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businessClosed Sep 5, 2022

Truss Vows to Tackle UK Energy Crisis After Tory Win

  • Liz Truss wins Tory leadership to become UK’s next prime minister
  • Truss won 57.3% of the Conservative Party members’ vote
  • In acceptance speech, Truss pledges to cut taxes and tackle energy crisis
  • Pound steady after Truss victory
Thanks for joining us as we took you through the results of the Conservative leadership race. Liz Truss will take office Tuesday and give a speech outside her new home -- No. 10 Downing Street. In the meantime, these are the key takeaways so far:

  • Liz Truss won the race to be the UK’s next prime minister, but achieved a smaller-than-expected margin of victory over Rishi Sunak, with 57.3% of Tory members’ votes.
  • She vowed to cut taxes, grow the economy, and address the crises in energy and the National Health Service.
  • Truss will visit Queen Elizabeth II in her Scottish castle to be formally appointed on Tuesday, after which she will make a speech to the nation and appoint members of her cabinet.
  • She inherits a forbidding in-tray: surging inflation, predictions of a recession and a record squeeze on living standards spurred by soaring energy prices.
  • Truss has promised to announce how she would help Britons through the cost-of-living crisis in her first week -- reports suggest she could freeze energy bills and offer targeted financial help to low-income households and pensioners.