Liz Truss is the new British premier. After a grueling race for the Conservative leadership, the country's ruling Tory party now has a new leader.
Liz Truss, the UK's current foreign minister, beat rival Rishi Sunak, the country's former finance minister, to win the leadership race.
In recent weeks, Conservative Party members were asked to vote for their preferred candidate: 81,326 members voted for Truss, while 60,399 members voted for Sunak. Voter turnout was 82.6 percent, and roughly speaking, Truss got about 57 percent of the vote, while Sunak got 42 percent of the vote.
Truss took the stage to thank her supporters and mentioned Boris Johnson,calling him her "friend." Truss will not automatically become prime minister today as ritual dictates that the outgoing prime minister must first submit his resignation to Queen Elizabeth II. Truss said she intends to deliver "what we promised voters in 2019″ and said she will push a "bold plan to cut taxes" and grow the British economy. In addition, the 47-year-old said she will also address long-term issues concerning the country's energy supply.
According to economists, the package of measures to be presented by the British premier will have to be big, very big, to get the UK through a winter of crisis. "Once in power, Liz Truss will likely be forced to take more drastic measures to avoid winter supply shortages," said Mujtaba Rahman and Henning Gloystein of Eurasia Group in a research note last week as reported by Cnbc.