UK’s Turmoil and Its Reverberations
ORFOct 19, 2022
The annual rate of inflation in the UK exceeded 10% for the second time this year in September, according to The Office for National Statistics (ONS). It's the highest level seen in Britain since 1982.
The Consumer Prices Index (CPI) rose from an annual rate of 9.9% in the twelve months to August to again hit the record high of 10.1% recorded in July. According to the ONS, soaring food prices were the single largest contributor to the acceleration of inflation.
To call Liz Truss' tenure as PM shambolic would be an understatement. Ongoing Tory malgovernance has had profound consequences for the global reputation of Britain and its economy. The Conservative party is now a reflection of serious rot in UK politics – Westminster is in dire need of a new Labour government.
Truss' best hope of survival is that there's no obvious replacement for the role of Conservative party leader. However, Rishi Sunak is increasingly becoming a clear candidate around which MPs can unite. The current PM is providing a hapless performance after just six weeks in post and her political ineptitude must be stopped to protect the Conservatives' electoral chances.
There is a 50% chance that Liz Truss will no longer hold the office of Prime Minister of the United Kingdom by Jan. 15, 2023, according to the Metaculus prediction community.