Britain’s new Prime Minister Liz Truss on Wednesday readied the final details of a plan to tackle soaring energy bills, which looks likely to cool inflation but add more than 100 billion pounds ($115 billion) to the country’s borrowing.
On her first full day as Britain’s leader after replacing Boris Johnson, Truss told parliament she would support businesses and households who are bracing for a recession that is forecast to start later this year, according to Reuters.
Sterling fell to its lowest level against the U.S. dollar since 1985, in part due to worries among investors about the scale of debt that Britain will have to sell to fund the energy support plan, and the tax cuts that Truss has also promised.
Source: Jordan News Agency