A storm is coming – and none of the leadership candidates are ready

You’ve probably heard the joke about the two hikers facing an angry bear. One changes into his running shoes, telling his confused friend: ‘I don’t need to outrun the bear, I just need to outrun you.’

The gag captures the importance of differentiating between the relative and the absolute. Knowing that a tree is taller than the other trees in the forest doesn’t tell you how tall that tree is – or how big the forest is. Learning that a company is more profitable than others in its market doesn’t tell you if that company is actually doing well – they could all be failing.

This is largely how I view the first prime ministerial candidates’ debate on Channel Four on the key issue of the day: energy bills and the cost of living. None of them won. None of them have an answer good enough or big enough to meet the scale of the financial and political crisis the country is just starting to hit.