primer domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ikq167bdy5z8/public_html/propertyresourceholdingsgroup.com/wp-includes/functions.php on line 6114When she dies, there will be a period of solemn ceremonies, and the government won’t say anything until after her funeral.
The U.K. is entering a new era with the death of Queen Elizabeth II, but it’s one that’s full of economic uncertainty and makes people feel bad about the country as a whole.
At 96, the queen was the U.K.’s longest-ruling monarch. She died “peacefully” on Thursday at Balmoral Castle in Scotland, just hours after doctors said they were worried about her health.
After hearing the news, thousands of Brits stood in the pouring rain in front of Buckingham Palace to pay their respects.
The queen’s 70-year reign included the end of World War II, the end of Britain’s huge empire, the Brexit vote in 2016, and a global pandemic. She came to represent a rare constant in a world where things are always changing. Her oldest son, Charles III, was named King just a few hours after she died.
Her death will be marked by a period of sombre ceremonies, during which the government won’t make any announcements until after her funeral, which will be a public holiday in about 10 days. The Bank of England has also moved its meeting on monetary policy back a week.
Normal politics is put on hold.
The normal way of running politics has been put on hold just days after the U.K. On Tuesday, the queen chose Liz Truss to be the country’s new prime minister. This was the Queen’s last act of public service.
Truss moves into 10 Downing Street at a time when Britain is going through changes that have never happened before. He takes over a country with the worst economic outlook in years, a worsening energy crisis, and more inequality.
Hours before the queen died, Truss started laying out her plans to deal with the U.K.’s cost-of-living crisis. She unveiled a large stimulus package to help Brits with their high energy bills, which have gone up because of Russia’s war in Ukraine.
It comes after a petition in the U.K. to stop paying energy bills began to gain support.
The Treasury says that the package, which will cost more than £100 billion, will cut peak inflation by 4-5 percentage points. But economists say that the move could make the Bank of England’s already difficult job of bringing down record-high prices even harder by making people spend more money on goods and wages.
In the U.K. last month, the central bank raised rates by the most in 27 years, bringing the benchmark rate up to 1.75%. This was done to try to bring down inflation, which is the highest among G-7 countries at 10.1%. Most investors thought that the BoE would raise rates by another 50 basis points at its next meeting. However, some now say that it will be forced to raise rates even higher and faster.
More signs of a recession
The uncertain future comes at a time when the chances of a recession are growing. Last week, Goldman Sachs said that the U.K. could go into a recession in the fourth quarter of this year, as the Bank of England had said before.
Brits are now getting ready for a hard winter for their homes and businesses.
The British pound has been going down for a few months now. On Wednesday, it hit a 37-year low of $1.1469, which was the lowest level in 37 years.
It puts a lot of pressure on both Truss and King Charles, the two new leaders of Britain, whose job it will be to bring the people together during a crisis. They are going to meet in London on Friday night.
People also keep saying that the monarchy is out of date and wastes public money. In fact, the cost and ceremony of the queen’s funeral won’t be forgotten in a country where the cost of living is rising quickly.
“King Charles already has plans to reduce the size of the Royal Family,” Andrew Roberts, a historian and professor at King’s College London, told CNBC Friday. “We’ll see them in the coming months and years.”
“The U.K. is obviously going through a huge cost-of-living crisis, and people want to see the Royal Family reflect that,” he said, adding that there may be fewer royals at high-profile events in the future.
Truss told the people of Britain on Thursday to “come together as a people” and support their new leader.
In a speech outside No. 10, Truss said, “Queen Elizabeth II was the rock on which modern Britain was built.” “With the end of the second Elizabethan age, we begin a new time in the wonderful history of our great country.”
She also said that the people of Britain should get behind Charles III to “help him carry the huge responsibility that he now has for us all.” “May God protect the King.”
