08:53

Dominic Raab has just finished a speech that can only be described as a leadership pitch, a carefully prepared address at a Centre for Policy Studies event that will have done his credibility within the Tory party no harm.

The former Brexit secretary argued that Jeremy Corbyn and John McDonnell had “tapped a vein of public support in their accusations of crony capitalism and markets rigged by vested interests” and offered a prescription for free-market competition as an alternative.

The MP’s big idea was that there should be asbos for business: handing the Competition and Markets Authority a power to issue anti-competitive behaviour orders “against firms ripping off consumers, with large fines for breach”.

Raab is currently polling somewhere between third and fifth to become next Tory leader, according to ESRC and ConHome surveys. He may struggle to get ahead of Boris Johnson, but judging by the content of his speech, his real goal could be to become chancellor.

“That’s who the free market is there to serve; the student, the pensioner, the family buying foreign currency to go on a hard-earned holiday,” Raab added, framing his argument in a way intended to appeal to swing voters who he believes are at risk of falling into Labour hands.

Raab also confirmed that he would vote against May’s Brexit deal tomorrow, arguing that “the fundamental way we can get changes in the withdrawal agreement is to vote down the current bad terms” and then go back to the EU to renegotiate.

But Raab said there was no need to extend article 50, however, and argued that a no deal may be the only possible outcome. “If we can’t get a deal, we’d leave on WTO terms even if only transitionally,” he said.

And he even used a line once used by Theresa May, claiming that a no deal “won’t be a walk in the park, but it wouldn’t be the end of the world”.