The statement made by Liz Truss, the Prime Minister, on 3 October 2022.
We get it and we have listened.
The abolition of the 45pc rate had become a distraction from our mission to get Britain moving.
Our focus now is on building a high growth economy that funds world-class public services, boosts wages, and creates opportunities across the country.
The BBC Radio Leeds interview between Rima Ahmed and Liz Truss, the Prime Minister, on 29 September 2022.
RIMA AHMED
Good morning Prime Minister.
LIZ TRUSS
Good morning.
RIMA AHMED
[asked the Prime Minister if she was well and if she slept well]
LIZ TRUSS
I have thank you very much. It’s great to be here on radio, Radio Leeds.
RIMA AHMED
[asked where the Prime Minister had been following the mini-budget, the fall of the pound to a record low and the Bank of England spending 65 billion dollars to prop up the markets.]
LIZ TRUSS
Well, I think we’ve got to remember the situation we were facing this winter. We were facing a situation where people could have had to pay energy bills of up to 6,000 pounds, where inflation was increasing and where we were looking at an economic slowdown, which would have had a huge impact right across the country, including in places like Leeds, so we had to take decisive action. That’s why we took action to make sure people aren’t paying a typical fuel bill of more than 2,500 pounds and that’s going to come in this Saturday.
RIMA AHMED
[said that this happened before the mini-budget and asked again where the Prime Minister had been.]
LIZ TRUSS
Well, I’m here today on Radio Leeds talking to you. The point I’m making is that we had to take decisive action to help people through this winter and next winter. I understand that families are struggling with their fuel bills and we had to take urgent action to get our economy growing, get Britain moving and also deal with inflation. Of course, that means taking controversial and difficult decisions but I’m prepared to do that as Prime Minister, because what’s important to me is that we get our economy moving, we make sure that people are able to get through this winter and we are prepared to do what it takes to make that happen.
RIMA AHMED
[asked how the Prime Minister felt her controversial risks had gone]
LIZ TRUSS
Well, what it has done is it has made sure that people and businesses will be paying lower taxes, it’s opened up new road projects, new infrastructure projects, which will mean that we can get on with doing the things that will help people, whether it’s getting to work, setting up their own business and growing the economy. And what it’s done is made sure that businesses and people are protected from these very high fuel bills this winter. And let’s remember why we’re here. We’re here because of Putin’s appalling war in Ukraine, that’s pushed up global energy prices. Countries are under pressure around the world, currencies are under pressure around the world and that’s why it’s so important that this government took urgent action and within a week of becoming Prime Minister, I took urgent action on the energy bills. We’ve taken urgent action through our fiscal statement and we will continue to make sure that we are on the side of people who work hard who do the right thing, and making sure that people aren’t facing those very, very high energy costs.
RIMA AHMED
[Asked the Prime Minister if she had seen the risks of the Bank of England and IMF needing to become involved.]
LIZ TRUSS
We’re working very, very closely with the Bank of England and it’s important that we have an independent Bank of England. They’re responsible for setting interest rates of course, the Chancellor and the Bank of England work closely together. We’re facing very, very difficult economic times, we’re facing that on a global level. I talked to a lot of my overseas counterparts about issues like energy, about making sure that we’re dealing with those global economy [sic], but the important thing is that the British government acted to make sure that people are protected from these high energy costs, to make sure we’re getting the economy going. Of course, a lot of the measures that we’ve announced won’t happen overnight, we won’t see the growth come through overnight. But what’s important is that we’re putting this country on a better trajectory for the long term.
RIMA AHMED
[Asked how long that would take.]
LIZ TRUSS
The action we’ve taken on fuel bills will start this weekend.
RIMA AHMED
[Asked whether given high levels of inflation if that help was just a drop in the ocean]
LIZ TRUSS
The National Insurance reductions will happen this autumn, that’s where we had to take urgent action to make sure people aren’t facing those higher national insurance bills. And the projects that we want to get on with like the road projects, the broadband projects and mobile projects, those will be happening over the next year. So we’re getting things done as quickly as we can to get our economy moving, but also most importantly, making sure we’re supporting families and businesses through what is a very tough winter.
RIMA AHMED
[Said that people had been getting in touch to tell of their financial difficulties, including Lee who she had met in a food bank. He said that without the food bank then he wouldn’t have been able to feed his children and that many people were struggling.]
LIZ TRUSS
The issues that Lee raises and, you know, is clearly, clearly very, very difficult for people, it’s very difficult for Lee, the issue he raises like inflation, the package that we put forward on energy is going to reduce, or likely to reduce, inflation by up to 5%. The action we’ve taken on energy bills will mean that Lee and other people living in West Yorkshire aren’t going to be facing energy bills of 6,000 pounds which is what was forecast, they’re going to be, through the energy price guarantee, a maximum of 2,500 pounds. The action we’re taking on the economy to get the economy growing is all about making sure that people have higher wages in the future, that we are getting the investment into places like West Yorkshire, that we are building those new roads, that we are helping businesses get on so that we can have that higher wage economy. So this is exactly the reason we’re doing what we’re doing, is to help people like Lee through this winter and also make sure that he has a secure future in the long term.
RIMA AHMED
Thank you for being here. I don’t know whether that answer will help Lee in the short term. I don’t know whether that will give any any hope for the long term. But thank you for being here.
The speech made by Liz Truss, the Prime Minister, in New York, United States on 22 September 2022.
Mr President, your excellencies, ladies and gentlemen,
At the time of its foundation, the United Nations was a beacon of promise.
In the aftermath of the Second World War, this building symbolised the end of aggression.
For many decades the UN has helped to deliver stability and security in much of the world.
It has provided a place for nations to work together on shared challenges.
And it has promoted the principles of sovereignty and self-determination even through the Cold War and its aftermath.
But today those principles, that have defined our lives since the dark days of the 1940s, are fracturing.
For the first time in the history of this assembly we are meeting during a large-scale war of aggression in Europe.
And authoritarian states are undermining stability and security around the world.
Geopolitics is entering a new era – one that requires those who believe in the founding principles of the United Nations to stand up and be counted.
In the United Kingdom we are entering a new era too.
I join you here just two days after Her Late Majesty Queen Elizabeth II was laid to rest.
We deeply mourn her passing and we pay tribute to her service.
She was the rock on which modern Britain was built.
And she symbolised the post-war values on which this organisation was founded.
Our constitutional monarchy, underpinned by a democratic society, has delivered stability and progress.
Her Late Majesty transcended difference and healed division. We saw this in her visits to post-apartheid South Africa and the Republic of Ireland.
When she addressed this General Assembly 65 years ago she warned that it was vital not only to have strong ideals but also to have the political will to deliver on them.
Now we must show that will.
We must fight to defend those ideals.
And we must deliver on them for all our people.
And as we say farewell to our Late Queen, the UK opens a new chapter – a new Carolean age – under His Majesty King Charles III.
We want this era to be one of hope and progress…
One in which we defend the values of individual liberty, self-determination and equality before the law…
One in which we ensure that freedom and democracy prevail for all people…
And one in which we deliver on the commitments that Her Late Majesty the Queen made here 65 years ago.
This is about what we do in the United Kingdom and what we do as member states of the UN.
So today I will set out what steps we are taking at home in the UK and our proposed blueprint for the new era we are now in – the new partnerships and new instruments we need to collectively adopt.
Our commitment to hope and progress must begin at home – in the lives of each and every citizen that we serve.
Our strength as a nation comes from the strong foundations of freedom and democracy.
Democracy gives people the right to choose their own path. And it evolves to reflect the aspirations of citizens.
It unleashes enterprise, ideas, and opportunity. And it protects the freedoms that are at the very core of our humanity.
By contrast, autocracies sow the seeds of their own demise by suppressing their citizens.
They are fundamentally rigid and unable to adapt. Any short-term gains are eroded in the long term because these societies stifle the aspiration and creativity which are vital to long-term growth.
A country where Artificial Intelligence acts as judge and jury, where there are no human rights and no fundamental freedoms, is not the kind of place anyone truly wants to live.
It is not the kind of world we want to build.
But we cannot simply assume there will be a democratic future.
There is a real struggle going on between different forms of society – between democracies and autocracies. Unless democratic societies deliver on the economy and security our citizens expect, we will fall behind.
We need to keep improving and renewing what we do for the new era, demonstrating that democracy delivers.
As Prime Minister of the United Kingdom, I am determined that we will deliver the progress that people expect.
I will lead a new Britain for a new era.
Firstly, this begins with growth and building a British economy that rewards enterprise and attracts investment.
Our long-term aim is to get our economy growing at an average of 2.5%.
We need this growth to deliver investment around our country, to deliver the jobs and high wages that people expect, and to deliver public services like the National Health Service.
We want people to keep more of the money they earn, so they can have more control over their lives and can contribute to the future.
Secondly, it means securing affordable and reliable supplies of energy.
We are cutting off the toxic power and pipelines from authoritarian regimes and strengthening our energy resilience.
We will ensure we cannot be coerced or harmed by the reckless actions of rogue actors abroad.
We will transition to a future based on renewable and nuclear energy while ensuring that the gas used during that transition is from reliable sources including our own North Sea production.
We will be a net energy exporter by 2040.
Thirdly, we are safeguarding the security of our economy – the supply chains, the critical minerals, the food, and the technology that drives growth and protects the health and lives of our people.
We won’t be strategically dependent on those who seek to weaponise the global economy.
Instead, we are reforming our economy to get Britain moving – and we want to work with our allies so we can all move forward together.
The free world needs this economic strength and resilience to push back against authoritarian aggression and win this new era of strategic competition.
We must do this together.
So we are building new partnerships around the world.
We are fortifying our deep security alliances in Europe and beyond through NATO and the Joint Expeditionary Force.
We are deepening our links with fellow democracies like India, Israel, Indonesia and South Africa.
We are building new security ties with our friends in the Indo-Pacific and the Gulf.
We have shown leadership on free and fair trade, striking trade agreements with Australia, New Zealand, Japan and many others, andwe are in the process of acceding to the Trans-Pacific Partnership.
Rather than exerting influence through debt, aggression, and taking control of critical infrastructure and minerals, we are building strategic ties based on mutual benefit and trust.
And we are deepening partnerships like the G7 and the Commonwealth.
We must also collectively extend a hand of friendship to those parts of the world that have too often been left behind and left vulnerable to global challenges…
Whether it’s the Pacific or Caribbean Island states dealing with the impact of climate change, or the Western Balkans dealing with persistent threats to their stability.
The UK is providing funding, using the might of the City of London and our security capabilities to provide better alternatives to those offered by malign regimes.
The resolute international response to Ukraine has shown how we can deliver decisive collective action.
The response has been built on partnerships and alliances and also on being prepared to use new instruments – unprecedented sanctions, diplomatic action, and rapid military support.
There has been a strength of collective purpose – we have met many times, spoken many times on the phone, we have made things happen.
Now we must use these instruments in a more systematic way to push back on the economic aggression of authoritarian regimes.
The G7 and our like-minded partners should act as an economic NATO, collectively defending our prosperity.
If the economy of a partner is being targeted by an aggressive regime we should act to support them. All for one and one for all.
Through the G7’s $600 billion Partnership for Global Infrastructure and Investment we are providing an honest, reliable alternative on infrastructure investment around the world, free from debt with strings attached.
And we must go further to friendshore our supply chains and end strategic dependence.
This is how we will build collective security, strengthen our resilience and safeguard freedom and democracy.
But we cannot let up on dealing with the crisis we face today.
No-one is threatening Russia.
Yet we meet here this evening…
In Ukraine, barbarous weapons are being used to kill and maim people,
Rape is being used as an instrument of war,
Families are being torn apart.
And this morning we have seen Putin trying to justify his catastrophic failures.
He is doubling down by sending even more reservists to a terrible fate.
He is desperately trying to claim the mantle of democracy for a regime without human rights or freedoms.
And he is making yet more bogus claims and sabre-rattling threats.
This will not work. The international alliance is strong and Ukraine is strong.
The contrast between Russia’s conduct and Ukraine’s brave, dignified First Lady, Olena Zelenska, who is here at the UN today, could not be more stark.
The Ukrainians are not just defending their own country – they are defending our values and the security of the whole world.
That’s why we must act.
That’s why the UK will spend 3% of GDP on defence by 2030, maintaining our position as the leading security actor in Europe.
And that’s why – at this crucial moment in the conflict – I pledge that we will sustain or increase our military support to Ukraine, for as long as it takes.
New UK weapons are arriving in Ukraine as I speak – including more MLRS rockets.
We will not rest until Ukraine prevails.
In all of these areas, on all of these fronts, the time to act is now.
This is a decisive moment in our history, in the history of this organisation, and in the history of freedom.
The story of 2022 could have been that of an authoritarian state rolling its tanks over the border of a peaceful neighbour and subjugating its people.
Instead, it is the story of freedom fighting back.
In the face of rising aggression we have shown we have the power to act and the resolve to see it through.
But this cannot be a one-off.
This must be a new era in which we commit to ourselves, our citizens, and this institution that we will do whatever it takes – whatever it takes to deliver for our people and defend our values.
As we mourn our Late Queen and remember her call to this Assembly, we must devote ourselves to this task.
Britain’s commitment to this is total.
We will be a dynamic, reliable and trustworthy partner.
Together with our friends and allies around the world, we will continue to champion freedom, sovereignty and democracy.
And together we can define this new era as one of hope and progress.
Thank you.
The speech made by Liz Truss, the Prime Minister, in New York on 21 September 2022.
We have been through a very difficult fortnight in the UK, Her Majesty The Queen was much loved and there’s been a huge outpouring of grief, both in the United Kingdom and around the world. To many of us she represented not just modern Britain but the modern world, taking over just after the Second World War and serving with distinction for 70 years – almost as long as the UN has been running.
We now enter a new era. What has been very heart warming is the way people have opened their arms to our new King, King Charles III. I’ve been doing sessions around the UK – in Belfast, Edinburgh and Cardiff. The streets are lined welcoming the new King and the UK is moving into a new era.
I thought it was very important that I came to the UN General Assembly this year, because we are facing such a difficult international situation, with the war in Ukraine started by Vladimir Putin. We’ve heard more sabre rattling from him this morning. But also we need to get the global economy back on its feet after Covid, and really ensure democracy prevails.
To me, at the heart of that is making sure that we have a stable economy as we come out of this very difficult period. And to me, as Prime Minister, I want to make sure that we have a strong economy, a growing economy, a dynamic economy, that we are a country that is pro-business, pro attracting investment into our economy and also focused on long term economic security.
I think one of the things we’ve learned from the past few months is that when countries are dependent on authoritarian regimes, that can be used as a weapon against them. That is a position we should never find ourselves in again. That is why having a strong economy is so vital for the future of the United Kingdom.
This week the Chancellor will be doing his fiscal statement. I can’t pre-empt what he’s going to say, but what I can say – and I outlined this during the leadership campaign – is that we want lower, simpler taxes in the UK to incentivise investment, to get more businesses going in the UK. But also to encourage more people to go into work. We do, following Covid, have a significant number of people that are economically inactive. We want to encourage more of them to go into work with a tight labour market, get the right skills, as well as being a country that attracts economic investment. So we won’t be raising corporation tax, as was planned. We’ll be reversing the National Insurance rises which took place earlier this year. And the Chancellor will be announcing various other simplification measures.
While this is just the start, our long-term plan is to simplify Britain’s taxes and to make us a better place to invest and be unashamedly pro-business. And that’s every kind of business – whether it’s life sciences, whether it’s technology, whether it’s financial services. We want the City to be the most competitive place for financial services in the world, and we see that as a key part of the levelling up agenda, because when we unblock capital, that capital will be used across the UK to make every industry become more productive and competitive.
So alongside the tax statement that the Chancellor will lay out, he’ll also lay out a series of supply side reforms to make our economy more productive over the long-term, in areas like financial services. Dealing with Solvency II, dealing with MiFID, in areas like infrastructure – getting roads built, getting broadband built, getting mobile phone masts built so you can get reception right across Britain. Reforming regulations so that when business set up they’re not hit by mountains of red tape, they’re able to get on to growing the country. We’re also going to be introducing low tax investment zones across the country, in parts that are left behind. It’s going to be easier to get things done in those zones. The Chancellor will be making that announcement on Friday.
Today we’ve followed up on our energy package which we announced a few weeks ago. What we’re doing with our energy package is making sure households are able to get through this winter and next winter without facing gigantic bills, with an energy price guarantee. What the government is essentially doing is making sure the wholesale price of energy is passed through to the consumer and making sure that those bills are not more than £2,500.
We’ve also got a business scheme which is going to last for six months to help businesses get through. And the reason we felt it was right to intervene in this way is because we are dealing with a long-term failure of energy policy – we should have made sure Britain was not subject to the global energy price and the various fluctuations. We didn’t do that, we didn’t build enough nuclear power stations 20 years ago.
There’s a Chinese proverb which says the best time to plant a tree is 25 years ago, but the second best time is today. So at the same time as the short term intervention – and this short term intervention is projected to reduce inflation by up to five percent, as well as increase economic growth by up to one percent – as well as that short term intervention we’re now working on entering long-term energy supply contracts with friendly countries, including with the United States. As well as exploiting more of our North Sea gas reserves, getting on with the need to build nuclear power stations, getting on with offshore wind, so that by 2040 the UK will be a net energy exporter. We will never be in this situation again.
I finally wanted to say, on the subject of investment and trade, I’m proud that when I was Trade Secretary we set up the Office for Investment. I think it has done a good job, we want to turbocharge its work and make sure we are providing investors into the UK the best possible service, cracking through any obstacles that might be in the way of successful investment projects. We’re also planning another investment summit next October, and I think I met many of you at the last investment summit.
And finally on trade, we’re not currently negotiating a trade deal with the US – the US isn’t negotiating a trade deal with anyone at the moment – but we are open to negotiating a trade deal when the administration decide that’s what they want to do. However we’re also in negotiations with India on a trade deal which we expect to complete this year, which brings huge opportunity in areas like technology, areas like manufactured goods. We’re also planning to accede to the Trans-Pacific Partnership which will give the UK much more access to Pacific markets as well.
The comments made by Liz Truss, the Prime Minister, on 21 September 2022.
I understand the huge pressure businesses, charities and public sector organisations are facing with their energy bills, which is why we are taking immediate action to support them over the winter and protect jobs and livelihoods.
As we are doing for consumers, our new scheme will keep their energy bills down from October, providing certainty and peace of mind.
At the same time, we are boosting Britain’s homegrown energy supply so we fix the root cause of the issues we are facing and ensure greater energy security for us all.
The comments made by Liz Truss, the Prime Minister, on 20 September 2022. The comments were made before boarding a plane to the United States.
There aren’t currently any [trade] negotiations taking place with the US and I don’t have an expectation that those are going to start in the short to medium term.
The press release issued by 10 Downing Street on 20 September 2022.
Prime Minister Liz Truss will use her visit to New York this week to solidify the UK’s commitment to Ukraine’s security and territorial integrity, with the announcement that the UK will match or exceed our record 2022 military support to Ukraine next year.
In the last two weeks the world has witnessed a significant moment in the war in Ukraine, with territory in the east of the country liberated by the Ukrainian Armed Forces. The Prime Minister will point to this success as evidence of what the Ukrainian people can do with the backing of fellow democracies.
The Prime Minister will use her speech to the UN General Assembly on Thursday to underscore the UK’s long-term commitment to Ukraine, with no let up in our military, humanitarian and political support to the country.
The UK is already the second largest military donor to Ukraine, committing £2.3bn in 2022. We have trained 27,000 members of the Ukrainian Armed Forces since 2015, and in the last year we have provided hundreds of rockets, five air defence systems, 120 armoured vehicles and over 200,000 pieces of non-lethal military equipment.
Last week saw the largest commercial road move of ammunition since the Second World War as tens of thousands more rounds of UK-donated artillery ammunition went to the front lines in Ukraine.
The precise nature of UK military support in 2023 will be determined based on the needs of the Armed Forces of Ukraine. However, it is expected to include equipment like the Multiple Launch Rocket System, provided to Ukraine by the UK and others, which has been decisive in allowing Ukraine to re-gain over 3,000 square kilometres of territory in recent days.
The Prime Minister said:
Ukraine’s victories in recent weeks have been inspirational. Time and time again these brave people have defied the doubters and showed what they can do when given the military, economic and political support they need.
My message to the people of Ukraine is this: the UK will continue to be right behind you every step of the way. Your security is our security.
As Putin struggles to maintain his hold in eastern Ukraine, he is using Russia’s grip on European energy supplies to economically blackmail the people of Europe. Earlier this month Russia again closed off the Nord Stream Pipeline. Driven by Russian threats and restrictions on supply, the world has seen a spike in energy and food prices in recent months.
The Prime Minister will use her meetings with fellow leaders and CEOs in New York to catalyse global efforts to stop Russia from profiting off its energy exports while ending energy dependence on authoritarian regimes.
The Prime Minister said:
By turning off the taps of Nord Stream gas pipeline, Putin has consigned millions of people in Europe to a colder and more difficult winter.
Too many lives – in Ukraine, in Europe and around the world – are being manipulated by a dependence on Russian energy. We need to work together to end this once and for all.
In her first week in office, the Prime Minister took comprehensive action to help the people of the UK struggling with the cost of living as a result of global headwinds caused by Russia’s war in Ukraine and the aftermath of Covid.
This included the creation of a new Energy Supply Taskforce which is working with international gas suppliers to increase the global supply and reduce the price of gas.
The UK is also speeding up our deployment of clean and renewable technologies including hydrogen, solar, carbon capture and storage, and wind – where the UK is already a world-leader in offshore generation.
The tribute made by Liz Truss, the Prime Minister, in the House of Commons on 9 September 2022.
In the hours since last night’s shocking news, we have witnessed the most heartfelt outpouring of grief at the loss of Her late Majesty the Queen. Crowds have gathered. Flags have been lowered to half-mast. Tributes have been sent from every continent around the world. On the death of her father, King George VI, Winston Churchill said the news had,
“stilled the clatter and traffic of twentieth-century life in many lands”.
Now, 70 years later, in the tumult of the 21st century, life has paused again.
Her late Majesty Queen Elizabeth II was one of the greatest leaders the world has ever known. She was the rock on which modern Britain was built. She came to the throne aged just 25, in a country that was emerging from the shadow of war; she bequeaths a modern, dynamic nation that has grown and flourished under her reign. The United Kingdom is the great country it is today because of her. The Commonwealth is the family of nations it is today because of her. She was devoted to the Union of England, Scotland, Wales and Northern Ireland. She served 15 countries as Head of State, and she loved them all.
Her words of wisdom gave us strength in the most testing times. During the darkest moments of the pandemic, she gave us hope that we would meet again. She knew this generation of Britons would be as strong as any. As we meet today, we remember the pledge she made on her 21st birthday to dedicate her life to service. The whole House will agree: never has such a promise been so completely fulfilled.
Her devotion to duty remains an example to us all. She carried out thousands of engagements, she took a red box every day, she gave her assent to countless pieces of legislation and she was at the heart of our national life for seven decades. As the Supreme Governor of the Church of England, she drew on her deep faith. She was the nation’s greatest diplomat. Her visits to post-apartheid South Africa and to the Republic of Ireland showed a unique ability to transcend difference and heal division. In total, she visited well over 100 countries. She met more people than any other monarch in our history.
She gave counsel to Prime Ministers and Ministers across Government. I have personally greatly valued her wise advice. Only last October, I witnessed first hand how she charmed the world’s leading investors at Windsor Castle. She was always so proud of Britain, and always embodied the spirit of our great country. She remained determined to carry out her duties even at the age of 96. It was just three days ago, at Balmoral, that she invited me to form a Government and become her 15th Prime Minister. Again, she generously shared with me her deep experience of government, even in those last days.
Everyone who met her will remember the moment. They will speak of it for the rest of their lives. Even for those who never met her, Her late Majesty’s image is an icon for what Britain stands for as a nation, on our coins, on our stamps, and in portraits around the world. Her legacy will endure through the countless people she met, the global history she witnessed, and the lives that she touched. She was loved and admired by people across the United Kingdom and across the world.
One of the reasons for that affection was her sheer humanity. She reinvited monarchy for the modern age. She was a champion of freedom and democracy around the world. She was dignified but not distant. She was willing to have fun, whether on a mission with 007, or having tea with Paddington Bear. She brought the monarchy into people’s lives and into people’s homes.
During her first televised Christmas message in 1957, she said:
“Today we need a special kind of courage…so that we can show the world that we are not afraid of the future.”
We need that courage now. In an instant yesterday, our lives changed forever. Today, we show the world that we do not fear what lies ahead. We send our deepest sympathy to all members of the royal family. We pay tribute to our late Queen, and we offer loyal service to our new King.
His Majesty King Charles III bears an awesome responsibility that he now carries for all of us. I was grateful to speak to His Majesty last night and offer my condolences. Even as he mourns, his sense of duty and service is clear. He has already made a profound contribution through his work on conservation and education, and his tireless diplomacy. We owe him our loyalty and devotion.
The British people, the Commonwealth and all of us in this House will support him as he takes our country forward to a new era of hope and progress: our new Carolean age. The Crown endures, our nation endures, and in that spirit, I say God save the King. [Hon. Members: “God save the King.”]
The statement made by Liz Truss, the Prime Minister, on 8 September 2022.
We are all devastated by the news we have just heard from Balmoral.
The death of Her Majesty The Queen is a huge shock to the nation and to the world.
Queen Elizabeth II was the rock on which modern Britain was built.
Our country has grown and flourished under her reign.
Britain is the great country it is today because of her.
She ascended the throne just after the Second World War.
She championed the development of the Commonwealth – from a small group of seven countries to a family of 56 nations spanning every continent of the world.
We are now a modern, thriving, dynamic nation.
Through thick and thin, Queen Elizabeth II provided us with the stability and the strength that we needed.
She was the very spirit of Great Britain – and that spirit will endure.
She has been our longest-ever reigning monarch.
It is an extraordinary achievement to have presided with such dignity and grace for 70 years.
Her life of service stretched beyond most of our living memories.
In return, she was loved and admired by the people in the United Kingdom and all around the world.
She has been a personal inspiration to me and to many Britons. Her devotion to duty is an example to us all.
Earlier this week, at 96, she remained determined to carry out her duties as she appointed me as her 15th Prime Minister.
Throughout her life she has visited more than 100 countries and she has touched the lives of millions around the world.
In the difficult days ahead, we will come together with our friends…
….across the United Kingdom, the Commonwealth and the world…
…to celebrate her extraordinary lifetime of service.
It is a day of great loss, but Queen Elizabeth II leaves a great legacy.
Today the Crown passes – as it is has done for more than a thousand years – to our new monarch, our new head of state:
His Majesty King Charles III.
With the King’s family, we mourn the loss of his mother.
And as we mourn, we must come together as a people to support him.
To help him bear the awesome responsibility that he now carries for us all.
We offer him our loyalty and devotion just as his mother devoted so much to so many for so long.
And with the passing of the second Elizabethan age, we usher in a new era in the magnificent history of our great country,
– exactly as Her Majesty would have wished –
by saying the words…
God save the King.
The speech made by Liz Truss, the Prime Minister, in the House of Commons on 8 September 2022.
Mr Speaker, I beg to move the motion.
Earlier this week I promised I would deal with the soaring energy prices faced by families and businesses across the UK.
And today I am delivering on that promise.
This Government is moving immediately to introduce a new Energy Price Guarantee that will give people certainty on energy bills.
It will curb inflation and boost growth.
This Guarantee – which includes a temporary suspension of green levies – means that from 1st October a typical household will pay no more than £2,500 per year for each of the next two years, while we get the energy market back on track.
This will save a typical household £1,000 a year. It comes in addition to the £400 Energy Bills Support Scheme.
This Guarantee supersedes the Ofgem price cap, and has been agreed with energy retailers.
We will deliver this by securing the wholesale price for energy, while putting in place long-term measures to secure future supplies at more affordable rates.
We are supporting this country through this winter and next, and tackling the root cause of high prices, so we are never in this position again.
For those using heating oil, living in park homes or those on heat networks, we will set up a fund so that all UK consumers can benefit from equivalent support.
We will also support all businesses, charities and public sector organisations with their energy costs this winter – offering an equivalent guarantee for 6 months.
After those 6 months we will provide further support to vulnerable sectors, such as hospitality, including our local pubs.
My Rt Hon Friend the Business Secretary will work with businesses to review where this should be targeted to make sure those most in need get support. This review will be concluded within 3 months, giving businesses certainty.
In the meantime, companies with the wherewithal need to be looking for ways they can improve energy efficiency and increase direct energy generation
We will be bringing forward emergency legislation to deliver this policy. And my Rt Hon Friend the Chancellor of the Exchequer will set out the expected costs as part of his fiscal statement later this month.
I can tell the House today that we will not be giving in to calls for this to be funded through a windfall tax.
That would undermine the national interest by discouraging the very investment we need to secure home-grown energy supplies. You can’t tax your way to growth.
Instead, we are taking an approach which is pro-growth, pro-business and pro the investment we need for energy security.
This is the moment to be bold. We are facing a global energy crisis and there are no ‘cost-free’ options.
There will be a cost to this intervention. However we are also acting immediately to defray the cost of this intervention in three ways.
Firstly, by ramping up supply.
Following on from the successful vaccine taskforce, we have created a new Energy Supply Taskforce under the leadership of Maddy McTernan.
They are already negotiating new long term energy contracts with domestic and international gas suppliers to immediately bring down the cost of this intervention.
We are also accelerating all sources of domestic energy, including North Sea oil and gas production.
We will be launching a new licensing round, which we expect to lead to over 100 new licences being awarded.
And we will speed up our deployment of all clean and renewable technologies including hydrogen, solar, carbon capture and storage, and wind… where we are already the world leader in offshore generation.
Renewable and nuclear generators will move onto Contracts for Difference to end the situation where electricity prices are set by the marginal price of gas.
This will mean generators are receiving a fair price, reflecting their cost of production, further bringing down the cost of this intervention.
Secondly, today’s action will deliver substantial benefits to our economy, boosting growth which increases tax receipts and gives certainty to business.
This intervention is expected to curb inflation by up to 5 percentage points, bringing a reduction in the cost of servicing government debt.
Thirdly, this morning, together with the Bank of England, we will set up a new scheme, worth up to £40 billion, to ensure that firms operating in wholesale energy markets have the liquidity they need to manage price volatility.
This will stabilise the market and decrease the likelihood that energy retailers need our support, like they did last Winter.
By increasing supply, boosting the economy and increasing liquidity in the market we will significantly reduce the cost to government of this intervention.
As well as dealing with the immediate situation we face, we are also dealing with the root causes.
Energy policy over the past decades has not focused enough on securing supply.
There’s no better example than nuclear, where the UK has not built a single new nuclear reactor in 25 years.
It’s not just about supply. The regulatory structures have failed, exposing the problems of having a price cap applied to the retail but not the wholesale market.
All of this has left us vulnerable to volatile global markets and malign actors in an increasingly geopolitical world.
That is why Putin is exploiting by weaponising energy supplies as part of his illegal war on Ukraine.
So as well as the action we are taking today on bills, we will use the next 2 years to make sure that the United Kingdom is never in this situation again.
I will be launching two reviews.
Firstly, a review of energy regulation to fix the underlying problems. We want a new approach which will address supply and affordability for the long term.
Secondly, we will conduct a review to ensure we deliver net zero by 2050 in a way that is pro-business and pro-growth. This review will be led by my Rt Hon Friend the member for Kingswood.
We are delivering a stable environment that gives investors the confidence to back gas as part of our transition to net zero.
We will end the moratorium on extracting our huge reserves of shale, which could get gas flowing in as soon as six months, where there is local support.
We will launch Great British Nuclear later this month – putting us on the path to deliver up to a quarter of our electricity generation with nuclear by 2050.
As a result of these steps on shale and nuclear and the acceleration of renewables, I am today setting a new ambition for our country.
Far from being dependent on the global energy market and the actions of malign actors, we will make sure the UK a net energy exporter by 2040.
And my Rt Hon Friend the Business Secretary will set out a plan in the next two months to make sure we achieve this.
I know businesses and families are very concerned about how they will get through this winter.
That’s why I felt it was important to act urgently to provide immediate help and support, as well as setting out our plan about how we are going to secure the UK’s future supplies.
This is part of my vision for rebuilding our economy.
Secure energy supply is vital to growth and prosperity. Yet it has been ignored for too long.
I will end the UK’s short-termist approach to energy security and supply once and for all.
That is what I promised on the steps of Downing Street.
Today we are acting decisively to deliver that pledge.
This will help us build a stronger, more resilient and more secure United Kingdom.
I commend this motion to the House.