The warning came, followed by the statement everybody had hoped not to hear: a 70-year reign was over
It was immediately obvious that something grave was occurring. Shortly after noon, Nadhim Zahawi, the chancellor of the duchy of Lancaster, headed urgently into the Commons chamber to pass Liz Truss a note. He lingered to conduct a whispered briefing with the new prime minister while Keir Starmer addressed the chamber.
Moments later, Angela Rayner, Labour’s deputy leader, was also handed a sheet of paper. She digested its contents, before looking up in a moment of doubt and concern. The debate on the energy price cap continued, but suddenly the government’s £150bn bailout was no longer the story of the day.
