The unopposed election by Conservative MPs of Rishi Sunak as prime minister has already brought much-needed stability after a torrid few weeks for the government, the institutions of government and holders of UK assets.
Sterling has rallied and UK gilt yields have fallen back to the levels prevailing before then-chancellor Kwasi Kwarteng's disastrous 'Mini Budget'. Future students of economics and politics will analyse for years the extraordinary series of events which unfolded in Westminster during the course of this year. Months of revelation after revelation about ‘Partygate' to Boris Johnson's reluctant resignation in the face of waves of ministerial resignations seems an age ago. The unedifying spectacle of a divided Conservative party striving to wrest the direction of the political agenda...
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