"I am confident that together we can ride out the storm. We can rebuild our economy," Truss said in her first address to the nation as prime minister, outside 10 Downing Street.
Since the winter of 2021, Britain's inflation has kept rising. Official data showed the Consumer Prices Index rose by 10.1 percent in July, far above the 2-percent target set by the Bank of England. Earlier in the day, Truss met Queen Elizabeth II in Scotland for the "kissing of hands" ceremony with the monarch, and accepted the Queen's invitation to form a government.
"I will get Britain working again. I have a bold plan to grow the economy through tax cuts and reform. I will cut taxes to reward hard work and boost business-led growth and investment," she said.
Two per cent of British people believe Liz Truss will be a "great" Prime Minister, according to a new YouGov poll. pic.twitter.com/kAjMzrg7sF
Action will be taken this week to deal with energy bills and to secure Britain's future energy supply, said Truss, who has campaigned to cut taxes, deregulation, and prioritize growth, but experts doubt that these will be effective enough, given the severity of the situation.
The Bank of England forecast last month that Britain will enter a five-quarter recession beginning in the final three months of 2022. Truss also said she would ensure that people have access to the health services they need.
"By delivering on the economy, on energy and on the NHS, we will put our nation on the path to long-term success," said Truss, who is Britain's third female prime minister, after Margaret Thatcher and Theresa May.