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UK Prime Minister Liz Truss

GZERO Media

Britain on fire

British Prime Minister Liz Truss’ first few weeks in office have been a hot mess.

Markets are in a tizzy, the pound tumbled to a record low against the US dollar, and interest rates have surged. Unsurprisingly, Brits are increasingly disillusioned with their new government and Truss’ Conservative Party.

Truss’ month-long premiership has been dubbed the worst start to a new government in British history. How did she get here and what does this mean for her party — and British politics — going forward?

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Tony Blair on the UK's troubled present and uncertain future | GZERO World with Ian Bremmer

Upheaval in UK: the sobering challenges facing new PM Truss & new King Charles III

In early September, in just 48 hours the UK got a new prime minister (Liz Truss) and a new king (Charles III, following the death of Queen Elizabeth II).

Both take over at a turbulent time in British politics, with no shortage of current and future challenges. To name just a few: a stagnant economy, sky-high energy prices, more Brexit fallout with the EU, and Scots demanding a fresh independence vote.

On GZERO World, Ian Bremmer speaks to former British PM Tony Blair (1997-2007), who believes there will be a lot of uncertainty over the next year or two if Truss insists on big tax cuts and big borrowing.

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Tony Blair: UK Faces “Very Uncertain Period” | GZERO World

Tony Blair on Liz Truss & a post-Brexit UK on the brink

Despite sky-high inflation and a plummeting pound, the UK’s newly installed PM Liz Truss has introduced tax cuts — requiring a lot more government borrowing — that she says will boost the UK’s sluggish growth rate.

This approach, which could result in the Bank of England increasing interest rates even more to tackle inflation, is ruffling feathers in Westminster and negatively impacting markets around the globe. On the sidelines of the UN general Assembly, Ian Bremmer sat down with former UK Prime Minister Tony Blair on GZERO World to discuss Britain’s economic woes and recent change in leadership.

“I think it's going to be a very uncertain period over the next year or so,” Blair said. “And I talk to a range of different people about this, which is always a problem when you're trying to make economic policy in government, and no one agrees with each other.”

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