Liz Truss, who is widely likely to become the new prime minister of the United Kingdom this week, has vowed to act within a week to combat a cost-of-living issue caused by skyrocketing energy prices related to the conflict in Ukraine.
Truss, speaking to the BBC on Sunday, refused to disclose specifics on the activities she would take, arguing that it would be inappropriate to discuss specific policy until she assumes the top position. She emphasized, however, that she is aware of the enormity of Britain’s challenges.
Since early July, when Johnson announced his plan to quit and started a race to determine his successor, the administration has been unable to confront increasing inflation, labor turmoil, and stresses on the nation’s aging health-care system. On Monday, the governing Conservative Party will declare the winner.
Truss, who has served as foreign secretary for the past year, stated, “I want to reassure the public that I am absolutely committed to resolving this issue and, within a month, presenting a full plan for how we are going to reduce taxes, how we are going to get the British economy going, and how we are going to find our way out of these difficult times.”
Liz Truss, a candidate for the Conservative leadership, appears on BBC’s Sunday with Laura Kuenssberg on September 4, 2022, in London, England. Jeff Overs/BBC/Handout sourced from REUTERS
Truss is competing against Rishi Sunak, the government’s former Treasury secretary, for the position of Conservative Party leader and, consequently, prime minister. Only dues-paying party members were permitted to vote in the election, leaving the selection of the next leader of the United Kingdom in the hands of approximately 180,000 party activists.
During the campaign, Truss pledged to increase defense expenditures, lower taxes, and enhance energy supplies, but she declined to provide specifics regarding how she would address the cost of living crisis.
With household energy costs scheduled to soar by 80% the next month, charities warn that up to one-third of households may experience fuel poverty this winter, leaving millions concerned about how they will afford to heat their homes.
Inflation will reach a 42-year high of 13.3% in October, according to the Bank of England, threatening to plunge the United Kingdom into a protracted recession. Goldman Sachs estimates that if nothing is done to offset high energy prices, inflation might reach 22% by next year.