Steerpike

Yesterday it was Ben Wallace who backed Liz Truss: tonight it's Tom Tugendhat. All the big-name endorsements are coming out and at the moment there's only one candidate they're supporting. In a piece for the Times, Tugendhat praised Truss's economic policies, writing that her plans to cut taxes were 'founded on true Conservative principles.' The endorsement is notable for two reasons. First, Tugendhat was himself a candidate and has a good standing among the 'One Nation' caucus of moderate Tory MPs and supporters. And secondly, Tugendhat and Truss have history together so it's a sign of just how much momentum is behind the Foreign Secretary that he has (belatedly) chosen to support her.

Soaring prices have again reignited one of the long-running debates in British politics: should the energy companies be re-nationalised? The Trades Union Congress (TUC) certainly seem to think so, having produced a pithy film which purportedly compares the two sectors in the UK and France. It features a rather baffled looking Brit and a smug looking French girl. The former claims 'in Britain, billions in profits go to private energy companies'; the latter that 'in France, the profits go back to EDF, which is publicly owned by the French people so the profits go back to us and keep the bills lower.' They contrast the 54 per cent increase in bills in the UK this spring with the 4 per cent with that in France.

Talk about a tale of two campaigns. China has been one of the dominant themes this week in the Tory leadership race. Both candidates knocked lumps out of each other in BBC's Monday debate, with the Foreign Secretary suggesting she could even ban TikTok. But tonight, the issue has reared its head again twice within a few hours. First, Rishi Sunak was left embarrassed by a leaked Treasury paper which suggested he was close to signing a deal with Beijing to 'deepen trade links' earlier this year. It boasted 47 pages of 'policy outcomes' for closer ties in 20 areas. They included inviting a huge Chinese sovereign wealth fund to open a London office and welcoming the listing of Chinese companies on the London Stock Exchange.

Ah, HSBC. The Asian banking giant has raised some eyebrows in recent years with their endless antics to appear oh so right-on. Back in 2019, they ran a series of adverts proclaiming that 'we are not an island', ignoring the fact that, er, we very much are. More recently they've rushed to associate themselves with Halifax's pronouns stunt and this week unveiled their latest progressive wheeze: offering 'gender-neutral banking'. This means the bank will 'stop collecting data on the gender of its customers across some products' in order to provide 'more inclusive services for non-binary and trans people.' There's a rich irony in HSBC now refusing to collect data on its customers, given its involvement in abetting the Chinese government's crackdown on Hong Kong.

Well, that was fun. For an hour tonight Rishi Sunak and Liz Truss danced across a smorgasbord of political issues while the BBC's Chris Mason and Sophie Raworth demanded to know about a Boris Johnson comeback and, er, Claire's Accessories. There was, as usual, more heat than light but Truss's praise for Sunak's alma mater Winchester College as a 'very, very good school' probably cost her Jacob Rees-Mogg's vote. One key exchange came on China, when the Foreign Secretary was asked if she would support a crackdown on popular viral video app TikTok. The ties between its parent company ByteDance and Beijing have been much criticised in recent years. Truss replied that: 'We absolutely should be cracking down on those types of companies'.