UK New PM Lizz Truss, Works On Cost Energy Crisis

Truss ruled out a windfall tax on energy firms' gargantuan profits...

The United Kingdom gets its new Prime Minister, Liz Truss. At her first parliamentary grilling as British prime minister, Liz Truss on Wednesday confirmed plans to stem huge rises in the cost of energy that threaten to plunge her new government into a winter of discontent.

Jousting with opposition Labour chief Keir Starmer for the first time since she succeeded Boris Johnson, Truss also revelled in her status as the UK government's third female prime minister, noting Labour has still to elect a woman leader.

Taking notes from the steps, Truss ruled out a windfall tax on energy firms' gargantuan profits but said details of her plan would be released on Thursday to ensure consumers and businesses can still afford heating in the coming months.

Whereas the former PM Johnson used the weekly session of "Prime Minister's Questions" to theatrically attack Starmer, Truss was more business-like as she pledged a right-wing programme of tax cuts to revitalise the UK economy.

"There's nothing new about a Labour leader who is calling for more tax rises," Truss retorted, earning roars of approval from Conservative MPs -- most of whom had initially backed her leadership rival, Rishi Sunak.

Earlier Wednesday, Truss convened her new-look cabinet, which includes the most diverse top team in British history: Kwasi Kwarteng as finance minister, James Cleverly as foreign secretary and Suella Braverman as interior minister.

Under the costly plans developed by Truss and Kwarteng, gas and electricity bills for both households and businesses are expected to be capped near current levels for the coming winter at least.

Moreover, under the Lizz Govt., they would lend or guarantee private-sector loans to energy providers to make up the difference they pay from soaring global wholesale prices, which have driven UK inflation above 10 per cent.