Along with the total loss of credibility, Liz Truss has also ceded authority to the new Chancellor of the Exchequer, Jeremy Hunt.

Hunt, who was defeated early in the Conservative Party Leadership campaign, chose to back Rishi Sunak in the contest rather than Truss.

Having thrown her first choice for Chancellor under the bus, the Prime Minister named the most experienced member of the Cabinet as the fourth Chancellor this year.

As he faced the press on Friday for the first time, Hunt admitted that mistakes had been made and distanced both himself and the Government from the recent mini budget.

Truss appears to have almost completely handed over the reins of Government while she tries to regroup.