Inside Politics: Ease the squeeze

World leaders pay tribute to Mikhail Gorbachev as Truss and Sunak prepare for final hustings, writes Matt Mathers

(Getty)

Hello there, I’m Matt Mathers and welcome to The Independent’s Inside Politics newsletter.

I’m getting bored of trying to think of poor jokes about the Tory leadership contest – which means you must be absolutely sick of reading them. So let’s get straight down to the news this Wednesday morning: world leaders are paying tribute to Mikhail Gorbachev, who has died aged 91. Liz Truss and Rishi Sunak take part in their final hustings event in London later.

Inside the bubble

Parliament is not sitting.

Sunak supporter Victoria Atkins was on LBC at 7.50am.

Shadow justice secretary Steve Reed was on Sky News Breakfast at 8.05am.

Daily briefing

Ease the squeeze

Political leaders from across the globe are this morning paying tribute to Mikhail Gorbachev – the last leader of the Soviet Union, who helped bring an end to the Cold War and tear down the Iron Curtin – who has died aged 91. Boris Johnson said, at a time of aggression by Vladimir Putin in Ukraine, Gorbachev’s commitment to opening up Society society “remains an example to us all.”

Back in SW1, the two contenders to replace the outgoing prime minister take part in their final hustings event in London later, which will no doubt be dominated by the cost of living crisis, which once again features prominently on the front of the papers and news websites.

The contest itself has come in for some heavy criticism of late – over both its duration during a time of national emergency and the Conservative Party’s refusal to disclose details about the tiny ‘selectorate’ that will choose our next PM. Now, online magazine Tortoise has branded the process “undemocratic” and is taking legal action against the party’s decision to keep information about its members secret.

The papers and websites carry more warnings that both businesses and families will be crippled by soaring gas and electricity bills without further government intervention. One potential measure being considered by ministers to ease the squeeze is to cap rents for social housing tenants in England next year. Rent increases for people living in social homes could be capped at 3 per cent during the next financial year from April, the levelling up department has announced.

But council bosses and housing association chiefs said they were “very concerned” that a cap on rents would hamper their own ability to keep up with soaring costs and invest in new homes. The Department for Levelling Up, Housing and Communities said it had launched a consultation on a rent cap – insisting that the most vulnerable households “must” be protected from huge hikes.

(Getty)

Debt mountain

There is yet another grim indicator this morning of the impact the cost of living crisis will have on families across the country - credit card borrowing has risen at its fastest rate in some 17 years, with Britons expected to borrow an extra £100bn to cope with soaring energy bills.

The Bank of England monthly report showed annual growth of 13 per cent in credit card borrowing in July this year, its highest since October 2005.

It comes as a YouGov survey found that Britons expect to borrow a vast sum over the coming year, with 40 per cent saying that rising prices for fuel, food and energy will force them to seek credit in some form.

More than a fifth of those who expect to have to borrow – the equivalent of 8 per cent of the entire adult population, or 5.5 million people – said that they would do so to cover day-to-day expenses.

Today’s cartoon

See all of The Independent’s daily cartoons here.

(Dave Brown)

On the record

Johnson refuses to rule out political comeback.

“I think on the whole people in this country are more interested in their gigabit broadband than they are in the fate of this or that politician.”

From the Twitterati

Financial Times editor picks up on the lack of concern about the cost of living crisis at Tory members’ event in Hertfordshire.

“At a Tory members’ event in Hertfordshire, not a single person asked a question about cost of living.S unak got the biggest cheer on cultural issues: ‘I want to take on this leftie woke culture that wants to cancel our values, our culture and our women.’”

Essential reading

• Hamish McRae, The Independent: Trussonomics is in big trouble – and it hasn’t even begun
• Sean O’Grady, The Independent: Liz Truss is running for office but also wants to hide
• Rafael Behr, The Guardian: Brexit is the monster under the bed Liz Truss is desperately trying to ignore
• Mary Dejevsky, The Independent: Gorbachev deserves praise — but he may have also stored up trouble for Russia and Ukraine