Liz Truss

2022 - 9 - 8

Post cover — Image courtesy of "The New Yorker"

How Will Liz Truss Govern a Britain in Crisis? (The New Yorker)

The new Prime Minister inherits a nation facing skyrocketing energy costs and a looming recession. Sam Knight discusses how she will respond.

[Spotify](https://pod.link/EAxjj.spotify?pdst_key=df1e65c3eb684bbabcda953605e811ee&pdst_group=83a946fcfb264355b29c24a0dd34adf2&pdst_label=bj0vajYd) [Apple](https://pod.link/EAxjj.apple?pdst_key=df1e65c3eb684bbabcda953605e811ee&pdst_group=83a946fcfb264355b29c24a0dd34adf2&pdst_label=bj0vajYd) [Boris Johnson](https://www.newyorker.com/tag/boris-johnson), and faces a nation in the midst of a bleak economic forecast, including talk of a recession.

Liz Truss to freeze energy bills at £2500 a year average, funded by ... (The Guardian)

PM announces £150bn scheme and resumption of fracking as she pledges to tackle root causes of crisis.

Businesses and public sector organisations were to be offered a new six-month scheme of “equivalent support”, which is expected to be an intervention to subsidise the wholesale price of gas, but limited details were given about that scheme. The plan is intended as a “last resort” aimed at stabilising the market, the government said. Truss also announced a review of the government’s net zero strategy, under the “altered economic landscape”. The initiative is forecast to involve the transfer of £150bn in taxpayer funds to energy suppliers to make up the difference between what they pay for power in the wholesale markets, and the capped consumer price. “The prime minister is opposed to windfall taxes,” he said. Starmer said: “I’m afraid fracking and a dash for gas in the North Sea will not cut bills.

New British PM Liz Truss announces a cap on energy bills to combat ... (CNBC)

U.K. Prime Minister Liz Truss on Thursday announced a broad stimulus package to help Brits with soaring energy bills and attract investment into the energy ...

That cap was estimated to climb to £4,649.72 in the first quarter of 2023 and then £5,341.08 in the second quarter, according to consultancy Cornwall Insight [forecasts](https://www.cornwall-insight.com/cornwall-insight-release-final-predictions-for-octobers-price-cap/). It means household budgets are not completely out of the woods yet," Haine wrote in a press release. Fuel poverty is defined as being unable to adequately heat a household. 26, or whether the freeze would be put at £2,500 per household per year. "We're calling for 2021 levels," he told Sky News. There will then be further support for vulnerable sectors such as hospitality, the prime minister said. [pledged to cancel their energy bills payments](https://www.cnbc.com/2022/09/06/uk-energy-bill-boycott-dont-pay-gains-traction-truss-to-offer-relief.html) on Oct.1 in protest to the increased energy cap. Rees-Mogg has previously been quoted as calling fracking an "interesting opportunity." Deutsche Bank estimated that Truss would implement an energy bill freeze. [set to hit £3,549 per year](https://www.cnbc.com/2022/08/26/uk-energy-bills-to-rise-by-80percent-in-october-as-regulator-announces-hike.html) from Oct. [how the bill would be funded](https://www.cnbc.com/2022/09/08/uks-liz-truss-will-unleash-billions-of-pounds-to-help-with-energy-bills.html), with speculation about whether the bill will land in the taxpayers' lap in the longer term. - In the run-up to the announcement, questions had been raised over how the bill would be funded, with speculation about whether the bill will land in the taxpayers' lap in the longer term.

British PM Liz Truss Says Queen Elizabeth "Was the Very Spirit of ... (TownandCountrymag.com)

Elizabeth Truss met with Queen Elizabeth at Balmoral earlier this week. Today, she gave a speech following the death of the 96-year-old monarch.

And with the passing of the second Elizabethan age, we usher in a new era in the magnificent history of our great country—exactly as Her Majesty would have wished— by saying the words: "God save the King." Before joining T&C, she was the deputy managing editor at [Hey Alma](https://www.heyalma.com/), a Jewish culture site. With the King’s family, we mourn the loss of his mother. She has been a personal inspiration to me and to many Britons. In return, she was loved and admired by the people in the United Kingdom and all around the world. [said in a tweet](https://twitter.com/trussliz/status/1567839967203794944) following the first health update today. I know her loss will be deeply felt through the country, the Realms, and the Commonwealth, and by countless people around the world." [appointed her 15th prime minister](https://www.townandcountrymag.com/society/tradition/g28470265/queen-elizabeth-prime-minister-photos/), Liz Truss, from Balmoral. She ascended the throne just after the Second World War. Queen Elizabeth II was the rock on which modern Britain was built. [Queen Elizabeth, the 96-year-old British monarch, died peacefully at Balmoral Castle](https://www.townandcountrymag.com/society/tradition/a38313807/queen-elizabeth-death-obituary/). The death of Her Majesty The Queen is a huge shock to the nation and to the world.

Truss Calls on Mourning Britain to Support King Charles III (Bloomberg)

UK Prime Minister Liz Truss called on Britain to “come together as a people” to support its new head of state King Charles III, who succeeds his mother ...

Liz Truss Leads New UK Government; Announces Cabinet (uschamber.com)

On September 6, Liz Truss became the UK's 56th Prime Minister, following a narrower-than-expected victory (57%-43%) in the Conservative Party leadership contest ...

Truss also announced her new leadership team which includes many of her staunchest supporters and close friends – a potentially risky move given the narrow support she enjoys among her parliamentary colleagues. That said, Truss is unlikely to abandon her position that the current Protocol is unworkable. Energy Crisis – Truss plans new policy actions including energy price caps for households, with the government paying the difference to energy providers. Fixing the NHS backlog is a significant commercial priority for companies providing medicines, medical devices, and healthcare services in the UK. 10 Downing Street faced with a toxic combination of economic, geopolitical, and social challenges, and she’ll have to move quickly in the face of significant public skepticism about her ability to deliver. Truss made significant campaign pledges to increase investment in infrastructure, defense, and healthcare, all of which will have to be balanced against her commitment to lower taxes.

Liz Truss set to unveil plans to limit energy bill rises (BBC News)

The government could borrow £100bn to cap the typical household energy bill at around £2500 a year.

The system to support business could be more complex than that for households and is likely to be reviewed more often. The cost of living is currently rising at its fastest rate in 40 years, with prices 10.1% higher than the same time last year. We also strongly need to see some investment from the government in renewable energy so that 12 months along the line we've got systems in place." The current price cap - set by Ofgem and which limits the maximum amount domestic customers can be charged for each unit of energy - is due to increase in October. The cost of UK government borrowing is currently at its highest level for eight years, with the yield on 10-year bonds rising above 3%. Rosemary Brown, director of Bluebell Dairy, a luxury ice cream maker, said her energy costs had jumped from £35,000 a year to £80,000. Following a series of meetings with officials, energy companies - mainly in the nuclear and renewables sector - have agreed in principle to accept new long-term contracts at fixed prices well below current rates, BBC climate editor Justin Rowlatt said. It also means any future borrowing will be more expensive. However, some economists have suggested that plans to cap energy bills could mean that increases in the cost of living will peak earlier and be "significantly lower" than previously forecast. "We are definitely thinking about shutting our doors, it's very stressful." Rocketing prices are leaving households facing eyewatering energy bills. To limit the amount customers' bills go up by, the government is expected to compensate energy firms for the difference between the wholesale price for gas and electricity they pay and the amount they can charge customers.

British PM Liz Truss reveals plan to freeze energy prices. Would it ... (ABC News)

Economists who spoke to ABC News differed sharply on British Prime Minster Liz Truss' plan to freeze energy prices.

"Creating supply shortages in the middle of inflation that's created by supply shortages seems ludicrous to me," he said. "There's a comparable crisis in the U.S. That dynamic raises the question of whether an approach like the one announced by Britain could work to address particularly severe areas of U.S. But Orazem sharply disagreed, saying that price controls would worsen the root problem behind inflation: a supply shortage. in terms of rents for apartments and homes." remains historically high](https://abcnews.go.com/Business/july-inflation-data-show-latest-sky-high-prices/story?id=88109695), with price hikes for goods such such as rent and groceries far worse than cost increases in other areas of the economy. during World War II, for instance, in which companies were asked to sacrifice profits for the war effort, said Hal Singer, a managing director at the consulting firm Econ One and adjunct professor at Georgetown's McDonough School of Business. [overall inflation in the U.S. Truss, a member of the Conservative party, has not announced the cost of the measure but some estimates put the cost at roughly £150 billion, making it more than twice the size of the initiative that allowed British companies to keep paying workers amid COVID. But the approach risks tipping the U.S. policy is costly is because Truss is insisting that energy suppliers continue to be compensated at market rates," Singer told ABC News. The plan would do the same for many non-domestic institutions, such as schools; but those price caps only last six months.

Liz Truss

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