Who will be the next british PM? Liz Truss named as next british PM

At a time when the nation is experiencing a crisis in the cost of living, industrial unrest, and a recession, Liz Truss was elected as the next prime minister of Britain on Monday.

Truss won the vote of Conservative Party members after weeks of a contentious and frequently acrimonious leadership race that pitted the foreign minister against former finance minister Rishi Sunak.

The resignation announcement marks the beginning of Boris Johnson’s handover, who was compelled to make the decision in July after months of the scandal caused support for his administration to crumble.

Tuesday, he will make a trip to Scotland to present his resignation to Queen Elizabeth. The monarch will ask Truss to form a government and he will follow him.

Truss, who has long been the front-runner in the race to succeed Johnson, will become the fourth prime minister for the Conservatives since the 2015 election.

The nation has been tossed from crisis to crisis over that time, and now faces what is expected to be a protracted recession brought on by skyrocketing inflation, which reached 10.1% in July.

Truss, who served as Boris Johnson’s foreign minister, pledged to take swift action to address Britain’s rising cost of living crisis, stating that she would have a strategy in place to address rising energy costs and ensure future fuel supply within a week.

Truss hinted during her run for the leadership that she would defy tradition by eliminating tax increases and reducing other levies, a move that some economists fear will lead to inflation.

This, together with a promise to examine the Bank of England’s mandate while preserving its independence, has pushed some investors to sell government bonds and the pound.

In an article published in the Financial Times on Monday, Kwasi Kwarteng, who is widely expected to serve as Truss’ finance minister, attempted to calm the markets by stating that while “some fiscal loosening” would be necessary under her leadership, her administration would still act in a “fiscally responsible manner.”

Opposition MPs claim that Truss’ lengthy, expensive, and challenging to-do list is the product of 12 years of ineffective Conservative rule.

Many have demanded an early election, which Truss has stated she will not permit.

The issues she would face as prime minister were “perhaps the second most challenging brief of post-war prime leaders,” according to veteran Conservative legislator David Davis in 1979.

It may cost tens of billions of pounds, he claimed, adding that “I genuinely don’t think any of the contenders, not one of them going through it, really realises precisely how huge this is going to be.”

Because Truss was not the most well-liked candidate among her party’s legislators, the think tank Institute for Government predicted that she would have a poorer starting position than any of her predecessors.

She will start by addressing the pressing problem of rising energy prices.

The average annual household power bill is scheduled to increase by 80% in October to 3,549 pounds, before rising to 6,000 pounds in 2023, which will have a devastating impact on people’s personal budgets.

The opposition MPs blame a “zombie” administration that was powerless to do anything while the Conservatives held their leadership election for the reason that Britain has trailed behind other major European nations in its offer of financial assistance for consumer energy costs.

In May, the government announced a 37 billion pound cost-of-living support programme that included a 15 billion pound support package to assist people with energy bills.

Over 52 billion euros ($51.75 billion) have been allocated to Italy’s aid budget so far this year.

A 4% restriction on power price hikes is in place in France, while Germany announced on Sunday that it would invest at least 65 billion euros to protect households and businesses from increasing inflation.

Read More Here : New PM of the UK Liz Truss will meet Queen Elizabeth

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