After winning the election to succeed Boris Johnson as Conservative Party leader, Liz Truss will become the next prime minister of the United Kingdom.
Truss’s reaction to the cost of living issue, which she pledged to undertake within days of joining the office, may define her premiership and her chances of obtaining a mandate at the next general election.
Intriguingly, the cryptocurrency community is interested in how the incoming British prime minister approached cryptocurrencies.
In 2018, she tweeted, “we need to accept cryptocurrencies” in a manner that does not restrict their potential and unleash free enterprise by removing regulations that impede success.”
We should welcome #cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity. #PolicyExchange #futureoffreedom #shakeup
— Liz Truss (@trussliz) January 30, 2018
The U.K. and crypto
Notably, a recent survey found that the United Kingdom, the United States, and Ukraine are global leaders in crypto use. The study considered the number of crypto owners, decentralised finance (Defi) adoption index, the number of companies that accept crypto payments, the number of Bitcoin (BTC) ATMs, and the monthly search traffic for crypto-related phrases.
Interestingly, in August, a U.K. Parliamentary Group also initiated an investigation into the need for more regulation of the space in light of the burgeoning crypto industry.
Truss to address rising energy crisis
Truss’s candidacy for party leadership has not been without controversy. When asked how she would handle the issue of the growing cost of living, she stated that she would focus on reducing the tax burden, not giveaways.
Apparently, Liz Truss’s team members are already diverting their attention to the urgent task of announcing the type of help that may be forthcoming to assist customers with their ever-rising energy expenses.
Truss has pledged to give a strategy within a week. She is anticipated to include recommendations for reducing residential energy bills and bolstering the nation’s long-term energy supply.
As reported on August 31, the British economy is on the edge of stagflation due to the phasing out of Russian energy supplies, rising energy and food costs, a decline in consumer spending power, and a decline in savings rates as a result of problematic lending.
