UK's Johnson to quit as PM, Truss to take over

Newsletter Sep 6, 2022 [ International Business Times]( [UK's Johnson to quit as PM, Truss to take over]( Johnson, who was forced to quit after losing the support of dozens of his ministers, bids farewell from Downing Street before jetting to northeast Scotland to see the 96-year-old monarch. [Learn more about Jeeng]( [New UK PM Truss inherits economy headed for recession]( New UK Prime Minister Liz Truss inherits an economy set to enter recession before the end of the year, with double-digit inflation forecast to soar further. You Might Like    [Learn more about Jeeng]( [Britain's new PM Truss draws scathing reaction from Moscow]( Russian politicians and media lined up on Monday to heap scorn on Britain's next prime minister, Liz Truss, predicting her ascent to power would do nothing to improve dire relations. [Britain's new PM, Truss won support with her tough image]( If it's not the pictures of her standing atop a tank in a nod to Conservative leader Margaret Thatcher, it's the moment when she vented her anger over cheese imports into Britain that made Liz Truss something of a household name. [UK shoppers, feeling the inflation hit, cut back on non-essentials]( British shoppers are cutting back on purchases of clothes and other non-essential items as they try to cover their sky-rocketing utility bills and higher food prices, surveys showed on Tuesday. [Europe heading for recession as cost of living crisis deepens]( The euro zone is almost certainly entering a recession, with surveys on Monday showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending. [Oil dips on symbolic OPEC+ output cut]( Oil prices slipped early on Tuesday, paring the previous session's 3% gain, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market's recent slide. [HSBC and Metro Bank join Britain's stop scams hotline]( HSBC, its online arm First Direct, and Metro Bank have joined a fraud-reporting hotline as the cost of living crisis increases the number of financial scams, an industry body said on Tuesday. [ECB poised for big rate hike in face of record inflation]( Eurozone inflation hit 9.1 percent in August, a record in the history of the single currency and well above the two-percent rate targeted by the ECB. [EU signs deal with Ukraine for further 500 mn euros in aid]( The European Union signed a deal with war-torn Ukraine on Monday to release a further 500 million euros ($497 million) in planned aid. [EU races to help industry as Russian gas halt rattles markets]( Europe's gas prices surged, its share prices slid and the euro sank on Monday after Russia stopped pumping gas via a major supply route. [Volkswagen triggers landmark Porsche IPO plan, defying market doubts]( Volkswagen on Monday announced its intention to float sports car brand Porsche, triggering what could become one of the world's largest listings even as record inflation and a Russia-Europe energy standoff has sent European stocks tumbling. [Thousands of Hungarians demonstrate for teacher payhikes]( Thousands of Hungarians protested in Budapest Friday against low pay and poor working conditions for schoolteachers amid worsening staff shortages. [UK energy crisis: why rationing is likely to happen this winter, whether Liz Truss likes it or not]( Whether it's due to high prices, compensation for reduced consumption, or last minute blackouts, British consumers should expect some form of energy rationing this winter.  [Learn more about Jeeng]( [IBTimes]( IBTimes will always protect your security and privacy. Please read our detailed [Privacy Policy.]( Please do not reply to this email. [Click here]( to adjust your notification preferences or unsubscribe. © Copyright 2022 IBTimes LLC. All Rights Reserved. IBTimes LLC, 33 Whitehall ST FL 7, New York, NY 10004 U.S.A, New York, New York 10004, United States You may [unsubscribe]( or [change your contact details]( at any time.