The China Mail - New UK PM Truss promises to 'ride out' economic storm

USD -
AED 3.67302
AFN 71.000368
ALL 86.703989
AMD 389.410403
ANG 1.80229
AOA 917.000367
ARS 1172.024415
AUD 1.55135
AWG 1.8
AZN 1.70397
BAM 1.726419
BBD 2.01957
BDT 121.523747
BGN 1.73001
BHD 0.376664
BIF 2931
BMD 1
BND 1.297871
BOB 6.911802
BRL 5.656604
BSD 1.000207
BTN 84.532306
BWP 13.618689
BYN 3.273411
BYR 19600
BZD 2.009154
CAD 1.38215
CDF 2871.000362
CHF 0.826578
CLF 0.024656
CLP 946.150396
CNY 7.271604
CNH 7.21136
COP 4252.5
CRC 505.801713
CUC 1
CUP 26.5
CVE 97.332868
CZK 22.046504
DJF 177.720393
DKK 6.604904
DOP 58.745901
DZD 132.406564
EGP 50.738202
ERN 15
ETB 131.150392
EUR 0.88485
FJD 2.255904
FKP 0.753396
GBP 0.753352
GEL 2.740391
GGP 0.753396
GHS 14.603856
GIP 0.753396
GMD 71.503851
GNF 8663.874336
GTQ 7.703545
GYD 209.878668
HKD 7.75006
HNL 25.803838
HRK 6.667404
HTG 130.546275
HUF 357.970388
IDR 16466.95
ILS 3.60037
IMP 0.753396
INR 84.66825
IQD 1310.317737
IRR 42112.503816
ISK 129.310386
JEP 0.753396
JMD 158.650854
JOD 0.709204
JPY 144.981504
KES 129.250385
KGS 87.450384
KHR 4007.573785
KMF 434.503794
KPW 899.99869
KRW 1399.730383
KWD 0.30664
KYD 0.833558
KZT 516.738682
LAK 21629.423006
LBP 89621.354895
LKR 299.514947
LRD 200.053847
LSL 18.412683
LTL 2.95274
LVL 0.60489
LYD 5.461374
MAD 9.274709
MDL 17.204472
MGA 4500.000347
MKD 54.449312
MMK 2099.422773
MNT 3573.227756
MOP 7.985788
MRU 39.84005
MUR 45.330378
MVR 15.410378
MWK 1734.394379
MXN 19.58325
MYR 4.261504
MZN 64.000344
NAD 18.412683
NGN 1603.710377
NIO 36.750377
NOK 10.414655
NPR 135.251513
NZD 1.682086
OMR 0.384758
PAB 1.000207
PEN 3.667107
PGK 4.05825
PHP 55.510375
PKR 281.069431
PLN 3.785267
PYG 8002.718771
QAR 3.650038
RON 4.405604
RSD 103.717038
RUB 82.699014
RWF 1411.755359
SAR 3.750243
SBD 8.340429
SCR 14.208501
SDG 600.503676
SEK 9.657305
SGD 1.299604
SHP 0.785843
SLE 22.790371
SLL 20969.483762
SOS 571.658082
SRD 36.825038
STD 20697.981008
SVC 8.752146
SYP 13001.864552
SZL 18.404827
THB 33.085038
TJS 10.352428
TMT 3.5
TND 2.984504
TOP 2.342104
TRY 38.596995
TTD 6.782863
TWD 30.719304
TZS 2695.582038
UAH 41.76192
UGX 3664.193564
UYU 41.973227
UZS 12920.000334
VES 86.73797
VND 26005
VUV 121.07589
WST 2.770876
XAF 579.029973
XAG 0.031223
XAU 0.000309
XCD 2.70255
XDR 0.723012
XOF 575.503595
XPF 105.273844
YER 244.650363
ZAR 18.38755
ZMK 9001.203587
ZMW 27.761717
ZWL 321.999592
  • RIO

    1.1500

    59.7

    +1.93%

  • BTI

    -0.1300

    43.17

    -0.3%

  • SCS

    0.2700

    10.14

    +2.66%

  • CMSC

    0.0700

    22.1

    +0.32%

  • NGG

    0.0300

    71.68

    +0.04%

  • RBGPF

    67.2100

    67.21

    +100%

  • CMSD

    0.0600

    22.32

    +0.27%

  • AZN

    1.9300

    72.44

    +2.66%

  • GSK

    0.3200

    39.07

    +0.82%

  • BCE

    0.0100

    21.45

    +0.05%

  • BCC

    3.4400

    96.15

    +3.58%

  • RELX

    0.9400

    55.02

    +1.71%

  • JRI

    0.0600

    13.07

    +0.46%

  • BP

    0.2400

    28.12

    +0.85%

  • VOD

    -0.1200

    9.61

    -1.25%

  • RYCEF

    0.1300

    10.35

    +1.26%

New UK PM Truss promises to 'ride out' economic storm
New UK PM Truss promises to 'ride out' economic storm / Photo: © AFP

New UK PM Truss promises to 'ride out' economic storm

Liz Truss on Tuesday promised that Britain would see sunnier days ahead despite the current economic gloom, as she made her first speech as prime minister after taking over from Boris Johnson.

Text size:

Heavy rain and thunder forced supporters of the country's third female prime minister to scramble for cover as they waited for her to arrive in Downing Street.

But the clouds lifted as the 47-year-old former foreign secretary's motorcade swept in, and she vowed that the country would "ride out the storm" of double-digit inflation and soaring energy prices.

"I will take action this week to deal with energy bills and to secure our future energy supply," she said.

"As strong as the storm may be, I know that the British people are stronger," she added, outlining her priorities as the economy, energy and health.

Truss was announced winner of an internal vote of Conservative party members on Monday, after a gruelling contest that began with Johnson's resignation in July.

She arrived in Downing Street after a 1,000-mile (1,600-kilometre) round trip from London to see Queen Elizabeth II in the Scottish Highlands, where she accepted the invitation to form a government.

The 30-minute audience was held at the head of state's remote Balmoral retreat as the queen, 96, was deemed unfit to return to London due to ill health.

As soon as Thursday, Truss is expected to sanction a freeze on household energy bills to prevent steep hikes this winter, and possibly beyond, at a cost of tens of billions of pounds.

- Energy crisis -

Her new team is due to be assembled in time for a Cabinet meeting on Wednesday morning before her first appearance in parliament as prime minister.

Business Secretary Kwasi Kwarteng is expected to become finance minister, with Attorney General Suella Braverman moved to the tricky brief of home secretary, and James Cleverly to foreign affairs.

If confirmed, it would mean no white men in any of Britain's four main ministerial posts for the first time ever.

The incoming prime minister faces a daunting to-do list, with the UK in the grip of its worst economic crisis in decades.

Hard-pressed households facing 80-percent increases in electricity and gas bills from October have demanded immediate action to prevent millions being forced to choose between heating and eating this winter.

Businesses have also warned they could be forced to close because of even steeper hikes in energy costs.

Truss, who touts herself as a free-market liberal, has promised tax cuts to stimulate growth, despite warnings that greater borrowing could make inflation worse.

The contrast to her beaten leadership rival Rishi Sunak's more cautious approach has opened another rift in the Conservative party that was already divided by Johnson's departure.

Recent opinion polls suggest a sizeable chunk of the British public have no faith in her ability to tackle the cost-of-living crisis.

A new poll by YouGov said only 14 percent expect Truss -- the fourth Tory prime minister in six years -- to do a better job than Johnson.

- Comeback? -

Johnson, whose tenure was dominated by Brexit and Covid and cut short by a succession of scandals, earlier promised Truss his unswerving support as he made a farewell speech in Downing Street.

"I will be supporting Liz Truss and the new government every step of the way," he said, before leaving for Balmoral to tender his resignation to the queen.

He urged the Tories to put aside their ideological differences which have seen the party fight like cats and dogs over how best to tackle the energy crisis.

"If Dilyn (his dog) and Larry (the Downing Street cat) can put behind them their occasional difficulties then so can the Conservative party," he added.

But former newspaper polemicist Johnson failed to dampen speculation that he is eyeing a potential return to the political front line.

"Like Cincinnatus, I am returning to my plough," he said. Latin scholars were quick to point out that the Roman statesman eventually returned to politics.

Johnson, 58, remains popular among grassroots Tories as a charismatic election winner who took the country out of the European Union.

Speculation has swirled that he could bide his time for a comeback, particularly if Truss struggles to overcome the country's many problems.

In her acceptance speech on Monday, Truss ruled out seeking her own mandate from the public at an early general election, vowing victory in 2024.

S.Wilson--ThChM