UK must be put on an economic war footing for the coming recession | Larry Elliott

Incoming prime minister's only priority over next few weeks should be to avoid meltdown

The waiting is almost over. Conservative party members have made their choice. This week a new prime minister will be installed in Downing Street at the most testing time imaginable. Even February 1974, when Harold Wilson came to power and ended Britain's three-day week, doesn't really match up to the omni-crisis with which Boris Johnson's successor has to grapple. Arguably, it is the grimmest inheritance since Winston Churchill's in May 1940.

All the smart money is on Liz Truss winning the race, although in retrospect it may come to be seen as a Pyrrhic victory because the new prime minister will arrive in office with the economy about to hit the wall, energy bills soaring, the pound crashing and the global financial markets selling off.