Liz Truss Appointed as new U.K. prime minister , Johnson Bows Out

Liz Truss became Britain’s next prime minister on Tuesday after meeting with Queen Elizabeth II, who asked her to form a new government as the country faces an acute cost-of-living crisis.

Truss is expected to make her first speech Tuesday afternoon as leader of a nation of 67 million people anxious about soaring energy bills and a looming winter of recession and labor unrest. Those problems have festered for the past two months, because Johnson had no authority to make major policy decisions after announcing his plan to step down in early July.

This is the first time in the queen’s 70-year reign that the handover of power took place at Balmoral, rather than Buckingham Palace in London. The ceremony was moved to Scotland to provide certainty about the schedule because the 96-year-old queen has experienced problems getting around that have forced palace officials to make decisions about her travel on a day-to-day basis.

Speaking outside his Downing Street office before heading to Scotland, Johnson said his three-year tenure had left Britain with the economic strength to help people weather the energy crisis. He signed off with his typically colorful language.

Her plan to revive growth through tax cuts

Her plan to revive growth through tax cuts while also potentially providing around 100 billion pounds ($116 billion) for energy has rattled financial markets, prompting investors to dump the pound and government bonds in recent weeks.

She also enters the latest crisis to buffet Britain with a weaker political hand than many of her predecessors.

Having held a place in the cabinet of senior ministers for eight years, she defeated rival Rishi Sunak in a vote of Conservative Party members by a tighter margin than expected, and more of the party’s lawmakers initially backed her rival.

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