Sunak and Truss make final two – as it happened

Britain’s next Prime Minister will be either Rishi Sunak or Liz Truss. Refresh this page for the latest developments.

4.45 p.m. – Truss vs Sunak will be a philosophical war

Kate Andrews writes… The Tory grassroots have got themselves a real economic debate this summer: Rishi Sunak’s ‘Thatcherite’ economic philosophy vs Liz Truss’s ‘Reaganite’ plans to boost growth.

Both will have questions to answer. While Sunak’s line that ‘nothing comes for free’ is bound to resonate with Tory members, the tax burden has risen to a 72-year-high under his watch, as well as the introduction of a windfall tax on oil and gas companies that is very hard to explain within Conservative ideology.

On the flip-side, Truss will be under pressure to explain just how far she’s willing to go with deficit-financed tax cuts. She will also have to explain why she’s so comfortable with borrowing for day-to-day spending when inflation is lifting the government’s debt-servicing repayments to record highs.

There’s merit in finally letting this debate play out.