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Think the prime minister s problems, politically, are not about parties at all, they are actually because he is not conservative enough. there has been too big a state, too bossy a state, too nanny ish a state. we ve talked about the covid rules. is that also true about tax and spending that you need to get back to being conservatives again? this is one of the great conservative dilemmas, and it is not a new one. it is one that geoffrey howe obviously faced in the late well, in the period of 79 onwards when he was the chancellor. the conservatives believe in low taxation but we also believe in sound money. we understand ricardian equivalence. we believe that borrowing is merely delayed taxation. and, so, when you have a situation where government expenditure explodes because of a crisis, you know that that is simply delayed taxation. and how do you get back to sound money? and this is the challenge the chancellor has to face. and i think he is facing ....