Britain Conservative Party to announce new Prime Minister
Britain’s ruling Conservative Party will today announce the country’s new prime minister.
Following the resignation of Boris Johnson, Foreign Secretary Liz Truss, who has maintained a significant polling advantage, is expected to edge out former Chancellor Rishi Sunak for the job.
Truss’ campaign has run on major proposed tax cuts and economic growth incentives, gaining the support of the party’s base. Still, the Conservative Party’s 12-year-long dominance has begun to slip. The Labour Party particularly has capitalized on infighting, political scandals and the current economic crisis, calling Johnson’s government a “zombie government”.
The new prime minister will take office amid double-digit inflation, a war in Ukraine and an anticipated 80% increase in utility costs, where energy bills will rise to $5,351.83 in Q1 of 2023 and further increase to $6,147.58 in Q2 from the current cost of $2,268.62. One policy Truss will likely push for is suspending the “green levy” bill that pays for social and green projects. The suspension of the green levy will reduce energy bills by a few hundred pounds but ultimately will not have a meaningful impact on the current energy crisis. Truss will also attempt to create new “low-tax and low-regulation” to encourage investment and business growth, particularly in tech like artificial intelligence.
