Liz Truss announced as next Prime Minister

Liz Truss has been announced as the new Prime Minister of the United Kingdom. Ms Truss was today declared as the winner of a contest for leadership of the Conservative Party between herself and Rishi Sunak, former Chancellor of the Exchequer, by Sir Graham Brady, chair of the 1922 Committee.

This comes following Boris Johnson’s resignation in early July.

Ms Truss is set to finalise her cabinet by the end of today. She will then meet the Queen in Balmoral on Tuesday where she will be formally invited to form a government.

The major challenge facing the new PM is, of course, the economy, with inflation now at a 40-year high and energy bills soaring to unthinkable levels.

She is, therefore, expected to “act immediately” and announce a support package for energy costs as early as Thursday, which could even include an outright freeze on prices, say the BBC.

Ms Truss is also likely to deliver a striking £30 billion of tax cuts in an effort to stimulate an economy that is, by some accounts, already in recession.

Commenting on the announcement, Law Society president I. Stephanie Boyce called on Liz Truss to “demonstrate a renewed respect for the rule of law at home and with international partners when she takes office”. She continued:

“Investment should be made across the entire justice system, including on court buildings, to ensure timely access to justice is available to all.

We are all facing a cost of living crisis and it is essential that solicitors are there when individuals and businesses need them to deal with legal and financial challenges caused by spiralling costs.

Solicitors are also feeling the squeeze of increasing costs of doing business – especially professional indemnity insurance hikes – and we call on the new PM to take action to address this and ensure they are there to carry out their vital work on behalf of others.

We also hope that there will be support for small law firms faced with rising energy costs.”