WHAT’s the point of inheritance tax? I only ask, because it is the most hated of all taxes, consumes so much time and energy, and generates relatively little for the Treasury that there must be a really, really good reason to keep it.

After the Brecon and Radnorshire by-election, one thing is very clear: the two-party political system has failed this country. Friday’s results showed just how much electoral trouble both the Conservatives and Labour are now in.