Thursday, December 08, 2022

Britain’s new Prime Minister Liz Truss takes office and delivers a speech

During her first speech as Britain’s prime minister, Liz Truss this week promised a major support package to tackle Britain’s soaring energy bills, with the leader dominating the cost of the electricity crisis in her first national speech. in the form of. The rule of what will probably make or break life.

“I will take action this day and every day” to deal with the crises facing Britain, Truss said in rain-swept Downing Street on Tuesday, prompting wartime Prime Minister Winston Churchill to send staff urgent missiles . ,

She replaces Boris Johnson in a country facing brutal economic winds that threaten to plunge millions of Britons into poverty this winter. His team is expected to announce an economic intervention on Thursday that, according to people familiar with the politics, could cost the government up to £200 billion ($230 billion) over the next 18 months to control energy prices.

As currently drafted, the plan would be a huge fiscal gamble, with close to the £310bn ($356.999m) disbursed during the pandemic, indicating that the UK will have to deal with the fallout of the Russian war. As in what is at stake.

It would add about 10% to the UK’s 2.3 trillion pounds ($2.64 trillion) national debt. Borrowing that amount would push the budget deficit to levels seen only in modern times during the global financial crisis and pandemic.

market influence

As well as potentially flamboyant markets, such a move poses political risks for Truss, who built his conservative leadership campaign on promises of tax cuts and a smaller state. It was designed to resonate with Conservative members who are still obsessed with another totem former leader, Margaret Thatcher.

In reality, however, Truss has no choice but to take a bold step at the start of his term, even if it angers the ruling Conservatives’ right wing, who form the base of his support.

Despite garnering an overwhelming parliamentary majority, the Conservatives are far behind the main opposition Labor Party, with polls showing voters in favor of leader Keir Starmer’s calls to freeze energy bills this winter.

As currently written, the truss package includes exemptions for businesses costing 130 billion pounds ($149.724 million) and up to 67 billion pounds ($77.165 million over 12 months) to collect household bills by April 2024 Includes document.

Truss is expected to name her cabinet later on Tuesday, ahead of its first meeting on Wednesday, when she will also face Starmer in the Prime Minister’s Questions in the House of Commons.

Longtime ally Quasi Quarteng will be the first black chancellor of the treasury and Jacob Rees-Mogg will be business secretary. He is leading the truss team’s engagement with industry on their energy plans.

As well as dealing with rampant inflation, Truss also has to manage a crumbling NHS and labor strikes that cripple the transport network. London is at loggerheads with Brussels and Washington over Brexit because of the path he ignited as foreign minister.

In addition to the energy package, he cited his priorities as boosting the economy through reforms and tax cuts, and addressing the healthcare backlog due to the pandemic.

thrust to work

Truss also called for “high-paying jobs”, a sign it wants a high-productivity economy where businesses can afford to pay people more, something governments across the political spectrum have tried in the past and failed.

Britain also needs to build “faster roads, homes and broadband”, Johnson named the latter as one of his administration’s major achievements in his own farewell speech on Downing Street, just hours later.

Overall, however, the truss gave a generally optimistic outlook for Britain’s outlook in the event of collecting storm clouds.

“We should not be discouraged by the challenges we face,” he insisted: “we can weather the storm, we can rebuild our economy and we can become the brilliant modern Britain I know that we can be.”

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