Assuming there is a new Chancellor, I noted that it has been a somewhat disappointing chancellorship. Her two biggest problems were first, the lack of a credible strategy for growth and second her Party seemed unwilling and unaware of some of the trade-offs that need to be made.

She inherited a difficult situation but immediately made it worse by talking down the economy, dampening confidence. Then her first Budget delivered £69 billion of additional government spending that the country could not afford, funded by higher borrowing and a tax on jobs that contributed to higher unemployment.

She positively talked of higher public investment and also took steps to boost this in her first Budget, but her policies also dampened private sector investment.

Her record with the markets was mixed. She told markets what they wanted to hear and in her second Budget rebuilt her fiscal buffers, but she failed to tackle welfare spending and has left the public finances in a difficult state.

She was also unlucky. The Iran war pushed up energy prices. Without it, inflation and interest rates would probably have fallen further.