King Charles III: How the new British monarch can affect an economy on the brink of crisis

King Charles III: How the new British monarch can affect an economy on the brink of crisis

King Charles III will inherit a rocky economy and will need to immediately provide the same kind of reassuring presence that his mother did during her 70-year reign. In his first speech to the British public on Friday, Charles set out his intentions and vision for the role he took on after the death of his mother Queen Elizabeth II on Thursday, stressing that “the role and duties of monarchy” must remain. “I have been brought up to cherish a sense of duty to others and to uphold with the utmost respect the precious traditions, freedoms and responsibilities of our unique history and system of parliamentary government,” said King Charles III. And he will have the chance to test that vision in the coming months when he begins attending weekly meetings with Prime Minister Liz Truss, who has been tasked with forming a government as the final act of Queen Elizabeth II’s rule over the UK .

QUEEN ELIZABETH II WAS A FAITHFUL MADRID OF THE US-UK “SPECIAL RELATIONSHIP”: FORMER AMERICAN AMBASSADOR. The king himself has little practical power, his meetings with the prime minister providing him with a valuable outlet to express his views, which he will not have. the freedom to act as king and to advise the prime minister on current issues. Britain’s Prince Charles and Camilla, Duchess of Cornwall, background, leave after attending the annual Commonwealth Day service at Westminster Abbey in London, Monday, March 9, 2020.

Britain’s economy has a major problem, but it hasn’t yet turned into a full-blown crisis: Truss announced plans to cap energy bills at a cost of $172 billion, while the Bank of England postpones decisions on an interest rate hike to combat inflation.

FED’S CHRIS WALLER ON INTEREST RATES, INFLATION AND RECESSION Inflation reached double digits last month as the consumer price index reached 10.1% in July, the highest level since February 1982. Citi economist Benjamin Nabarro said he expected inflation to reach above 15% early next year. LONDON, UNITED KINGDOM – JULY 1: Prince Charles, Prince of Wales, Camilla, Duchess of Cornwall, Prince Andrew, Duke of York, Queen Elizabeth II, Meghan, Duchess of Sussex, Prince Harry, Duke of Sussex, Prince William , Duke of Sussex Cambridge and Catherine (Anwar Hussein/WireImage via Getty/Getty Images) The British pound (GBP) has fallen 14.96% against the dollar (year-to-date), hitting a new 52-week low . Goldman Sachs recently warned that the UK could enter recession in the fourth quarter of this year after seeing the sharpest drop in GDP since 1709, Reuters reported.

BUSINESS DURING QUEEN ELIZABETH’S MOURNING PERIOD CAN CONTINUE, RUT SAYS Truss pledged to be “hands-on” with Britain’s “very serious” energy crisis and ruled out imposing an unexpected levy on oil companies to pay the their plans to offset rising heating and electricity costs. but energy may be a point of contention between the king and his prime minister. City workers walk past the Bank of England in London February 13, 2008. (Reuters/Toby Melville/Reuters) Charles could try to persuade the Prime Minister to look at alternative energy routes – he remained a supporter open about environmental issues and openly criticized man. done global warming. CLICK HERE FOR THE FOX NEWS APP But whatever form his talks with Truss take will remain private, as the king is constitutionally restricted from speaking publicly about political matters and expressing an opinion, so it doesn’t look like an attack on the government .