“We are in the middle of an energy shock and after 2022, any whiff of fiscal laxity gets punished by the gilt market before a chancellor can act on it,” said Jordan Rochester, a strategist at Mizuho Bank, referring to the so-called mini-budget in September of that year, during Liz Truss’s disastrous seven-week premiership. “So in the first few weeks and months, we don’t expect too many hints of a change.”