Liz Truss was named Britain’s next prime minister on Monday, winning the leadership race for the ruling Conservative Party at a time when the country is facing the cost of an economic crisis, industrial unrest and recession.
After weeks of a bitter and divisive leadership contest that pitted the foreign minister against former finance minister Rishi Shankar, Truss came out on top in the vote among Conservative Party members.
The announcement marks the start of extradition from Boris Johnson, who was forced to announce his resignation in July after his administration lost support months after the scandal.
He will travel to Scotland to meet Queen Elizabeth on Tuesday to formally tender his resignation. Truss will follow and be asked to form a government by the king.
The front-runner to replace Johnson, Truss will become the fourth Conservative prime minister since the 2015 election. The country has lurched from crisis to crisis during that period, and now faces what is forecast to be a prolonged recession starting with skyrocketing inflation, which fell to 10.1 percent in July.
Truss, 47, the foreign secretary under Boris Johnson, has promised to act quickly to tackle the crisis in Britain’s livelihood, saying he will tackle rising energy bills within a week and fuel futures. Will come up with a plan to secure supply.
Truss has signaled during her leadership campaign that she would challenge convention by scrapping tax increases and cutting other revenues that some economists say would fuel inflation.
Also, the Bank of England’s pledge to review remittances while protecting its independence has prompted some investors to dump the pound and government bonds.
Kwasi Kwarteng, who was widely reported to be finance minister, tried to calm markets by saying in an article in the Financial Times newspaper on Monday that there would be “some fiscal loosening” under Truss. There will need to be but its administration will work in “one”. A fiscally responsible approach.”
Truss faces a long, expensive and difficult to-do list, which opposition lawmakers say is the result of 12 years of poor Conservative government. Many have called for an early election – something Truss has said she will not allow.
Veteran Conservative lawmaker David Davis described the challenges as Prime Minister after Conservative Margaret Thatcher in 1979 as “probably the second most difficult brief of any post-war prime minister”.
“I don’t think any of the candidates, none of them going through it, really know how big it’s going to be,” he said, adding that the cost could reach tens of billions of pounds. Is.
Truss has said she will appoint a strong cabinet, which sources close to her have called a “presidential style” of governing, and will have to work hard to win over some lawmakers in her party who have Cinque was supported in the race. .
The Institute for Government think tank said Truss would have a weaker starting point than any of her predecessors, as she was not the most popular choice among lawmakers in her party.
First, she will address the immediate issue of rising energy prices. Average annual household utility bills will rise by 80 per cent to £3,549 in October, before a projected rise of £6,000 in 2023, scrapping personal finance.
Britain has outpaced other major European countries in offering support for consumer energy bills, with opposition lawmakers blaming a “zombie” government as the Conservatives failed to contest their leadership. stay
In May, the government set out a £15 billion aid package to help households with energy bills as part of its £37 billion cost-of-living support scheme.
Italy has budgeted more than 52 billion euros ($51.75 billion) so far this year to help its people. In France, electricity bill increases are capped at 4 percent and Germany said on Sunday it would spend at least 65 billion euros to protect consumers and businesses from rising inflation.
