Rishi Sunak made his first speech as Prime Minister yesterday. He admitted that ‘mistakes had been made’ by Truss’s administration, even if they were driven by good intentions.

Nevertheless, Sunak faces a challenge which makes the support he delivered during the first weeks of the lockdown look like child's play.

Interestingly, he has left Jeremy Hunt as Chancellor of the Exchequer, but Sunak will certainly have far more to say in the decision-making process than his predecessor.

According to the Bank of England, the economy will fall into recession either late this year or early next, while inflation continues to be a significant issue.

Yesterday’s data shows that the price of several household staples have risen by more than fifty percent over the past year – a direct result of the conflict in Ukraine which has seen crops wiped out and shipping routes disrupted.