Liz Truss will be the new UK prime minister and will now commence the extremely tough job of tackling the cost-of-living crisis. Rumours are already surfacing around her plans to freeze energy bills below £2,000 per year/household which will cost close to £130 billion across the next 18 months.
She will also begin work on stabilising the UK’s energy security over the coming years, a task which will not be easy given the current global outlook. Truss will head to Balmoral today with Boris Johnson and seek the Queen’s confirmation.
Headlines will be flying in thick and fast as new details are released around government positions and policy. Sterling has already perked up around the news with small gains seen on Monday and further gains overnight in the Asian session. Watch this space!
Written by Viv Savani. 7:05am, September 6th 2022
The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.