The Latest Breaking News from Liz Truss

Rishi Sunak will formally become Prime Minister after Liz Truss has chaired her final Cabinet meeting and visited the King

Live, rolling coverage of business, economics and financial markets as business group warns on austerity ‘doom loop’ and investors buy UK bonds

Mr Sunak vowed to increase benefits in line with inflation and scrap VAT on energy bills - but that was before the economy collapsed

Britain's new leader Rishi Sunak pledged on Tuesday to restore trust in UK politics and "fix the mistakes" made under his predecessor Liz Truss in his first speech from Downing Street after he was appointed prime minister by King Charles III. Earlier, Truss wished Sunak "every success" in a brief…

Sunak is, in many ways, a very traditional Conservative. He was born in Southampton and attended Winchester School – a very expensive and well-respected private school

With Rishi Sunak poised to bring back a string of former Cabinet ministers to power, we look at some of those who left in less than ideal circumstances who could soon be walking up Downing Street

Liz Truss will meet with the King to resign this morning

Braverman reappointed to post after resigning days ago; James Cleverly retained as foreign secretary; Oliver Dowden becomes Cabinet Office minister

Despite public displays of loyalty by former opponents, the new PM’s honeymoon period is likely to be brief