New UK Prime Minister Liz Truss with Vows of Tax Cuts 

Picture of Written by: Liez Comendador
Written by: Liez Comendador
New UK Prime Minister Liz Truss with Vows of Tax Cuts

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After a summer-long internal campaign triggered by Boris Johnson’s resignation in July, Liz Truss defeated her competitor, former finance minister Rishi Sunak, by 81,326 votes to 60,399 votes. Former foreign secretary Truss will succeed Boris Johnson as the country’s next prime minister in a time of economic danger and political unrest in the UK.

Elizabeth Truss, the third female prime minister in the history of the UK, is the 56th prime minister to hold the position. She gained the support of her party’s grassroots members by promising tax cuts and being loyal to Johnson. Both of the previous female prime ministers, Theresa May and Margaret Thatcher, belonged to the Conservative Party.

Liz Truss's victory

In the past, she has worked for three prime ministers. David Cameron elevated her to the position of environment secretary, and Theresa May hired her to serve as justice secretary. Boris Johnson, the outgoing prime minister, ultimately appointed her as foreign secretary in 2021.

After Conservative Party members chose Truss as Conservative party leader, Johnson praised Liz Truss. He stated that now is the moment for the entire Conservative Party to unite behind their new leader. “I know she has the right plan to tackle the cost of living crisis, unite our party and continue the great work of uniting and levelling up our country. Now is the time for all Conservatives to get behind her 100%,” Johnson said in a tweet.

In her first speech as new Conservative Party leader, she pledged to move forward with promised tax cuts and take steps to address growing energy and cost of living crises. “I will deliver a bold plan to cut taxes and grow our economy. I will deliver on the energy crisis, dealing with people’s energy bills, but also dealing with the long-term issues we have on energy supply. And I will deliver on the National Health Service,” Ms Truss said.

Britain’s economic problems have only worsened over the past eight weeks during the Conservative Party leadership election. The incoming prime minister will take on an extensive list of economic and political issues, in addition to the conflict in Ukraine and the aftermath of Brexit.

Gas and electricity prices in the UK are alarming the public. Truss’ domestic agenda will be dominated by this issue from day one, ending the special moment frequently granted to newly elected leaders. Truss has pledged to assist with those expenses, though she hasn’t said how.

References

Liz Truss vows tax cuts after winning vote to be next British prime minister. Retrieved from Reuters: https://www.reuters.com/world/uk/britains-truss-expected-be-named-conservative-leader-new-pm-2022-09-05/

Liz Truss to Replace Boris Johnson as Prime Minister. Retrieved from The New York Times: https://inews.co.uk/news/politics/rishi-sunak-attacks-rivals-tax-fairy-tales-conservative-values-1736681

Liz Truss: A quick guide to the UK’s new prime minister. Retrieved from BBC News: https://www.bbc.com/news/uk-62750866

Liz Truss to replace Boris Johnson as next U.K. prime minister. Retrieved from Washington Post: https://www.washingtonpost.com/world/2022/09/05/uk-new-prime-minister-liz-truss/

Author

  • Darren Menzies

    Darren is a Qualified Accountant with a firm belief in integrated teamwork. Darren has leveraging expertise in bookkeeping and business development along with cultural understanding to deliver exceptional and tailored services in accounting, as well as tax, financial advisory and consulting.

    View all posts

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