What’s the sign of a successful Budget? Chris Philp, the new chief secretary to the Treasury, gave his answer moments after Chancellor Kwasi Kwarteng’s statement last Friday: a strong pound.

‘Great to see sterling strengthening on the back of the new UK growth plan,’ he tweeted out. A (temporary) rising pound made sense to Truss supporters, who argued that markets would support their transition to a lower-tax, higher-growth economy.