The United Kingdom now has a new Prime Minister (PM), Liz Truss. She will now take the place of Boris Johnson, the former PM. She is the foreign secretary and is 47 years old, and she beat former chancellor of the Exchequer, Rishi Sunak. She got 81,326 votes to his 60,399 votes. She is the third female prime minister for the UK. She has a tough task in front of her, as she is inheriting a country that is facing high inflation rates, a possible recession, and skyrocketing energy prices. Truss officially got her power yesterday, when she went to Queen Elizabeth II to be formally appointed.
https://www.axios.com/2022/09/06/truss-diverse-cabinet-cleverly-kwarteng-braverman
Fun Fact:
Liz Truss’ cabinet is the first ever that doesn’t have a white man in the highest roles.
Terminology:
Recession – a timeframe during which economic activity where spending goes down. A country’s GDP also usually falls.
GDP – GDP stands for Gross Domestic Product, and it basically measures the total amount of economic activity in a country in a year. Since the spending is lessened in a recession, it makes sense why the GDP would also fall.
Inflation – when the value of a country’s currency rapidly goes down. Ex: If a loaf of bread costs $3 in a supermarket usually, and the price goes up to $5, that is a potential sign of inflation. Due to the value of money falling, prices of goods and services usually go up.
