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Liz Truss named as Britain’s prime minister, promises tax cut, improved economy

Published

4 years ago

September 5, 2022

Liz Truss was named as Britain’s next prime minister on Monday, winning a leadership race for the governing Conservative party at a time when the country faces a cost of living crisis, industrial unrest and a recession.

According to Reuters, this came after weeks of an often bad-tempered and divisive leadership contest that saw the foreign minister face off against former finance minister Rishi Sunak, Truss came out on top in a vote of Conservative Party members, winning by 81,326 votes to 60,399.

“We need to show that we will deliver over the next two years. I will deliver a bold plan to cut taxes and grow our economy,” Truss said after the result was announced.

She added, “I will deliver on the energy crisis, dealing with people’s energy bills, but also dealing with the long-term issues we have on energy supply.”

The announcement triggers the start of a handover from Boris Johnson, who was forced to announce his resignation in July after months of scandal saw support for his administration drain away.

A BBC report also says the new Prime Minister Truss used her acceptance speech to pledge to “deliver on the energy crisis” by dealing with bills as well as supply issues.

A freeze on energy bills is understood to be one of a number of options being worked up in Whitehall to help struggling households to cope with the soaring cost of gas and electricity.

Energy industry sources expect the government to back freezing bills.

Ms Truss’s team is understood to have been working on a support package for energy bills “for weeks” and an announcement on what they will do is pencilled in for this Thursday.

“Lots of measures have been considered, some have progressed and some have not” a source said. Her team do not deny they might introduce a freeze on energy bills.

There have been multiple meetings between the energy industry and government, including ministers close to Ms Truss, who is seen as the front runner to replace Boris Johnson.

Nadhim Zahawi, the current chancellor who is expected to stay on in another role should Ms Truss win the leadership race, is understood to have been involved in conversations with industry leaders about the plan on a recent trip to the US.

A freeze of the energy price cap – the limit on how much gas and electricity can cost in England, Scotland and Wales – would not necessarily require upfront government funding at the beginning.

In an article for the Financial Times, Ms Truss’ close ally, Business Secretary Kwasi Kwarteng said a government led by her will borrow more to help people this winter through “exceptionally difficult times” during the energy price shock.

Kwarteng – tipped to be named chancellor by Miss Truss – suggested he would look at the UK’s rules on government borrowing and spending – called fiscal rules – to see if they still work for the economy.

The Treasury is allowed to suspend its fiscal rules in the event of a “significant negative shock to the UK economy”.

However, Kwarteng sought to reassure markets that the UK had space to borrow more and that it would be done in a “fiscally responsible way”.

During an interview with the BBC’s Sunday with Laura Kuenssberg, Ms Truss said it was fair to give higher earners more money back through tax cuts.

She said recent Tory policy had failed to grow the economy and has previously pledged to reverse a National Insurance rise.

News

Missing Billions: Lawmakers Summon NNPCL and 146 Marketers Over ₦432bn Downstream Debt

Published

42 minutes ago

September 9, 2026

Hamdalat Bisiriyu

Nigeria’s federal lawmakers are putting the downstream energy sector under the microscope after audit records revealed that state oil firm NNPCL and private fuel marketers have piled up at least ₦432 billion in unpaid regulatory obligations.

The House of Representatives Public Accounts Committee (PAC) confirmed the formal probe this week, following persistent warnings raised in the Auditor-General’s 2023 and 2024 annual reports.

Regulatory Levies Left Unpaid

The mountain of debt has accumulated over a six-year period from 2017 to 2023, remaining largely uncollected despite the country’s tight fiscal squeeze.

Audit records track a steep rise in default:

The 2023 audit initially captured ₦392 billion in total arrears, with NNPCL carrying over ₦162 billion and commercial marketers responsible for ₦230 billion.
The 2024 report revealed that private marketer debt alone had swelled to ₦432 billion, separate from state-owned NNPCL liabilities.
Regulatory data from the NMDPRA confirms that 146 companies affiliated with DAPPMAN and MEMAN owed ₦327 billion by 2025.

No Hiding Place for Defaulters

PAC Chairman, Rep. Bamidele Salam, made it clear that parliament expects compliance from corporate leaders, issuing a firm directive against corporate stonewalling.

Salam emphasized that the committee will scrutinize why statutory revenues were permitted to sit idle without vigorous enforcement from the NMDPRA. Defaulters will be forced to present audit trails detailing every transaction, outstanding balances, and proof of any remittances made to date.

For lawmakers, the objective is unambiguous: plug commercial leakages, enforce fiscal discipline, and recover every outstanding naira owed to the federation.

News

Fresh Blackout Hits Abuja as Apo Substation Transformer Trips

Published

1 hour ago

September 9, 2026

Hamdalat Bisiriyu

Parts of the nation’s capital have once again been plunged into darkness following an early-morning equipment failure at the Apo Transmission Substation on Wednesday.

The Transmission Company of Nigeria (TCN) confirmed the outage, attributing the disruption to the tripping of a 100MVA TR4 power transformer at its 132kV/33kV facility. Preliminary findings trace the failure to an oil spillage on the transformer’s red-phase High Voltage (HV) bushing, which forced four critical 33kV feeders, H31, H33, H35, and H37 offline.

News

Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or

Published

21 hours ago

September 8, 2026

Trends Admin

Kylian Mbappé and Barcelona forward Lamine Yamal

Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or

The 19-year-old Spain international insists his World Cup and La Liga triumphs speak for themselves, while also being named one of Barcelona’s vice-captains ahead of the October 26 ceremony.

Barcelona forward Lamine Yamal has made it clear that he will not campaign or “beg” for the 2026 Ballon d’Or, stating that his achievements on the pitch for club and country should speak for themselves. Speaking ahead of Barcelona’s Champions League opener against Feyenoord, the 19-year-old responded to comments from rival Kylian Mbappé, who had previously made his case for the award by highlighting his World Cup Golden Boot win, which also saw him become the competition’s all-time top goalscorer.

“I don’t think I need to campaign for the Ballon d’Or. I’m not thinking about what I deserve, everyone can think what they like,” Yamal told reporters. “I’m proud of everything I’ve done this year with my club and with the national team. We’ve become world champions, we’ve won the league again. I can’t ask for anything more. I think I’ve shown an incredible level, it’s your job and I will not beg for anything.”

The Spanish international, who finished second in last year’s voting behind PSG’s Ousmane Dembélé, is among the leading contenders for the prize alongside Mbappé, Harry Kane, Dembélé, and Khvicha Kvaratskhelia. The ceremony is scheduled for October 26 in London. Yamal was officially named among the 30 nominees for the 2026 men’s Ballon d’Or when France Football unveiled the list on Tuesday, marking his third nomination.

When asked about Dembélé’s recent comments naming Kvaratskhelia, Kane, and Mbappé as his top three, Yamal joked: “He’s a friend of Kylian, right? Honestly, I don’t care. I’m very happy with the year I had. Whenever I’ve faced both of them, I’ve won. They must have taken a dislike to me for some reason.” Spain knocked France out of the World Cup semi-finals with a convincing 2-0 victory.