Is Rishi ready? Sunak’s first test will be getting through winter

It is the most remarkable turnaround in recent political history. On 5 September, Rishi Sunak lost the Tory leadership race to Liz Truss with 43 per cent of the vote. He was written off as another politician with a brilliant future behind him. Seven weeks later, the former Chancellor – whom, I should say, I have been friends with for many years – walked through the door of No. 10.

His political resurrection was made possible by the economy. He spent the summer warning of the risk of slashing taxes without having a grip on inflation and controlling spending. When Truss followed through on her tax-cutting campaign pledges – adding a few more surprise tax cuts and an energy subsidy for good measure – the markets were spooked. This chaos, combined with rebellion from her own MPs, led to a series of U-turns which destroyed her agenda and her authority.