Charles III: How the new British monarch can influence an economy on the brink of crisis

King Charles III has inherited a precarious economy and must immediately provide the same kind of reassurance his mother did during her 70-year reign.

In his first address to the British public on Friday, Prince Charles laid out his intentions and views on the role he has taken on following the death of his mother, Queen Elizabeth II, on Thursday, saying, “The role and duties of the monarchy. ‘ must remain.

King Charles III said, “I have been raised to value a sense of duty to others and to have the utmost respect for the precious traditions, freedoms and responsibilities of our unique history and system of parliamentary government.

And he will have the opportunity to test that view in the coming months, as he begins attending weekly meetings with Prime Minister Liz Truss, who was responsible for forming the government as Queen Elizabeth II’s final act of British rule. I guess.

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The King himself has few real powers, and meetings with the Prime Minister are a valuable means of expressing his views as King and advising him on current issues.

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Britain’s Prince Charles and Camilla, Duchess of Cornwall, depart after attending the annual Commonwealth Day service at Westminster Abbey in London on Monday, March 9, 2020. (AP Photo/Kirsty Wigglesworth, File/Fox News)

The UK economy is in serious trouble, but not yet in full-blown crisis. Truss has announced plans to limit energy charges to her $172 billion cost, but the Bank of England has postponed its rate hike decision to fight inflation.

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The consumer price index hit 10.1% in July, the highest level since February 1982, and inflation reached double digits last month. Citi economist Benjamin Navarro said he expects inflation to peak above 15% early next year.

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LONDON, UK – JULY 10: Prince Charles, Prince of Wales, Camilla, Duchess of Cornwall, Prince Andrew, Duke of York, Queen Elizabeth II, Meghan, Duchess of Sussex, Prince Harry, Duke of Sussex, Prince William, Duke Cambridge and Catherine (Anwar Hussein/WireImage via Getty/Getty Images)

The British pound (GBP) fell 14.96% (year-to-date) against the dollar to a 52-week low. Goldman Sachs recently warned that Britain could enter a recession in the fourth quarter of this year after seeing the steepest GDP drop since 1709, according to Reuters.

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Mr Truss has pledged to “help” the UK’s “very severe” energy crisis, giving oil companies a windfall to pay for her plans to offset rising heating and electricity bills. Although he denied imposing a tax, the energy is the King and his prime minister.

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City officials walk in front of the Bank of England in London on February 13, 2008. (Reuters/Toby Melville/Reuters)

Charles may try to persuade the prime minister to seek alternative energy avenues.


However, any form of conversation with Truss remains private, as the King is constitutionally restricted from speaking or expressing opinions publicly on political issues.

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