Time News Desk: Liz Truss has promised to “ride out the storm” of economic crisis in her first address since taking over as British prime minister, pledging immediate action to tackle a set of challenges led by soaring energy bills, looming recession and industrial strife.

“I am confident that together we can ride out the storm. We can rebuild our economy, and we can become the modern brilliant Britain that I know we can be,” the 47-year-old former foreign secretary said outside her new Downing Street home and office in London on Tuesday.

Truss said she had three priorities: tax cuts to boost the economy, helping with rising energy costs, and sorting out the state-run National Health Service.

However, she has inherited an economy in crisis, with inflation at double digits and the Bank of England warning of a lengthy recession by the end of this year. Commenting on the challenges ahead, Truss referenced the aftermath of the coronavirus pandemic, as well as the continuing war in Ukraine.

Liz Truss

Truss was speaking after meeting with Queen Elizabeth II, who asked her to form a new government [Toby Melville/Reuters]

Truss was speaking after meeting Queen Elizabeth II, who asked her to form a new government in a carefully choreographed ceremony dictated by centuries of tradition. It came one day after the governing Conservative Party announced that Truss had been elected as its leader.

Boris Johnson, who announced he was resigning two months ago following a series of scandals, formally stepped down during his own audience with the queen.

Shortly after her address, Truss appointed close allies to top jobs including Kwasi Kwarteng as finance minister, Therese Coffey as deputy prime minister and health minister, and James Cleverly as foreign minister. Her appointments mark the first time a white man will not hold one of Britain’s four most important ministerial positions.

SK