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Spending and borrowing will be the Tories' undoing

It's a good job the new book Tory Modernisation 2.0: The Future Of The Conservative Party wasn't published earlier, or someone might have given it to me for Christmas, which would certainly have put a dampener on the festive season.

In it, a group of Tory modernisers, including the Cabinet Office minister Francis Maude, David Willets, minister for higher education, and the journalist Matthew d'Ancona argue, in the words of the last, that "the shelving of the modernisation campaign was the worst strategic error made by the Conservative Party since the poll tax". There are many things – almost everything, in fact – in contemporary political discourse which make me throw my hands up in despair, but this may constitute a new low.

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