LONDON — Ms Liz Truss is expected to be named leader of the governing Conservative Party and Britain's next prime minister on Monday (Aug 5), poised to take power at a time when the country faces a cost-of-living crisis, industrial unrest and a recession.
After weeks of an often bad-tempered and divisive party leadership contest that pitted Ms Truss against Mr Rishi Sunak, a former finance minister, Monday's announcement at 1130 GMT will trigger the beginning of a handover from Mr Boris Johnson. He was forced to announce his resignation in July after months of scandal.
Foreign minister under Boris Johnson, Ms Truss, 47, has promised to act quickly to tackle Britain's cost of living crisis, saying that within a week she will come up with a plan to tackle rising energy bills and securing future fuel supplies. That, plus a pledge to review the remit of the Bank of England while protecting its independence, has prompted some investors to dump the pound and government bonds.
"I actually don't think any of the candidates, not one of them going through it, really knows quite how big this is going to be," he said, adding that costs could run into tens of billions of pounds.
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