Rees-Mogg, Kwarteng lead Liz Truss economic team

Mary Elizabeth Truss, the newly appointed Prime Minister of the United Kingdom, has appointed Jacob Rees-Mogg and Kwasi Kwarteng to lead her economic team. Their appointment is a part of her strategy to take Britain away from its worst economic situation since 1982.

According to the Office of National Statistics, the annual inflation rate in the UK increased to 10.1 percent in July of 2022 from 9.4 percent in the previous period and is slightly above market forecasts of 9.8 percent.

Both men lead a diverse team of highly skilled professionals that includes Suella Braverman, the new Home Secretary; James Cleverly, Britain’s Foreign Secretary; and Theresa Coffey, Britain’s Health Secretary.

Truss, who doubles as the leader of the Conservative Party, had promised in her campaign to deal with the energy crisis and the cost of living crisis, among other things.

According to Aljazeera, “Truss is set to become the country’s fourth leader in six years and has pledged to tackle a cost-of-living crisis fuelled by soaring energy bills in the wake of the war in Ukraine.”

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Rees-Mogg, a 53-year-old politician, has been appointed as the new Secretary of State for Business, Energy, and Industrial Strategy.

Commenting on his new appointment, Rees-Mogg said in a Twitter statement, “It is an honour to be appointed as the new Secretary of State for Business, Energy, and Industrial Strategy.”

“I look forward to serving the Prime Minister and the country during the challenging times ahead,” he added in the statement.

In a separate Twitter statement posted on his official page, Rees-Mogg said, “My overriding mission is to deliver affordable and plentiful energy to the British people and to make the economy as efficient, innovative, and dynamic as possible.”

“This will be the department for growth,” he added. This is according to Rigzone.

Kwarteng, on the other hand, was appointed the new finance minister. An appointment many believe will help Truss design her tax reform bill and public spending direction to help Britain recover from the economic challenges it’s dealing with.

Many view his appointment as not only choosing diversity as a factor but getting the right mix of intelligent people to help her government get running.

According to Reuters, Kwarteng, an ideological ally of Truss, has said that her government can afford to borrow more to fund support for households and businesses on their energy bills, but it will remain responsible for the public finances.

He had been business and energy minister since January 2021, previously holding a junior role in the department, and he also worked in the Brexit ministry.

Like Truss, Kwarteng has expressed his admiration for former Prime Minister Margaret Thatcher, but has shown some pragmatism in applying those principles in his previous roles in government.