Original UK Fortune British Fortune 2022-09-05 19:52 published in the UK
Just now, on September 5, local time in the UK, Sir Graham Brady announced the results of the 2022 Conservative Party leader election at Queen Elizabeth II Centre located in Westminster , Liz Truss 81,326 : 60,399 votes won the election and became the new British Prime Minister . He is also the third female prime minister in history in Britain.
According to the plan, Liz Truss will officially replace Boris tomorrow and serve as British Prime Minister.
- At 8:30 am on September 6, the outgoing Prime Minister Boris delivered a farewell speech in front of the Prime Minister's Office, and then took the government's official plane to the Queen of England and the Balmoral Castle in Scotland to meet the Queen. The Prime Minister-designated travels to Balmoral Castle on his own. (Traditionally, the Queen has appointed a new prime minister at the official residence Buckingham Palace . But this year, considering the Queen's health, she has appointed a new prime minister for the first time in her summer vacation destination in Scotland in 70 years since she succeeded to the throne).
- At around 11:30 am on September 6, Boris formally submitted his resignation to the Queen, and then the Queen will appoint the successor to officially serve as Prime Minister. The new Prime Minister will return to London on a government jet and enter the Prime Minister's Office. Boris, who has already left office, arranges his follow-up itinerary.
- At 4 pm on September 6, the new Prime Minister delivered an inauguration speech outside the door of No. 10 Downing Street, . The new cabinet 5 candidates were announced one after another on the same day.
- September 7th, on Wednesday morning, the new prime minister held a new cabinet meeting.
- At 12 pm on September 7, the new prime minister came to the lower house of parliament as prime minister for the first time. What awaits them will be the regular Prime Minister's answers to questions from parliamentary members every Wednesday - the process of accepting questioning from parliamentarians.
Today's UK focus and practical information introduction:
- Several major problems that the new prime minister needs to solve, the solution promised by Liz Truss;
- Popular candidates for important ministers in the new cabinet;
- Liz Truss plans to ease the UK's energy crisis;
- owners prefer 5-year fixed-rate mortgage products with lower interest rates;
- New UK Audit Regulatory agencies are located in Birmingham;
- pound fell to 7.90 against the RMB;
- flight information for two-way direct flights in the UK and mainland China that are open to all passengers;
- practical information on epidemic prevention and life in the UK.
Several major problems that the new prime minister needs to solve
Liz Truss's solution promised
- Energy and other cost of living crises
been affected by the high global inflation, and the prices of energy, food and other goods in the UK soared in double-digit percentages, and it is the new prime minister Liz Truss is the most urgent, the most difficult, and the most important thing that directly determines her future.
UK has begun to issue a minimum of £400 cash subsidy for household energy to every household in step, and low-income or other disadvantaged families can receive a maximum of £1,500 subsidy. The solutions that
Liz Truss showed during the campaign include: providing more cash subsidies to all households, especially vulnerable families, significantly reducing VAT value-added tax, approving shale gas extraction (Fracking), restoring the national welfare insurance NI to the rate before the increase in July this year, etc.Authoritative sources said that it is not ruled out that Liz Truss adopts more severe methods such as freezing energy prices, such as ease the energy crisis faced by residents and enterprises
- Public Finance
UK has accumulated greater pressure on public finance in terms of COVID-19 prevention and energy subsidies. In addition, Liz Truss also promised more public fiscal spending during the campaign, including providing more energy subsidies to each household, substantial tax cuts, and increased defense spending, which will increase the fiscal deficit, causing the market to worry about the public fiscal health in the UK.
Although Liz Truss and her Chancellor of the Chancellor Kwasi Kwarteng promised to treat public finance with caution and responsibility, market worries are hard to dissipate.
UK Public Budget Responsibility Office OBR estimates that the various subsidies and fiscal and tax policies promised by Liz Truss are expected to bring a new deficit of £30 billion this fiscal year. It is estimated that by the end of the original term of office of this parliament in 2025, the cumulative fiscal loans will be as high as 100 billion pounds.
The British Society of Fiscal Research believes that large-scale fiscal subsidies and long-term tax cuts relying on lending will only make public finance worse.
- Labor-management relations, the British strike wave
The attitude of the new chief relative to the trade union series strikes is expected to further anger the major trade unions. The new round of strikes will be a warning to the new prime minister.
Since this year, trade unions in almost all industries in the UK have launched and held a series of strikes across the UK. Public service industries including nurses and midwives are brewing the first strike in history.
Liz Truss promised to curb "military unions" during his campaign, including raising the threshold for unions to hold strike votes, from the current 40% to 50%. She will also introduce legislation requiring that basic operations must be maintained for the areas of national infrastructure (public transportation, civil aviation, shipping) involving (public transportation, civil aviation, shipping) during the strike period.
These will further anger the major trade unions and may lead to a general strike between trade unions across the UK.
- Legacy of Brexit
Although the UK has officially left the EU , the trade arrangements involving the Northern Ireland region in the agreement signed between the EU and the EU during Brexit had very unreasonable and unfavorable terms for the UK, causing goods from England, Wales and Scotland to face a deadlock in the Northern Ireland region.
Liz Truss promises to push UK parliament legislation to modify Northern Ireland clauses that are not conducive to the UK, but this will further deteriorate the UK's relations with the EU and may even trigger a trade war.
Liz Truss was the Minister of International Trade and other positions. He had rich experience in international free trade and market development, and his attitude towards the EU was a hardliner.
- Millions of medical backlog of the British public therapy system
Affected by the COVID-19 epidemic prevention, the British public therapy system NHS has accumulated about 6.7 million non-emergency hospital treatments in the past two years, which is the highest medical burden in the history of the NHS established in 74 years.
But at the same time, as various industries in the UK face labor shortage, the number of full-time job vacancies that the NHS system urgently needs to fill has reached 100,000. These directly lead to the inability to alleviate the backlog of medical services in a timely manner.
Liz Truss promises more generous financial investment to the NHS, and hopes to promote the cultivation of local talents on the one hand and increase the recruitment of overseas medical staff on the other hand, but it is difficult to quench near-term thirst.
Popular candidate for important ministers of the cabinet
After Liz Truss was successfully elected, she will immediately start forming her own cabinet. Here are the top candidates for cabinet members for important positions.
Current Business Secretary Kwasi Kwarteng will be appointed as the new Minister of Finance. 47 years old, graduated from Eton College .
Suella Braverman, who once participated in the Conservative Party leader's election, is expected to become the Home Secretary. 42 years old, graduated from University of Cambridge .
As an early supporter of Truss, Education Minister James Cleverly may become Foreign Secretary.
53 years old, graduated from Thames Valley University.
Work and Pension Minister Therese Coffey may become Health Secretary.
Current Defense Secretary Ben Wallace is expected to continue to hold his current position
Liz Truss is planning a 100 billion pound plan to alleviate the UK energy crisis
New leader of the Conservative Party and the UK Prime Minister Liz Truss is planning a financial aid plan with a total of 100 billion pounds in order to alleviate the cost of living crisis caused by the soaring energy prices in the UK.
reported that Liz Truss will refer to the "furlough" model of the UK's national wage subsidy during the COVID-19 pandemic, providing subsidies to all households, and providing government-guaranteed loans to companies suffering from soaring energy prices to reduce business operations.
Kwasi Kwarteng, who is about to become the new secretary of the Finance Department, has also maintained his support to the market, and although borrowing under the new policy will be more relaxed, he will still be responsible for public finances.
In addition, Liz Truss has pledged a series of tax cuts aimed at promoting economic growth.
Russian state-backed energy company Gazprom has soared again after the last minute decision not to reopen the critical Nord Stream 1 pipeline to Europe. On September 5, the wholesale price of natural gas for British energy producers rose sharply again by 20%-30%.
owners favor 5-year fixed interest rate products with lower interest rates
Against the backdrop of the Bank of England's continuous rate hikes , home buyers or mortgage owners affected by the cost of living crisis are increasingly choosing 5-year fixed interest rate mortgage products.
As the benchmark interest rate is expected to continue to soar, lenders are also seizing the current interest rate that is still at a relatively low level to lock in repayment amounts.
Currently, Nationwide offers 2-year fixed-rate products with an interest rate of 4.04% for applicants with a down payment of 40%, with an application fee of 999 pounds. However, under the same down payment ratio, the interest rate of the 5-year fixed interest rate product is only 3.59%.
Take a loan of 200,000 pounds as an example. If you choose a product with a longer fixed cycle, the borrower will pay 50 pounds less per month.
HSBC provides applicants with a 2-year fixed interest rate product with an interest rate of 3.99%, while the 5-year fixed interest rate product in the same situation is 3.53%. Halifax, one of the UK's largest mortgage banks, offers a 2-year fixed-rate product with an interest rate of 3.59%, and a 5-year rate of 3.41%.
At the same time, the market believes that by March next year, the Bank of England's central bank is likely to increase the benchmark interest rate from 1.75% to 4.25%. This could lead to another 2.5% increase in mortgage rates.
The prices of fuel, energy, food and services in the UK have been soaring since this year, squeezing slower growth income and causing borrowers to favor products with longer fixed cycles.
UK's new audit regulator site Birmingham
UK government has determined to use Birmingham as the location of its new audit regulator, bringing a further boost to England's second largest city. The move is also part of the latest attempt to move more government functions from London to elsewhere in the UK.
It is reported that the British government is forming a new Audit, Reporting and Management Agency (Arga). The new body aims to replace the existing Financial Reporting Council, which doubled since 2018 and has about 400 employees at its London headquarters.
As planned, after Arga is established and operated, 200 employees will initially be relocated to Birmingham immediately, and most employees will follow up on the relocation at due time.The new supervisory body is expected to be launched until 2024 at the earliest.
This move is also part of the local upgrade plan for the Conservative Cabinet to transfer 22,000 civil servants from London to other parts of England by 2030. So far, 7,000 civil servants have completed the relocation.
The Conservative Party Cabinet hopes to move 22,000 civil servants from London to other towns by 2030. At present, 7,000 positions have been relocated. The main cities to which they have moved include Birmingham, Manchester , Leeds , York , Cardiff, etc.
pound fell to 7.90
flight information for two-way direct flights in the UK and mainland China
UK defense Practical information on epidemics:
You can enter the zip code and query the key data of the epidemic in local areas through the official link below:
https://coronavirus.data.GOV.uk/details/interactive-map/cases
UK COVID-19 vaccination information:
People below can receive a new generation of vaccines from early September to boost the injection
Appointment official website for all those who need to be vaccinated:
htt tps://www.nhs.uk/conditions/coronavirus-covid-19/coronavirus-vaccination/book-coronavirus-vaccination
(The British Public Health System NHS vaccinates all people living in the UK for free, including international students and stranded visitors. If you do not have an NHS number, you need to contact the local GP clinic first and register a temporary NHS number).
UK NHS vaccination and certificates are all free. Obtaining a vaccination certificate from the NHS will never be required to pay or provide payment information, and will not be fined for this.
(The content of this article is original in Chinese by British Wealth (formerly known as "British Real Estate Weekly"). The information is referenced from GOV, NHS, UKHSA, ONS and other institutions or information websites. Forwarding via WeChat, the source must be indicated: British Wealth. The content in the article is only industry information. Please follow professional legal advice if you actually invest)
