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United Kingdom: The fight against the economic crisis will have to wait for Boris Johnson's successor.
According to Downing Street, "it will be up to the future Prime Minister" to take on the task of "making major budget changes".
The United Kingdom economic crisis fight against inflation and recession will have to wait in the UK. Downing Street said on Monday that it would be "up to the future Prime minister" to act in the face of the cost of living crisis, at a time when Boris Johnson, who has resigned, is being blamed for his absence despite the deterioration of the economic situation.
Supposed to handle day-to-day affairs, the head of government went on a honeymoon to Slovenia last week as the Central Bank warned that inflation would rise above 13% in the autumn, plunging the UK into its longest recession since the 2008 financial crisis. Finance Minister Nadhim Zahawi was also away from London.
United Kingdom economic crisis fight
"By convention, it is not for this Prime Minister to make major budget changes during this (interim) period. It will be up to the future Prime Minister "to take care of this, said a spokesman in Downing Street. Boris Johnson resigned in early July after months of scandals. Conservative party members vote in August to nominate his successor, who will be known on September 5.
As the recession threatens, Boris Johnson is at the absentee subscribers. Since the announcement of his resignation, he has already been criticized for missing crisis meetings dedicated to the historic heat wave that hit the United Kingdom or for not having received the English footballers after their victory at the Euros. On the other hand, he celebrated his wedding to Carrie Johnson and went on vacation last week to Slovenia, where he claimed on local television that he had a "wonderful" stay. "We had a wonderful honeymoon. We climbed all the available mountains, dived into the lakes, rode a bike, " he listed.
United Kingdom economic crisis fight details
"An economic crisis like this requires strong leadership and urgent action, but instead we have a Conservative party that has lost control," blasted Labour MP Rachel Reeves. "There has to be someone at the helm," former Labour Prime Minister Gordon Brown added on the ITV channel. "There is a gap that needs to be filled". "If we wait for the new Prime Minister, it will be too late," he warned, calling on Boris Johnson and the two candidates to succeed him – Liz Truss and Rishi Sunak – to agree on emergency budget measures.
"The Prime Minister must bring the two candidates together in the next two weeks to agree on a solution and help people and companies pay their energy bills," also stressed Tony Danker, the director of the powerful British employers' union CBI. Scottish First Minister Nicola Sturgeon asked in a letter on Monday for a meeting between the heads of government of the four British nations to "agree on urgent measures to help those who need it most".
# United Kingdom economic crisis fight #
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EDF is demanding 8.34 billion euros from its main shareholder, the State
This request follows the government's decision to allocate additional volumes of cheap nuclear electricity to its competitors to limit the rise in bills.
The note is salty. By allocating additional volumes of cheap nuclear electricity to EDF's competitors in an attempt to limit the rise in bills for the consumer, the French state has attracted the wrath of the historic supplier.
EDF claimed compensation of 8.34 billion euros on Tuesday and "filed a contentious appeal with the Council of State, and a compensation claim" with the State, its main shareholder, the group said in a statement.
What EDF points to is the decision taken, in order to contain, as promised, the increase in regulated electricity tariffs to 4% in 2022, to force it to increase by 20% the annual quota of electricity sold at a reduced price to its competitors, to 120 TWh (against 100 TWh previously).
This sale is taking place within the framework of the mechanism called "Regulated access to historic nuclear electricity", regularly denounced by EDF. The group is thus forced to sell its production at a bargain price, at a time when electricity is reaching peaks on the wholesale markets.
Following this decision, EDF warned of a plunge in its financial result in 2022, blaming it in particular for the increase in the Arenh ceiling.
"The chairman and chief executive officer of EDF indicated at its annual general meeting that he had sent the State a prior administrative appeal to request the withdrawal of the decree and the orders of March 2022 relating to this allocation" of additional nuclear volumes, recalls the group.
Jean-Bernard Lévy, whose state now wants to speed up the succession as part of the planned renationalization of EDF, had indeed announced an appeal in May. "Both the price and the conditions of these awards penalize us considerably," he had argued.
