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Liz Truss arrives for the announcement of Britain's next Prime Minister at The Queen Elizabeth II Centre in London.

REUTERS/Hannah McKay

What We're Watching: Liz beats Rishi, Chile rejects charter change, Trump wins DOJ probe delay

Meet the UK's new PM

As expected, UK Foreign Secretary Liz Truss won the Conservative Party leadership race on Monday and will become the next British PM, replacing the disgraced Boris Johnson. Truss — a political chameleon who's popular with the Tory base — beat former Chancellor of the Exchequer Rishi Sunak, a moderate technocrat, by a comfortable margin of 57% of party member votes. She now faces tough challenges at home and abroad. First, a looming recession compounded by a cost-of-living crisis and an energy crunch. Truss, who fancies herself as a modern Margaret Thatcher, plans to announce big tax cuts and perhaps a temporary freeze on energy bills for the most vulnerable Brits — which her economic guru has warned would be fiscally irresponsible. Second, a likely collision course with the EU over the Northern Ireland protocol. Brace for rocky times ahead as Truss tries to convince Brussels to renegotiate the post-Brexit trade deal, which scrapped a hard border between Northern Ireland, part of the UK, and the Republic of Ireland, an EU member state. (No surprise then that Brussels is hardly looking forward to her moving into No. 10 Downing St.) On Tuesday, Truss will travel to Scotland to meet with Queen Elizabeth II, who as per tradition will ask her to form a government at the monarch's Balmoral summer residence.

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Conservative Party leadership debate between Liz Truss and Rishi Sunak

Reuters

Is Truss pulling away?

The race to become the UK’s next prime minister has reached a crucial moment.

Though one new poll suggests Rishi Sunak may have cut into her sizeable lead, Liz Truss is still considered the likeliest choice to win the nationwide vote of Conservative Party members to lead the party and serve as PM, at least until the next national elections. A crucial endorsement from former rival Penny Mordaunt has boosted Truss still further.

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Boris Johnson Is Likely To Face Another No-Confidence Vote Soon | World In :60 | GZERO Media

Boris Johnson is likely to face another no-confidence vote soon

Ian Bremmer shares his insights on global politics this week on World In :60.

Boris Johnson survives no-confidence vote, but are his days as prime minister still numbered?

Yeah. On balance, I think you're still going to see another no-confidence vote. The rules in the Tory Party executive committee say you can't, but they can change the rules. And because the vote was this close and because there is such opposition with the scandals that he continues to drive, I think the likelihood that you end up with another no-confidence vote in coming months is actually pretty high. So on balance, yeah, I still think his days are numbered. He's holding on by a thread. Good news though, is that he's less likely to cause trouble over Northern Ireland-Ireland border given how weak he is right now. So the Europeans at least are resting a little easily.

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Brexit: Holiday Cheer and Political Betrayal

Facing almost certain defeat for the Brexit deal she spent over two years negotiating, British Prime Minister Theresa May now faces an even more immediate challenge: rebellion from within. Ms. May will face a motion of no confidence tonight after 48 members of her Tory party opted to contest her leadership.

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