Truss praises Boris Johnson in first speech as Conservative leader

The next Prime Minister’s ceremony is likely to be brief.

This is because the biggest issue in Britain today is not the identity of the PM, but The crisis of rising cost of living.

The average annual energy bill alone is set to rise 80% from October to £3,549 (about $4,180) – threatening to affect much of the country. Inflation rose above 10% in July for the first time in 40 years, driven by rising costs of energy, food and fuel amid Russia’s invasion of Ukraine.

According to the Bank of England, inflation will rise to 13% by the end of the year. The central bank also predicted that Britain would enter recession before the end of the year.

As far as it affects the Conservative Party leadership competition, analysts are skeptical that either candidate’s policies will help. The Institute for Fiscal Studies, an independent research group, said last month that leadership competitors, who promise both tax cuts and smaller government spending, “need to recognize greater uncertainty in public finance than usual.”

On Sunday, speaking on a BBC political show, Truss, the clear frontrunner of the contest, declined to discuss his plans to deal with the rising bills, but said, “I want to reassure the people that if I am in a week’s time, If I am elected as the Prime Minister within, I will act.”

Rishi Sunak relentlessly attacked the economic agenda of the truce, saying that the tax cuts proposed by him would push inflation even higher. And if the truce wins today, it will face immediate pressure to match the opposition Labor Party’s plan to freeze energy bills ahead of a planned price hike in October.