Will the era of Charles III be fraught with economic uncertainty, dampening national sentiment?

World
0
(0)

A new era for the United Kingdom has begun with the passing of Queen Elizabeth II — but one that is rife with waning national morale and economic insecurity. 

At 96, the queen was the longest-reigning monarch in British history. She passed away “peacefully” on Thursday at Scotland’s Balmoral Castle, hours after medical professionals had raised alarm about her failing health. 

Following the news, tens of thousands of Britons gathered outside Buckingham Palace amid the pouring rain to pay their condolences.

The queen had come to represent rare stability in a world of continual change over her 70-year reign, which saw the aftermath of World War II, the dissolution of Britain’s huge empire, the Brexit vote in 2016, and a pandemic. Her eldest son, who was named King Charles III hours after she passed away, succeeds her. 

No government statements will be made until after her funeral, which will be observed with a public holiday in about 10 days. Her passing will be commemorated by a time of mournful ceremony. The monetary policy meeting of the Bank of England has also been postponed by one week.

The suspension of regular politics comes just days after Liz Truss, who was appointed Tuesday by the queen in her final act of public duty, became the next prime minister of the United Kingdom. 

Truss takes office at 10 Downing Street as Britain experiences a period of unprecedented change.

Also Read: Queen Elizabeth II was more tech-savvy than you can imagine!

Hours before the queen passed away, Truss got to work revealing her strategies for addressing the UK’s cost-of-living crisis. She unveiled a significant stimulus plan meant to assist Britons with their rising energy costs as a result of Russia’s war in Ukraine.

The bleak picture coincides with mounting recessionary dangers for the nation. Similar to past predictions, the Bank of England could experience a recession in the fourth quarter of this year, cautioned Goldman Sachs last week. 

Currently, Britons are preparing for a difficult winter for both their homes and their businesses. 

The British pound has been falling over the previous few months and dropped to a 37-year low on Wednesday of $1.1469.

(with inputs from agencies)

How useful was this post?

Click on a star to rate it!

Leave a Reply

Your email address will not be published. Required fields are marked *