Latest updates: culture secretary will not serve in Truss’s cabinet and is expected to receive peerage from Boris Johnson

• Liz Truss victory speech: what she said and what she may have meant

Philip Hammond, who was chancellor when Theresa May was prime minister, has joined Rupert Harrison, another Tory Treasury alumnus (see 10.02am), in criticising the Truss camp this morning for disparaging Treasury orthodoxy. Hammond told Times Radio:

When I hear people talking about Treasury orthodoxy, I do worry that what they might sometimes be talking about are economic facts of life. And yes, the Treasury will ensure that politicians, however senior, are confronted with the realities of the economic facts of life. “Yes, Minister, you may wish to do this. But you need to understand that the consequences will be as follows.” And we can’t legislate to change the laws of economics, unfortunately. And I think Liz Truss understands that very well.

Obviously, I worked very closely with her. She was chief secretary to the Treasury when I was chancellor, she understands the laws of economics as well as anybody does. And it’s essential that the political solutions that a government crafts, go with the grain of the laws of economics, because if you try and confront the laws of economics, you will come unstuck.

I think it is right and unavoidable that the government needs to provide support to people dealing with these huge energy bills as a short term solution, but we have to be clear, and I think [Truss] will be clear, that this can only be government support to deal with the immediate emergency energy prices being sky high, largely because of the war in Ukraine.

At the same time we’ve got to be honest about the fact that energy bills in the future are going to be higher than they were, traditionally, as we move to ensure energy self sufficiency, and to decarbonise our economies. That has always been the case; decarbonisation doesn’t come free.