Abolishing inheritance tax would be a mistake for the Tories

Liz Truss’ fallen star has been rising again of late (at least a few degrees above the horizon) as gilt yields return to the heights they reached during her brief premiership. Together with sluggish GDP figures this has led many to wonder whether she was not right, after all, to make growth the absolute priority of her economic policy.

Whether she can maintain her momentum following her latest intervention, adding her name to the 50 Conservative MPs calling for the abolition of inheritance tax, is another matter. There would be nothing more fatal to the Tories than to go into the next election offering one tax cut – for millionaires – after having raised taxes for ordinary working people.

There is no sign that Rishi Sunak is minded to adopt this policy, and for good reason.