Sunak effectively rules out serving in a Truss cabinet, suggesting they don’t agree on ‘big things’ – as it happened

Rishi Sunak and Liz Truss, the two potential new PMs Photograph: PA

5.20pm BST

Afternoon summary

• Rishi Sunak has suggested he would not accept a job offered by Liz Truss as prime minister, saying cabinet ministers “really need to agree with the big things”.

• An energy company boss has urged the Conservative party to wrap up its leadership contest early so that the new prime minister can cancel an energy price increase due to be announced on Friday. (See 10.19am.)

• Inflation in the UK will hit 18% early next year as consumers count the cost of the deepening energy crisis, one of the world’s biggest banks has predicted.

• Bills for the Covid-19 public inquiry have already hit £85m despite hearings not starting until next year, after the government hired top legal and public relations firms.

Updated at 5.22pm BST

4.50pm BST

From Stefan Rousseau, chief political photographer at PA Media

Photo du Jour: Labour leader @Keir_Starmer during visits the Juniper House housing development in Walthamstow, east London, to see how families will save money on their energy bills through the installation of heat saving measures. By Stefan Rousseau/PA pic.twitter.com/yuRDTKg10p

— Stefan Rousseau (@StefanRousseau) August 22, 2022