Crowds gather in front of Buckingham Palace to pay their respects following the death of Queen Elizabeth II in Balmoral, on September 8, 2022 in London, England.
Leon Neal | Getty Images Entertainment | beautiful pictures
LONDON – Death of Queen Elizabeth II marks the beginning of a new era for the UK – but it’s an era fraught with economic uncertainty and denting national sentiment.
The Queen, who, at 96, was the UK’s longest-reigning monarch, passed away “peacefully” on Thursday at Balmoral Castle, Scotland, hours later The doctors expressed concern for her ailing health.
Thousands of Britons gathered outside Buckingham Palace in the pouring rain to watch the news to pay their respects.
The Queen – whose 70-year reign spans the aftermath of World War II, the fall of Britain’s vast empire, the 2016 Brexit vote and the global pandemic – has become the symbol of a constant Rare in an ever-changing world. She was succeeded by her eldest son, who was made King Charles III hours after her death.
Her passing will be marked by a period of solemn ceremonyduring which no announcement will be made by the government until after her funeral, which will be marked as a public holiday in about 10 days.
Normal political suspension
The suspension of normal political activity comes just a few days later The UK has installed its new prime minister Liz Trusswho was appointed by the queen herself on Tuesday, in her final public service.
Truss enters No. 10 Downing Street at a time of change for Britain, inheriting a country with the worst economic prospects in years, a deepening energy crisis and rising inequality .
Hours before the queen’s death, Truss began plotting his plan to fight back UK cost of living crisisreveal a wide stimulus package designed to help Britons pay their energy billsspiked after Russia’s war in Ukraine.
It comes later a petition to boycott energy bills starting to gain traction in the UK
The Treasury said the funding package, set to cost more than £100 billion, would reduce peak inflation by four to five percentage points. However, economists warn that the move could complicate the Bank of England’s already huge task of curbing record high prices by boosting spending on goods and services. salary.
The Bank of the United Kingdom has delivered biggest interest rate hike in 27 years last monthraised the benchmark to 1.75%, in order to reduce inflation, which is currently the highest among the G-7 countries with 10.1%. Investors had widely expected a rally of 50 basis points when the BoE meets next week, but some now say they will be forced to raise rates higher and faster.
Recession risks increase
The uncertain outlook comes as the country faces a growing risk of recession. Goldman Sachs warned last week that the UK could fell into recession in Q4 of this year, echoing previous forecasts by the Bank of England.
Briton is currently bracing for a difficult winter for both homes and businesses.
The British Pound has been going down for the past few months, hits a 37-year low of $1.1469 on Wednesday.
London black cabs line the Shopping Center leading to Buckingham Palace in memory of Queen Elizabeth II, who has passed away aged 96.
Leon Neal | Getty Images Entertainment | beautiful pictures
It put pressure not only on Truss but also King Charles, two new British leaders whose role was to attract public affection in times of crisis. The couple will meet late Friday in London.
The monarchy also faces constant criticism for being outdated and absorbing public finances. Indeed, the costs and rites of the queen’s funeral will not be lost in a country engulfed in a cost-of-living crisis.
It is clear that we are facing a major cost of living crisis in the UK, and what people want to see is that the Royal Family is reflecting that.
Andrew Roberts
historian and professor, King’s College London
“King Charles has plans – we’ll see them in the coming months and certainly years to come – to shrink the Royal Family,” Andrew Roberts, historian and professor at King’s College London, told CNBC today. Friday.
“We’re facing a huge cost-of-living crisis in the UK, and what people want to see is that the Royal Family is reflecting that,” he said, adding that there could be There are few royals participating in future famous events.
Truss on Thursday called on Britain to “come together as a people” and support its new head of state.
“Queen Elizabeth II is the rock on which modern Britain has been built,” Truss said in a speech outside No. 10. “With the passing of the Second Elizabethan age, we usher in a new era. a new era in the heroic history of our great country.”
She added that Britons should rally around Charles III to “help him shoulder the great responsibility he now shoulderes for all of us”, she added. “God save the princess.”
