Past Chancellors of the Exchequer, from Winston Churchill to Neville Chamberlain, have all posed politely for photographs with their red box. They’re always shown diligently at work, reassuring the nation with their numerical skills. But Rishi Sunak, the current incumbent, is undoubtedly the first one to do so wearing a casual old hoodie.

Ahead of today’s Spending Review announcement, the politician - who earned the moniker ‘Dishy Rishi’ during the early days of the pandemic - has been captured hard at work in his flat above 11 Downing Street wearing a ribbed grey hoodie. But befitting the seriousness of his task, the Chancellor chose to pair it with a smart shirt and silk tie, a curious mash-up of sportswear ease and Savile Row formality.

On his right wrist, he wears a red string bracelet as a sign of his Hinduism, a symbol of protection, alongside some black braided friendship bracelets. The overall effect is ‘hip dad helping with homework’ after a day in the office, and that might be entirely the point.

The hoodie has evolved enormously over the last couple of decades, since the dark days of David Cameron’s call to ‘hug a hoodie’ (and ensuing photo bomb disaster). The hoodie became associated with ASBO culture, with calls from ministers to ban it because it provided cover for criminals.

But in recent years, the era of elevated leisurewear has seen pieces that hitherto were associated with slobbishness - hoodies, jogging bottoms, tracksuits - transformed into luxury items, rendered in cashmere and silk.

Sunak has a history of posing in comfortable grey hoodies, tweeting an image of himself in his work-from-home set-up back in March in another grey cotton number. He might be a millionaire in his own right and married to the daughter of one of India’s richest men, but he’s more at ease in student dormitory attire than swaggering Captain of Industry pinstripes.

He could, likewise, have opted for a buttery cashmere number for his recent photo op, from a luxury label like Loro Piana or Brunello Cucinelli, but he’s chosen what looks like a ribbed cotton or tech fabric number instead.

An entirely unscientific, forensic deep dive into hoodies on the market by the Telegraph fashion team draws the conclusion that Sunak’s hoodie could be from Everlane, an American brand which prides itself on ethical factories and total transparency in the supply chain and pricing. Well, we may need that for his financial forecast.

Waffle-knit hoodie, £46, Everlane

Sunak - who paid his way through university by waiting tables at Kuti’s Indian restaurant in his native Southampton - clearly wants to appear the government everyman, and there’s no more democratic item of clothing than a nondescript grey hoodie.

Note too his decision to downgrade his £180 smart mug for a standard china number. But his decision to pair it with a pristine shirt and tie demonstrates he’s wary of not appearing too at-ease; it’s a midway meeting point that resonates with our work-at-home wardrobe but keeps the old school Conservative voter assured.

If you’re considering following suit, take a tip from the form-fitting nature of Sunak’s hoodies - they’re neatly proportioned rather than saggy and sloppy. His version is clearly good quality; details like the fine ribbing elevate it slightly, and look for versions in loopback cotton, which means there are tiny loops on the underside of the fabric which allow for aeration and absorb sweat. Sunak might be delivering dire news (or giving away more hand-outs), but at least he’ll keep his cool style wise.

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