Conservative leader will deliver her keynote speech to Tory conference later

Good morning. Kemi Badenoch is expected to announce cuts to inheritance tax (IHT) this morning in a keynote conference speech that will claim the next election will be a “battle of ideas” between a government spending ever more money, and a Conservative party determined to make the state live within its means.

The Tories have not confirmed that inheritance tax cuts will be proposed. Equally, they have done nothing at all to quash speculation that Badenoch will make an announcement along these lines, to the point where it is now hard to see how she can deliver a speech that does not mention IHT without causing huge disappointment to her supporters. IHT is set to raise £15bn a year for the Treasury by the end of the decade, and Badenoch is expected to propose cutting it rather than getting rid of it completely.

There is a fight coming in British politics.

A fight that we have not seen in this country for more than half a century.