Liz Truss beats Rishi Sunak as UK’s next prime minister

Truss is the third female UK prime minister after Margaret Thatcher and Theresa May.

The leadership election set off when UK’s former Prime Minister Boris Johnson announced his resignation on July 7.

The announcement was made by Graham Brady, the chair of the 1922 executive committee, a group of Conservative Members of Parliament. The group members are not government ministers.

Brady thanked the 1922 executive committee and staff for their work, and the party board for organising the hustings, including those who were involved in counting, party members for taking this so seriously, all the candidates who stood, and particularly Rishi Sunak and Liz Truss.

“The ballot was secure, as well as free and fair,” Brady said.

Truss, who also won the Tory leadership, said it was an honour to have been elected as party leader. She paid tribute to her rivals, particularly Sunak.

“Boris, you got Brexit done. You crushed Jeremy Corbyn, you rolled out the vaccine. And you stood up to Vladimir Putin. You were admired from Kyiv to Carlisle,” she said in her victory speech.

The new UK premier reiterated her “bold plan to cut taxes and grow our economy.” She said she will immediately address the ongoing energy crisis in her country, where people’s electricity bills are shooting up.

“And I will make sure that we use all the fantastic talents of the Conservative party, our brilliant members of parliament and peers, our fantastic counsellors, our MSs, our MSPs, all of our councillors and activists and members right across our country,” she said.

Election results:

Truss gained the upper hand in the election due to her public image as someone who opposes high taxes and excessive spending.

The 47-year-old prime minister took to Twitter to promote her “clear vision” for Britain and possessed “the experience and resolve to deliver it”, during her bid.

“As Prime Minister, I will unleash Britain’s potential by going for growth and removing the obstacles holding our country back,” Truss said on Twitter, adding she is “ready to deliver as Prime Minister from day one,” in another Twitter post.

Britain has had the highest rate of inflation among Group of Seven advanced economies, with 10.1 percent, in 40 years.

The rise in inflation intensified largely due to increase in food prices, household spending, including surge in market prices of electricity, gas and petrol. 

Inflation could climb higher if gas prices do not fall, according to Goldman Sachs’ forecast, adding it could climb over 20 percent.

Bank of England (BoE) will “probably have to raise” interest rates to tackle the ongoing inflation in UK, BoE’s deputy governor Dave Ramsden told Reuters on August 10.

Inflation has been on the rise ever since the global economy reopened post pandemic lockdowns, followed by the Ukraine-Russia conflict.

The British pound dropped to its lowest rate against the US dollar since 1985 on Monday, adding to the woes of the UK economy.

Truss’ early weeks of power will address the ongoing inflation, with focus on cost of living of families and businesses and tax cuts. However, details are yet to be announced.

Truss vs Sunak

Rishi Sunak was initially the preferred choice among Conservative members of Parliament. However, Sunak appeared to have a tough time convincing his voters when he said tackling inflation should be the main priority, before tax cuts.

Sunak was also the main character behind the torrent of resignations that followed his departure as chancellor of the exchequer or treasury secretary in July, launching the revolt against former UK prime minister Boris Johnson.

The handover

On September 6, Tuesday, Truss will be appointed at Balmoral Castle in Scotland, where Queen Elizabeth II currently resides, rather than at Buckingham Palace where premier appointments are usually held.

Former UK prime minister Boris Johnson is expected to make an announcement outside Downing Street, early on Tuesday morning.

In a private audience, Johnson will bow to the queen and tender his resignation. Soon after, Truss will “kiss hands,” on appointment, and seek the queen’s permission to form a new government.

Truss will then deliver her speech at Downing Street at 4 PM (1500 GMT), and appoint her cabinet.