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Everybody thinks that putting up taxes at this moment is going to hurt the economy.

You can't put up taxes and get gross. If we follow Richie's plans, we are headed for a recession.

£2 billion. It's not moral to ask our children to pick up the tab for the bills that we're not prepared to pay.

Welcome to Payne's Politics, your central insider guide to Westminster from the Financial Times, with me Sebastian Payne.

Over the summer weeks, we'll be focusing on the Tory leadership race,

so this episode will be taking you through those latest developments in the race to be the UK's next Prime Minister.

Richie soon had some new turn on taxation to list-trust his latest endorsements

and efforts to woo over Northern Tories. To delve into it, I'm delighted to be joined by our political editor George Parker,

chief political commentator Robert Schrimsley and political correspondent,

Jasmine Cameron Sleshi. Thank you all for joining.

We're into the second week of this summer's Tory leadership contest

and the dynamics haven't particularly changed. Liz Truss, the Foreign Secretary, is in poor position

and she appears on course to be heading to Downing Street on September 5th. Richie Soonat, the former chancellor,

is still struggling to make gains. Liz campaigns have shown signs of perhaps a little panic.

We've also had three further classes between Truss and Soonat. In Monday's particularly ill-tempered debate on the BBC,

the pair have returned time and time again to the economy.

...