Liz Truss reveals her three immediate priorities in first speech as Britain’s prime minister

In her first speech as Britain’s prime minister, Liz Truss promises immediate action to address soaring energy prices, in addition to tax cuts and a boost to health services.

New UK prime minister Liz Truss gives her first speech at Downing Street. Picture: Getty Images

Liz Truss has promised in her first speech as prime minister “to take action this day and every day” to transform Britain into an aspirational nation, believing the country can “ride out the storm” of the cost of living crisis.

Ms Truss stood outside 10 Downing Street after a thunderstorm had swept through just minutes before, having been anointed by the Queen earlier in the day at Balmoral Castle. She pledged to deal with three immediate priorities: to grow the economy through tax cuts and reform; address the energy crisis with “hands on” action this week and to see that people can get the doctor appointments and health services they need.

Ms Truss hinted that she may look at expanding the North Sea gas and oil, as well as fracking, with a comment that she would “get spades in the ground to make sure people are not facing unaffordable energy bills”. Household energy costs have trebled in the past year while businesses have faced seven and eight fold increases.

Just before an evening in Westminster where she was to make her Cabinet appointments, many of whom watched her speech on Downing Street, Ms Truss noted: “We have huge reserves of talent, of energy and determination and I am confident that together we can ride out the storm.

“We can rebuild our economy and we can become the modern, brilliant Britain that I know we can be.”

Conservative MPs watch as new UK prime minister Liz Truss gives her first speech at Downing Street. Picture: Getty Images

Ms Truss also referenced Britain’s allies around the world, standing up for freedom and democracy and “recognising that we can’t have security at home without having security abroad”.

United States president Joe Biden tweeted his congratulations and added: “I look forward to deepening the special relationship between our countries and working in close co-operation’’.

Congratulations to Prime Minister Liz Truss.

I look forward to deepening the special relationship between our countries and working in close cooperation on global challenges, including continued support for Ukraine as it defends itself against Russian aggression.

— President Biden (@POTUS) September 6, 2022

The United States has been pressuring the UK to maintain the Northern Ireland protocol with the EU trading barrier in the Irish Sea. But Ms Truss is known to want to rip up the protocol in order to defend the Good Friday agreement as it has been destabilising the political situation in Northern Ireland.

Ms Truss’ immediate economic priorities include re-emphasising tax cuts, amid suggestions that she will increase government borrowing to underpin big announcements to deal with the chaotic energy prices that have seen financial markets move quickly on government bond prices.

Ten-year gilt yields have hit 3.1 per cent, the first time since 2011.

New UK prime minister Liz Truss poses with her husband Hugh O'Leary at Downing Street. Picture: Getty Images

Early this morning there were suggestions that Ms Truss would announce an energy price freeze this Thursday of around £2500 a year for an average two-bedroom household, with the government subsidising the extra cost, of about £1000 a year, which was to hit residents from October 1.

Ms Truss’ first phone call with a foreign leader was with Ukraine president Volodymyr Zelenskyy, to whom she reiterated the United Kingdom’s steadfast support for Ukraine’s freedom and democracy.

“The leaders discussed the need to strengthen global security and the measures necessary to cut off the funds fuelling Putin’s war machine, “ Downing Street said.

“The leaders deplored Putin’s attempts to weaponise energy, and the Prime Minister said it was vital Russia’s blackmail did not deter the West from ensuring Putin fails.”

We discussed the participation of 🇬🇧 in the recovery of 🇺🇦. Coordinated further pressure on the RF. The goal is to stop the aggression & bring the perpetrators to justice. It's important to designate the RF a terrorist state. We'll continue active interaction in all formats. 2/2

— Володимир Зеленський (@ZelenskyyUa) September 6, 2022

Ms Truss also underscored the importance of ensuring the UK and its allies continue to build energy independence.

“She praised the Ukrainians’ fight for sovereignty and self-determination and said it was essential Ukraine succeeds and Russia fails.”

Ms Truss also accepted an invitation to visit President Zelenskyy in Ukraine soon.

New Cabinet

As expected, Ms Truss rewarded allies to her during her victorious Conservative leadership campaign, promoting Kwasi Kwarteng to finance, James Cleverly to foreign affairs and Suella Braverman to interior.

The son of Ghanaian immigrants, Kwarteng is the country’s first black chancellor of the exchequer. His immediate focus will be turning round Britain’s dire economic fortunes.

Cleverly is a mixed-race army reservist who served under Truss at the foreign office, while Braverman, whose parents are of Indian origin from Kenya and Mauritius, inherits a tricky brief from Priti Patel.

Cigar-smoking Truss loyalist Therese Coffey was made health secretary and deputy prime minister.

Ben Wallace retained the defence ministry, with Truss vowing to extend Boris Johnson’s staunch support for Ukraine.