liz Truss, still are.
If nothing else, Truss should consult the calendar to see how close is the moment of impact that may destroy her prime ministership almost before it has begun. The leadership contest goes on until early September. Until then, Britain has a caretaker government unfocused on policy. When a new prime minister is chosen on 5 September, all immediate politics will be taken up with government changes. Ten days later, parliament goes into another recess until the middle of October. Yet on 1 October, the new energy price cap comes into force.
