The next leader of the Conservative Party, and by default the next UK Prime Minister, has been confirmed as Liz Truss.
Truss now has to implement her plans for the economy, especially how to deal with the energy crisis, inflation and some other key areas that would impact on business.
1. Energy crisis
Truss has promised to unveil a plan to deal with the energy crisis within a week if she becomes prime minister - though she has refused to go into any detail on what this might look like.
This might involve taking a leaf out of rival Rishi Sunak's playbook.
He said he would reduce VAT on energy bills and proposed a further £5bn more to help those most vulnerable to rising prices.
2. Tax
Truss: Plans for immediate tax cuts to reverse the national insurance increases imposed in April, to cancel the proposed corporation tax rate rises next April and the temporary removal of green energy levies on electricity bills.
Sunak had promised to cut the basic rate of income tax to 16% if the Tories are re-elected in 2024.
He is also a believer in tax cuts BUT the key difference is he believes they are only possible after bringing inflation under control which alters the time scale of when they would happen.
3. Economic Growth
Truss has pinned her hopes on her tax cuts having powerful effects on stimulating investment and labour supply.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, was sceptical: “We’re not buying Truss’ argument that these tax cuts would trigger a big enough supply-side response to offset a decent chunk of their cost to the Treasury.”
Sunak promised a Thatcherite agenda of reforms, but did not mention any new specific policy reforms.
4. Brexit
Truss has vowed to review all EU laws retained after Brexit by the end of next year, and to scrap or replace those that are deemed to hinder UK growth.
Sunak also committed to a bonfire of EU laws that are “getting in the way” of British businesses.
5. Climate
Truss has committed to maintaining the government’s legally binding goal of reaching net zero emissions by 2050, but has said she would suspend green energy levies.
Sunak wanted a new legal target for the UK to be energy independent by 2045 at the latest and has committed to maintaining the government’s legally binding goal of reaching net zero emissions by 2050.