Truss promises to deal with energy crisis

Liz Truss has promised to deal with the energy crisis that is threatening to push millions in Britain into poverty and to address Britain’s underlying economic problems. Speaking in Downing Street on her first day as prime minister, she acknowledged that the country faced “headwinds” which she blamed on the war in Ukraine and the aftermath of the coronavirus pandemic.

“I know that we have what it takes to tackle those challenges. Of course, it won’t be easy. But we can do it. We will transform Britain into an aspiration nation, with high-paying jobs, safe streets and where everyone everywhere has the opportunities they deserve. I will take action this day, and action every day, to make it happen,” she said.

Ms Truss was speaking after she flew back from Balmoral Castle in Scotland where Queen Elizabeth appointed her prime minister. She identified three early priorities: growing the economy through tax cuts and regulatory reform; addressing the energy crisis in terms of price and supply; and fixing the problems of the National Health Service (NHS).

“By delivering on the economy, on energy, and on the NHS, we will put our nation on the path to long-term success. We shouldn’t be daunted by the challenges we face. As strong as the storm may be, I know that the British people are stronger,” she said.

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Ms Truss is expected to announce on Thursday a package of measures to protect people and businesses from the impact of soaring energy prices. It would see the government subsidising the wholesale cost of gas to energy suppliers, enabling them to keep consumer prices at their current level for up to 18 months throughout this winter and next.

Labour made a similar proposal last month, to be funded partially through a windfall tax on energy companies’ profits. But Ms Truss’s plan is expected to be funded entirely by borrowing, with some estimates suggesting the cost will more than £100 billion.

Ms Truss also plans to reverse an increase in National Insurance introduced by Boris Johnson and to cancel a planned hike in corporate tax rates. These measures, which will cost tens of billions of pounds, will also be funded by borrowing.

Earlier, Boris Johnson left Downing Street with a swipe at the MPs who toppled him and a hint that his political career may not be over. Speaking outside No 10 where staff and supporters were gathered, he suggested that he was leaving office because of an irregular rule change by Conservative MPs.

“In only a couple of hours I will be in Balmoral to see Her Majesty the Queen and the torch will finally be passed to a new Conservative leader, the baton will be handed over in what has unexpectedly turned out to be a relay race, they changed the rules halfway through but never mind that now,” he said.