Jeremy Hunt, the new Chancellor of The Exchequer, announced a mini budget of his own yesterday in which he reversed many of the tax cuts announced by his predecessor.

It must be presumed that Kwasi Kwarteng’s plans were approved by the Prime Minister, which led MPs to ask: who is running the country?

The issue was worsened by the fact that Liz Truss was initially absent from the House of Commons yesterday, although she did appear just as Hunt rose to deliver his plans.

The £64 billion hole in the country’s finances has been reduced by Hunt's measures and the long-term interest markets rallied, signaling their approval.

However, the reduction of the basic rate of income tax has been indefinitely shelved, and the much-vaunted reduction in the energy cap will now only last until the spring of next year.