Trussonomics is in big trouble – and it hasn’t even begun

The new PM needs a practical plan rather than booster-style slogans, and needs it fast, writes Hamish McRae

It will be one of those periods where views don’t matter; what matters is what will happen (Getty Images)

There is such a wall of problems facing the new prime minister next week – and let’s assume it is indeed Liz Truss in the chair – that it is hard not to feel a sense of foreboding about the autumn and winter ahead. Whatever your politics, the economics remain the same, and we are all going to hit that wall. It will be one of those periods where views don’t matter; what matters is what will happen.

So what should we expect? The easiest way to get our minds around all this is to break the problems down into bite-sized chunks, and make an assessment of each.

First, there is the cost and security of energy supplies. For the UK and especially Europe, this is about gas. Oil supplies are OK, and the price at a little over $100 a barrel has come down more than 20 per cent from its peak. Gas is different, and both security of supply and the price are profound worries.