As UK heads for recession, here's who could control finances in new govt

The next UK prime minister takes charge in September facing a brutal economic storm, heaping intense scrutiny on their pick for Chancellor of the Exchequer.

With the Bank of England predicting inflation topping 13% in the fall and a recession lasting through 2023, the next incumbent of 11 Downing Street will be under immediate pressure to ease the biggest squeeze on living standards in decades and kick-start growth.

The leadership front-runner, Foreign Secretary Liz Truss, is pledging an emergency budget, immediate tax cuts and more government borrowing to stimulate the economy. Her rival, former Chancellor Rishi Sunak, is proposing caution