Liz Truss has now been appointed as the new Prime Minister and in turn has appointed Kwasi Kwarteng as Chancellor of the Exchequer
The new Prime Minister has set out her three early priorities.
- Grow the economy through tax cuts and reform, including boosting business-led growth and investment. The Prime Minister said: "We will get spades in the ground to make sure people are not facing unaffordable energy bills and we will also make sure, that we are building hospitals, schools, roads, and broadband."
- Taking action this week to deal with energy bills and to secure the UK's future energy supply. This looks likely to freeze bills at the present cap plus the £400 universal handout announced by Rishi Sunak when he was chancellor. By also subsidising wholesale gas costs for businesses, many companies will avoid going out of business.
- Putting the NHS on a firm footing.
The new Chancellor is expected to make an announcement this week on freezing energy bills for households and businesses for the foreseeable future.
This is likely to be followed by an Emergency Budget or Fiscal Event possibly on 21 September, with a more detailed, in-depth Autumn Budget in November.
Chancellor's first statement
Following a meeting with the banks, Chancellor Kwasi Kwarteng said:
“We face extraordinary economic challenges in the coming weeks and months and I know that families and businesses across the UK are worried.
“The Prime Minister and I are committed to taking decisive action to help the British people now, while pursuing an unashamedly pro-growth agenda.
“We need to be decisive and do things differently. That means relentlessly focusing on how we unlock business investment and grow the size of the British economy, rather than how we redistribute what’s left.
“With a strong and resilient economy, we deliver more jobs, higher wages, and raised living standards – all while reducing our debt-to-GDP ratio in a fiscally sustainable way.”
Other ministerial appointments
In addition to Kwasi Kwarteng, the following ministerial appointments have so far been made:
- Dr Thérèse Coffey MP as Secretary of State for Health and Social Care. She will also be Deputy Prime Minister
- James Cleverly MP as Secretary of State for Foreign, Commonwealth and Development Affairs
- Suella Braverman QC MP as Secretary of State for the Home Department
- Wendy Morton MP as Parliamentary Secretary to the Treasury (Chief Whip). She will attend Cabinet
- Ben Wallace MP has been re-appointed as Secretary of State for Defence
- Brandon Lewis CBE MP as Lord Chancellor, and Secretary of State for Justice
- Nadhim Zahawi MP (previously Chancellor of the Exchequer) as Chancellor of the Duchy of Lancaster, Minister for Intergovernmental Relations and Minister for Equalities
- Penny Mordaunt MP as Lord President of the Council, and Leader of the House of Commons
- Lord True CBE as Lord Privy Seal, and Leader of the House of Lords
- Jake Berry MP as Minister without Portfolio
- Alok Sharma MP has been re-appointed as COP26 President
- Jacob Rees-Mogg MP as Secretary of State for Business, Energy and Industrial Strategy
- Simon Clarke MP as Secretary of State for Levelling Up, Housing and Communities
- Kemi Badenoch MP as Secretary of State for International Trade and President of the Board of Trade
- Chloe Smith MP as Secretary of State for Work and Pensions
- Kit Malthouse MP as Secretary of State for Education
- Ranil Jayawardena MP as Secretary of State for Environment, Food and Rural Affairs
- Anne-Marie Trevelyan MP as Secretary of State for Transport
- Michelle Donelan MP as Secretary of State for Digital, Culture, Media and Sport
- Chris Heaton-Harris MP as Secretary of State for Northern Ireland
- Alister Jack MP has been re-appointed as Secretary of State for Scotland
- Sir Robert Buckland KBE QC MP has been re-appointed as Secretary of State for Wales
- Chris Philp MP as Chief Secretary to the Treasury. He will attend Cabinet
- Michael Ellis QC MP as Attorney General. He will attend Cabinet
- Edward Argar MP as Paymaster General and Minister for the Cabinet Office. He will attend Cabinet
- Vicky Ford MP as a Minister of State (Minister for Development) in the Foreign, Commonwealth and Development Office. She will attend Cabinet
- Tom Tugendhat MBE MP as a Minister of State (Minister for Security) in the Home Department. He will attend Cabinet
- James Heappey MP has been re-appointed as a Minister of State in the Ministry of Defence. He will be Minister for the Armed Forces and Veterans and will attend Cabinet.
- Graham Stuart MP as a Minister of State (Minister for Climate) in the Department for Business, Energy and Industrial Strategy. He will attend Cabinet.
As key economic measures are announced, Bishop Fleming will bring the news and analysis.
