Liz Truss will be Britain’s next prime minister after she defeated Rishi Sunak as part of her bid to rule the Conservative Party. The race officially began after Ms Truss won 57.4% of the Conservatives’ vote, while Mr Sunak won 42.6%.
The match has received a lot of attention and will have huge short-term consequences for the UK, in a leadership vacuum with outgoing former Prime Minister Boris Johnson.
Miss. Truss took office at one of the toughest times in Britain in decades, facing a severe energy crisis that threatens to leave many in Britain unable to pay soaring utility costs.
What happens next?
Miss. Truss will fly to the Queen’s estate in Balmoral tomorrow to be officially sworn in as Britain’s next prime minister. Shortly thereafter, she will choose her new cabinet, which will be charged with leading Britain forward and into this winter of rampant inflation and energy costs.
For some time now, Truss has been widely expected to resolve the UK’s current domestic energy crisis with a landmark rescue package. This is expected to happen in just a week, as the situation continues to grow more dire and desperate for many in the UK, including older people.
Who has a say?
The Conservative Party is circling UK inflation There are disagreements on several different issues of hardship, taxation and energy issues. Conservative voters have finally decided their fate, turning to the Truss camp after her planned tax cuts.
In particular, this includes efforts to stem previously planned corporate tax hikes, while also reversing the upward trend in state insurance personal taxes. Perhaps the most influential was a tease of Truss’ yet-to-be-announced emergency budget, which could resonate strongly with Conservative Party members.
How does the leadership vote work?
Boris Johnson’s departure Created a void in the UK leadership, leaving Liz Truss and Rishi Sunak vying for supremacy in the Conservative Party. The vote originally stemmed from Johnson’s resignation in July following a wave of scandals and party anxiety.
This in turn paved the way for a rivalry between Tras and Sunak. Several of Mr Sunak’s early successes have recently vanished, sparking a wave of support for Truss as a disruptor and change agent in a country desperate for a challenging winter ahead. Leadership is required.
Boris Johnson will officially remain prime minister until Tuesday’s formal transfer of power.
How will a change in leadership affect the market?
Whoever wins the Conservative election , the UK’s economic outlook looks increasingly worrying. The near-term outlook for the UK remains subdued in the face of soaring energy prices and runaway inflation, with inflation unlikely to fall any time soon. Additionally, the Bank of England (BoE) is expected to maintain its tightening policy to keep inflation in check, affecting the pound.
Truss is expected to unveil its bold plan to tackle rising energy costs this week, which could include a freeze on utility bills. It is uncertain how this will be paid for or achieved, but the priority will remain tackling inflation, with all options on the table.
Looking beyond the UK, major US markets are on holiday, and the decision and subsequent fallout are expected to be digested throughout the week. The bigger question remains the fate of gas and energy entering Europe following the indefinite closure of the Nord Stream pipeline.
Do we anticipate changes to the FCA’s regulations?
There are currently not enough information to determine whether FCA regulations will be affected. Truss had previously considered merging the UK regulators into a single body, which would apparently have wide-ranging implications for local markets, brokerage firms and a wide range of financial services venues.
The previously proposed merger also, at least in theory, also includes the Payments Systems Regulator (PSR), which currently oversees the UK-wide network that facilitates remittances, contactless payments and ATMs . Discussions about the bold plan have subsided since mid-August, but will ultimately need to be resolved once Truss’s cabinet and agenda are formed.
Liz Truss will be Britain’s next prime minister after she defeated Rishi Sunak as part of her bid to rule the Conservative Party. The race officially began after Ms Truss won 57.4% of the Conservatives’ vote, while Mr Sunak won 42.6%.
The match has received a lot of attention and will have huge short-term consequences for the UK, in a leadership vacuum with outgoing former Prime Minister Boris Johnson.
Miss. Truss took office at one of the toughest times in Britain in decades, facing a severe energy crisis that threatens to leave many in Britain unable to pay soaring utility costs.
What happens next?
Miss. Truss will fly to the Queen’s estate in Balmoral tomorrow to be officially sworn in as Britain’s next prime minister. Shortly thereafter, she will choose her new cabinet, which will be charged with leading Britain forward and into this winter of rampant inflation and energy costs.
For some time now, Truss has been widely expected to resolve the UK’s current domestic energy crisis with a landmark rescue package. This is expected to happen in just a week, as the situation continues to grow more dire and desperate for many in the UK, including older people.
Who has a say?
The Conservative Party is circling UK inflation There are disagreements on several different issues of hardship, taxation and energy issues. Conservative voters have finally decided their fate, turning to the Truss camp after her planned tax cuts.
In particular, this includes efforts to stem previously planned corporate tax hikes, while also reversing the upward trend in state insurance personal taxes. Perhaps the most influential was a tease of Truss’ yet-to-be-announced emergency budget, which could resonate strongly with Conservative Party members.
How does the leadership vote work?
Boris Johnson’s departure Created a void in the UK leadership, leaving Liz Truss and Rishi Sunak vying for supremacy in the Conservative Party. The vote originally stemmed from Johnson’s resignation in July following a wave of scandals and party anxiety.
This in turn paved the way for a rivalry between Tras and Sunak. Several of Mr Sunak’s early successes have recently vanished, sparking a wave of support for Truss as a disruptor and change agent in a country desperate for a challenging winter ahead. Leadership is required.
Boris Johnson will officially remain prime minister until Tuesday’s formal transfer of power.
How will a change in leadership affect the market?
Whoever wins the Conservative election , the UK’s economic outlook looks increasingly worrying. The near-term outlook for the UK remains subdued in the face of soaring energy prices and runaway inflation, with inflation unlikely to fall any time soon. Additionally, the Bank of England (BoE) is expected to maintain its tightening policy to keep inflation in check, affecting the pound.
Truss is expected to unveil its bold plan to tackle rising energy costs this week, which could include a freeze on utility bills. It is uncertain how this will be paid for or achieved, but the priority will remain tackling inflation, with all options on the table.
Looking beyond the UK, major US markets are on holiday, and the decision and subsequent fallout are expected to be digested throughout the week. The bigger question remains the fate of gas and energy entering Europe following the indefinite closure of the Nord Stream pipeline.
Do we anticipate changes to the FCA’s regulations?
There are currently not enough information to determine whether FCA regulations will be affected. Truss had previously considered merging the UK regulators into a single body, which would apparently have wide-ranging implications for local markets, brokerage firms and a wide range of financial services venues.
The previously proposed merger also, at least in theory, also includes the Payments Systems Regulator (PSR), which currently oversees the UK-wide network that facilitates remittances, contactless payments and ATMs . Discussions about the bold plan have subsided since mid-August, but will ultimately need to be resolved once Truss’s cabinet and agenda are formed.
