The Sunday Times Economics Editor David Smith was with fellow ‘old hacks’ Mihir Bose, former sports news editor at the BBC, and political analyst Nigel Dudley recording their podcast for The Chiswick Calendar when the news broke on Friday that Kwasi Kwarteng had been jettisoned.

New Chancellor Jeremy Hunt has already unpicked the growth strategy which David described as “a gamble that had failed spectacularly.

“It was obvious to me it would go wrong” he said.

“The lesson is to listen to your institutions – the Treasury and the Office for Budget Responsibility.”

Mihir asked him how key economic advisers had felt about being sidelined.

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