On September 5, 2022, Liz Truss became UK’s 56th prime minister, as well as the third female prime minister to lead the country. It is worth noting that the previous female prime ministers- Margaret Thatcher and Theresa May- were also from the Conservative party.
Truss pulled 81,326 votes, as opposed to Sunak’s 60,399 in an election that had a high turnout of 82.6%. In her first speech after being elected, Truss said, “I will deliver a bold plan to cut taxes and grow our economy, on the energy crisis and long-term issues on energy supply and National Health Service.”
The new British prime minister has promised not to introduce any new taxes and to scrap the corporate tax which is expected to increase from 19% to 25% in the next year. With this, Truss has also said she will boost innovation and enterprise by introducing low regulation and tax zones. There will also be a suspension of the ‘green levy’ that the UK uses to pay for social and green projects. She will be spreading the ‘Covid debt’ for a few more years to make up for these tax cuts.
Additionally, Truss has also addressed the energy bill crisis and the key measures to the crisis include energy caps to be frozen at £2,500 for the next two years, along with a £400 discount for every household on their energy bills. Businesses will also have their costs frozen at current levels, however, there will be no energy price caps for businesses. Along with this, new oil and gas licenses for exploration in the North Sea will be issued in the next week. Truss has expressed an aim to make the UK a net exporter of energy rather than an importer by 2040, through the use of fracking, and expanded nuclear and renewable energy generation.
Truss’ new cabinet is also Britain’s first without a white man in the four most senior posts. A lot of new policies are to be introduced under her leadership, and only time will tell how it turns out for the country.
