40-year high inflation is expected to deliver a year-long recession to the U.K., and stress over monetary and fiscal policy has pushed the pound to near multi-decade lows versus the dollar. How will Liz Truss tackle these issues? Experts weighed in.
Many new mid-term national leaders take the helm at a time of crisis. It’s why their predecessors were deposed.Truss takes control of a G7 economy in the thick of a cost of living crisis that is expected to deliver a year-long recession, amid a lingering Brexit fallout, and stress over monetary and fiscal policy that all have helped push the pound GBPUSD, -0.02% to near multi-decade lows versus the dollar.Cost of living/energy crisis. This is at the top of the Truss in-tray. U.K.
Such statements give Truss political cover to freeze energy bills. Nothing is yet decided but this move seems increasingly likely and Truss said she will make a statement on the matter within her first week as prime minister. Such spending would come at a time when Truss’s Thatcherite instincts are also for the reduction in taxes on households and businesses.
The FT calculated that rampant inflation, the rising cost of servicing government debt and Truss’s promises on tax cuts and defense spending, would cause a £60 billion hole in the public finances by the middle of the decade.
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