Kwasi Kwarteng, widely tipped to be her finance minister, sought to calm markets on Monday, by saying in an article in the Financial Times newspaper that under Truss there would need to be “some fiscal loosening” but that her administration would act in “a fiscally responsible way.”Īsked if he would be finance minister following Truss’s victory, Kwarteng told Reuters he didn’t know.
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That, plus a pledge to review the remit of the Bank of England while protecting its independence, has prompted some investors to dump the pound and government bonds. She signalled during her leadership campaign she would challenge convention by scrapping tax increases and cutting other levies in a move some economists say would fuel inflation. Over that period the country has been buffeted from crisis to crisis, and now faces what is forecast to be a long recession triggered by sky-rocketing inflation which hit 10.1 per cent in July.įoreign minister under Johnson, Truss, 47, has promised to act quickly to tackle the cost of living crisis, saying that within a week she will come up with a plan to tackle rising energy bills and securing future fuel supplies. Long the front-runner to replace him, Truss will become the Conservatives’ fourth prime minister since a 2015 election. The Queen will then appoint Liz Truss as his successor. Conservative Party leader: 'Don't Worry Darling' cast appears in Veniceīoris Johnson will tender his resignation as prime minister to Queen Elizabeth II on Tuesday at Balmoral Castle in Scotland. WATCH | Liz Truss promises ‘bold plan’ as new U.K. SpaceX launches 40th mission of the year, sets record She appeared to rule out another national election for the next two years, saying she would win a great victory for her party in 2024. Truss takes over as the country faces a cost of living crisis, industrial unrest, a recession and war in Europe, where Britain has been a leading backer of Ukraine. “I will deliver on the energy crisis, dealing with people’s energy bills, but also dealing with the long-term issues we have on energy supply.” Week in Review | Taylor Hill, Kendall Jenner, Kaia Gerber + More “I will deliver a bold plan to cut taxes and grow our economy,” Truss said after the result was announced. H&M Brasserie Hennes Fall 2022 Campaign Naomi Campbell 70% of Chileans in Canada support draft constitution, as majority in Chile vote to reject itĪfter weeks of an often bad-tempered and divisive leadership contest, Truss, currently the foreign minister, defeated former finance minister Rishi Sunak in a vote of Conservative Party members, winning by 81,326 votes to 60,399. Liz Truss will become Britain’s next prime minister after winning a leadership race for the governing Conservative Party on Monday, vowing to press ahead with promises of tax cuts and to deal with a growing energy crisis.
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