King Charles III will inherit a tough economy and will immediately have to provide the same kind of reassuring presence that his mother did during her 70-year reign.
In his first address to the British public, Charles on Friday set out his intentions and vision for the role he took on when his mother Queen Elizabeth II died on Thursday, stressing that “the role and duties of the monarchy” must remain .
“I was brought up to cherish a sense of duty to others and to hold with the utmost respect the precious traditions, freedoms and responsibilities of our unique history and our parliamentary system of government,” King Charles III said.
And he will have the chance to test that view in the coming months as he begins to attend weekly meetings with Prime Minister Liz Truss, who has taken charge of forming a government as the final act of the reign. of Queen Elizabeth II on the United Kingdom.
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The King himself has little practical power, his meetings with the Prime Minister provide him with a valuable outlet to express his opinions – which he will not have the freedom to do as King – and to advise the Prime Minister. on current issues.
Britain’s economy presents a significant problem but has yet to turn into a full-blown crisis: Truss has announced plans to cap energy bills at a cost of $172 billion while the Bank of England postpones decisions to raise interest rates in order to fight inflation.
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Inflation hit double digits last month, with the consumer price index hitting 10.1% in July, its highest level since February 1982. Citi economist Benjamin Nabarro said that he expected inflation to peak at over 15% early next year.
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 slide into recession in the fourth quarter of this year after suffering the biggest drop in GDP since 1709, Reuters reported.
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Truss pledged to be ‘hands on’ with Britain’s ‘very serious’ energy crisis and ruled out imposing a windfall levy on oil companies to pay for its plans to offset soaring heating costs and electricity, but energy may prove a point of contention between the King and his prime minister.
Charles may try to convince the Prime Minister to seek alternative energy sources: he has remained a strong supporter of environmental issues and has been an outspoken critic of man-made global warming.
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But whatever forms his conversations with Truss take, they will remain private because the King is constitutionally prohibited from speaking publicly on political matters and expressing an opinion, lest it appear to be an attack on the government.