King Charles III will inherit a difficult economy and will immediately need to provide the same kind of reassuring presence that his mother did during her 70-year reign.
In his first address to the British public, Charles on Friday made clear his intentions and vision for the role he assumed upon the death of his mother, Queen Elizabeth II on Thursday, stressing that “Ownership’s role and duties“He must stay.
King Charles III said: “I was brought up to respect a sense of duty to others, to respect the traditions, the precious liberties and responsibilities of our unique history and the parliamentary system of government.”
He will have the opportunity to test this view in the coming months when he begins Attend weekly meetings with the Prime Minister Liz Truss, who took charge of forming the government as the last measure of Queen Elizabeth II’s rule over the United Kingdom.
The king himself has little practical power, and his meetings with the prime minister provide a valuable outlet for him to express his views – something he would not be free to do as king – and to advise the prime minister on current issues.
Britain’s economy is a big problem but it has not yet turned into a full-blown crisis: Truss has announced plans to plug energy bills at a cost of $172 billion while the Bank of England delays decisions to raise interest rates in order to combat inflation.
The inflation rate was in the double digits last month, with the consumer price index reaching 10.1% in July Highest level since February 1982. Citi economist Benjamin Nabarro said he expects inflation to peak above 15% early next year.
Sterling is down 14.96% against the Dollar (YTD), hitting a 52-week low. Goldman Sachs recently warned that the UK could enter a recession in the fourth quarter of this year after seeing Biggest drop in GDP since 1709Reuters reported.
Truss vowed to be ‘practical’ With Britain’s “extremely serious” energy crisis ruling out an unexpected tax on oil companies to pay for its plans to offset rising heating and electricity costs, energy could be one point of contention between the king and his prime minister.
Charles may try to persuade the prime minister to look for alternative avenues of energy: he has remained an outspoken supporter of environmental issues and has been openly critical of man-made global warming.
But whatever forms his talks with Truss will take will be kept secret because the king is constitutionally restricted from speaking publicly on political issues and expressing opinion, lest it appear to be an attack on the government.