26: The PM's To-Do List

 

Liz Truss won the Conservative Party leadership contest yesterday, with 57% of member votes - and has now been formally appointed the 15th British prime minister. However, there's no time for celebration and Liz Truss will need to sharpen her pencil - with a to-do list as challenging, as it is long, standing in front of her. 
 
The new PM has pledged to cut taxes and 'deliver' on tackling the energy crisis. A plan to help consumers with soaring energy costs is set to be announced this coming Thursday. Business energy fees are a huge problem with no current price cap in place. Pubs, restaurants, shops, and hairdressers, along with all other businesses, are receiving energy bills which, in some cases, show over a 500% increase over previous bills. This is before we even head into winter and temperatures are still mild...
 
Annual growth in credit card borrowing went up 13% in July – the highest rate since October 2005. The average interest rate on credit card borrowing is currently 21.17%... the highest level since 1998. Many consumers are being forced to turn to credit to pay for essential items, with real wage growth being continuously outpaced by inflation. 
 
There were also 1,827 company insolvencies in July, up 27% vs. pre-pandemic July 2019 - the vast bulk of these insolvencies still coming from CVLs. The Bank of England MPC will meet once again this Thursday, with another interest rate hike expected to be announced. 

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