This is Iain Martin’s weekly newsletter, exclusively for Reaction subscribers

Congratulations to the Treasury on winning the battle for supremacy in British national life. Along with its partner the Bank of England, HMT is back in charge under the new Chancellor Jeremy Hunt and the Prime Minister, Rishi Sunak, who was at the Treasury until July, when he resigned from the government led by Boris Johnson.

During the brief interlude of the Truss-Kwarteng dynasty, there was talk of ending “Treasury orthodoxy.” Critics say the low growth Treasury is too focused on projections from the Office for Budget Responsibility, and on raising taxes to fill black holes that, if you’re not careful, end up becoming self-fulfilling when those higher taxes whack confidence, activity and growth. Those of a more centrist disposition are simply pleased some orderly policy-making has been restored under Hunt and Sunak, after the wildness of the summer and autumn.