Will a change in chancellor and a U-turn on corporation tax be enough to reassure financial markets?
As markets closed on Friday, the cost of government borrowing was creeping back up to the level at which the Bank of England stepped in to buy bonds from specialist pension fund managers facing collapse. But the Bank has made clear that its last direct intervention was on Friday.It is not there to bring government borrowing costs down - quite the opposite in fact - it is committed to raising interest rates to fight inflation.
"There was a touch of the [former chancellor] George Osborne about him, acknowledging that there were tough choices and trade-offs to make on tax and spending. He told BBC Radio 4's Today programme: "They're going to be pushed to find more ways to cover what is still a significant hole in the budget.
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