It has been an unusual start to a new government.

Normally a new Prime Minister arrives in Downing Street after weeks of campaigning, a Commons reset and a clear manifesto mandate. This time, the country has a new administration without the usual electoral theatre around it. The cabinet has been announced, policies have been announced, but the democratic rhythm feels slightly out of step.

That does not make the change irrelevant. Politics matters. It affects tax, public spending, regulation, defence, energy policy and confidence. It can influence the pound, gilts and particular sectors of the stock market.

But for investors, the important question is not whether Westminster feels noisy. It is whether that noise should change what you do…