Liz Truss wins. What next?

Liz Truss’s victory in the Tory leadership race was based on her ability to portray herself as the candidate for both continuity and change. She stressed her loyalty to Boris Johnson; and emphasised that her administration would continue his policies in various key areas. Yet she also depicted herself as a change candidate on the economy, promising to reverse the National Insurance increase and cancel the corporation tax increase. Truss will need much more of the political adroitness that she demonstrated in this contest if she is to handle the problems of the coming months.

The fact her team is now openly considering a freeze in energy prices for at least some households is striking. First, it is a pragmatic decision, not an ideological one: a price cap is hardly a free market solution to the energy crisis. Second, it suggests that the incoming team is prepared to spend serious sums of money to get through this winter.