Boris Johnson’s resignation last week may have come as a relief to many, but the forthcoming leadership contest points to many problems ahead.

The crisis was brought to a head by the unexpected resignations of Rishi Sunak and Sajid Javid. Sunak’s resignation was triggered in turn by an unresolvable dispute between No 10 and No 11 Downing Street over tax cuts.

Nadhim Zahawi, the newly installed Chancellor of the Exchequer, promised, in what has been described as the most expensive media round in history, to cancel planned corporation tax increases worth £17bn per annum, but this has already been shown to be a reckless proposal.

According to the Office for Budget Responsibility’s Financial Risks and Sustainability Report, published on 7 July, tax cuts are the last thing that the UK can afford given the long-term unsustainability of our public sector finances. 

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