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Liz Truss delivers her first speech as UK Prime Minister outside 10 Downing Street on Tuesday. Photo: PA Wire via dpa

New UK PM Liz Truss vows to ‘ride out’ economic storm amid soaring energy prices

  • In her first speech as PM, she promised to ‘take action this week to deal with energy bills and to secure our future energy supply’
  • Soon after, Truss named members of her new cabinet – and for the first time, none of the 4 top posts is going to a white man

Liz Truss on Tuesday promised that Britain would see sunnier days ahead despite the current economic gloom, as she made her first speech as prime minister after taking over from Boris Johnson.

Heavy rain and thunder forced supporters of the country’s third woman prime minister to scramble for cover as they waited for her to arrive in Downing Street.

But the clouds lifted as the 47-year-old former foreign secretary’s motorcade swept in, and she vowed that the country would “ride out the storm” of double-digit inflation and soaring energy prices.

“I will take action this week to deal with energy bills and to secure our future energy supply,” she said.


Liz Truss named Britain’s new Prime Minister and Conservative leader

Liz Truss named Britain’s new Prime Minister and Conservative leader

“As strong as the storm may be, I know that the British people are stronger,” she added, outlining her priorities as the economy, energy and health.

Truss was announced winner of an internal vote of Conservative Party members on Monday, after a gruelling contest that began with Johnson’s resignation in July.

She arrived in Downing Street after a 1,600km (1,000-mile) round trip from London to see Queen Elizabeth in the Scottish Highlands, where she accepted the invitation to form a government.

The 30-minute audience was held at the head of state’s remote Balmoral retreat as the queen, 96, was deemed unfit to return to London due to ill health.

Why Liz Truss inherits UK economy heading for recession

As soon as Thursday, Truss is expected to sanction a freeze on household energy bills to prevent steep hikes this winter, and possibly beyond, at a cost of tens of billions of pounds.

Her new team is due to be assembled in time for a cabinet meeting on Wednesday morning before her first appearance in parliament as prime minister.

Soon after her speech, she named Kwasi Kwarteng as finance minister and James Cleverly as foreign secretary, the first black lawmakers to hold the powerful jobs.

Truss also named Suella Braverman as home secretary, ensuring that for the first time, none of the UK cabinet’s top four posts including prime minister are held by a white man.

Kwasi Kwarteng, UK business secretary, attends the announcement of the winner of the Conservative Party leadership contest in London on Monday. Photo: Bloomberg

The incoming prime minister faces a daunting to-do list, with the UK in the grip of its worst economic crisis in decades.

Hard-pressed households facing 80 per cent increases in electricity and gas bills from October have demanded immediate action to prevent millions being forced to choose between heating and eating this winter.

Businesses have also warned they could be forced to close because of even steeper hikes in energy costs.

Truss, who touts herself as a free-market liberal, has promised tax cuts to stimulate growth, despite warnings that greater borrowing could make inflation worse.

Britain’s Liz Truss vows immediate action on energy if appointed PM

The contrast to her beaten leadership rival Rishi Sunak’s more cautious approach has opened another rift in the Conservative Party that was already divided by Johnson’s departure.

Recent opinion polls suggest a sizeable chunk of the British public have no faith in her ability to tackle the cost-of-living crisis. A new poll by YouGov said only 14 per cent expect Truss – the fourth Tory prime minister in six years – to do a better job than Johnson.

Johnson, whose tenure was dominated by Brexit and Covid-19 and cut short by a succession of scandals, earlier promised Truss his unswerving support as he made a farewell speech in Downing Street.

“I will be supporting Liz Truss and the new government every step of the way,” he said, before leaving for Balmoral to tender his resignation to the queen.


Boris Johnson’s rise to power and what led to his downfall as UK prime minister

Boris Johnson’s rise to power and what led to his downfall as UK prime minister

He urged the Tories to put aside their ideological differences which have seen the party fight like cats and dogs over how best to tackle the energy crisis.

“If Dilyn [his dog] and Larry [the Downing Street cat] can put behind them their occasional difficulties then so can the Conservative Party,” he added.

But former newspaper polemicist Johnson failed to dampen speculation that he is eyeing a potential return to the political front line.

“Like Cincinnatus, I am returning to my plough,” he said. Latin scholars were quick to point out that the Roman statesman eventually returned to politics.

UK’s Johnson compares himself to a Roman dictator and ‘booster rocket’

Johnson, 58, remains popular among grass-roots Tories as a charismatic election winner who took the country out of the European Union.

Despite repeated accusations of corruption and cronyism during his tenure, and an unprecedented police fine for breaking his own lockdown rules, Johnson is said to be smarting at having to leave.

Speculation has swirled that he could bide his time for a comeback, particularly if Truss struggles to overcome the country’s many problems.

In her acceptance speech on Monday, Truss ruled out seeking her own mandate from the public at an early general election, vowing victory in 2024.