The Fort Worth Press - New UK PM Truss promises to 'ride out' economic storm

USD -
AED 3.672504
AFN 64.000368
ALL 82.099008
AMD 367.63228
ANG 1.790403
AOA 917.503981
ARS 1492.901385
AUD 1.443002
AWG 1.8025
AZN 1.70397
BAM 1.709092
BBD 2.014681
BDT 123.336392
BGN 1.69088
BHD 0.377157
BIF 2975.313497
BMD 1
BND 1.290864
BOB 6.927077
BRL 5.170399
BSD 1.000306
BTN 95.296893
BWP 13.491502
BYN 2.902259
BYR 19600
BZD 2.011797
CAD 1.41995
CDF 2246.000362
CHF 0.801016
CLF 0.023518
CLP 925.617163
CNY 6.789104
CNH 6.785505
COP 3363.656224
CRC 455.717219
CUC 1
CUP 26.5
CVE 96.35601
CZK 21.144704
DJF 178.127321
DKK 6.535604
DOP 59.256346
DZD 133.361297
EGP 49.283873
ERN 15
ETB 160.4018
EUR 0.873904
FJD 2.26045
FKP 0.748732
GBP 0.746798
GEL 2.63504
GGP 0.748732
GHS 11.363656
GIP 0.748732
GMD 72.503851
GNF 8772.665705
GTQ 7.634028
GYD 209.236685
HKD 7.84465
HNL 26.773277
HRK 6.587504
HTG 130.834098
HUF 308.910388
IDR 17994.4
ILS 2.99865
IMP 0.748732
INR 95.215504
IQD 1310.350854
IRR 1375950.000352
ISK 125.920386
JEP 0.748732
JMD 158.351903
JOD 0.70904
JPY 161.36504
KES 129.3398
KGS 87.447704
KHR 4005.767466
KMF 431.00035
KPW 900.00035
KRW 1529.303789
KWD 0.31029
KYD 0.833661
KZT 473.045834
LAK 22586.621226
LBP 89575.392144
LKR 335.046096
LRD 181.552847
LSL 16.224931
LTL 2.95274
LVL 0.60489
LYD 6.4115
MAD 9.354393
MDL 17.595141
MGA 4240.835409
MKD 53.86027
MMK 2099.691108
MNT 3584.859602
MOP 8.08057
MRU 39.921353
MUR 47.050378
MVR 15.460378
MWK 1734.609167
MXN 17.469104
MYR 4.071039
MZN 63.910377
NAD 16.224931
NGN 1370.080377
NIO 36.806921
NOK 9.841039
NPR 152.475204
NZD 1.75116
OMR 0.385704
PAB 1.000306
PEN 3.403766
PGK 4.394635
PHP 61.501038
PKR 278.103989
PLN 3.75205
PYG 6082.055315
QAR 3.656661
RON 4.568038
RSD 102.570892
RUB 76.986936
RWF 1464.412112
SAR 3.755774
SBD 8.058541
SCR 13.46616
SDG 600.503676
SEK 9.65806
SGD 1.291404
SHP 0.746601
SLE 24.350371
SLL 20969.503664
SOS 571.678245
SRD 37.566038
STD 20697.981008
STN 21.409534
SVC 8.752567
SYP 110.532098
SZL 16.22231
THB 33.325038
TJS 9.2726
TMT 3.51
TND 2.952244
TOP 2.40776
TRY 46.767504
TTD 6.779394
TWD 31.938038
TZS 2626.818718
UAH 44.550181
UGX 3650.980906
UYU 40.232446
UZS 11983.221916
VES 638.90327
VND 26296
VUV 119.804122
WST 2.773179
XAF 573.213615
XAG 0.016021
XAU 0.00024
XCD 2.70255
XCG 1.80277
XDR 0.712894
XOF 573.213615
XPF 104.216367
YER 237.050363
ZAR 16.231504
ZMK 9001.203584
ZMW 18.379866
ZWL 321.999592
  • CMSC

    0.0400

    21.99

    +0.18%

  • CMSD

    -0.0300

    22.15

    -0.14%

  • BCC

    0.4500

    75.93

    +0.59%

  • RYCEF

    0.5400

    19.68

    +2.74%

  • AZN

    11.2900

    195.15

    +5.79%

  • GSK

    2.3600

    53.66

    +4.4%

  • RIO

    1.0700

    94.42

    +1.13%

  • RBGPF

    2.5400

    68.15

    +3.73%

  • JRI

    0.0600

    13

    +0.46%

  • BCE

    0.4000

    21.42

    +1.87%

  • BTI

    1.2100

    61.77

    +1.96%

  • VOD

    0.1400

    13.15

    +1.06%

  • NGG

    2.6700

    82.85

    +3.22%

  • RELX

    0.5500

    31.93

    +1.72%

  • BP

    1.2500

    37.4

    +3.34%

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.

J.Ayala--TFWP