The Latest Breaking News from Bank of England

Liz Truss, the 56th Prime Minister of the United Kingdom and Northern Ireland, is the third woman to hold the position after she received 81,326 votes to former Chancellor of the Exchequer Rishi Sunak's 60,399.

UK government debt market sends ominous and closely-watched warning on darkening economic outlook

London (AFP) - 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.

Liz Truss is set to be confirmed as the new British prime minister after a lengthy and intense leadership contest against former chancellor Rishi Sunak. But the UK faces significant economic problems this autumn that might leave the new PM wishing she hadn’t fought so hard for the job.

"Not all of those decisions will be popular but I will be honest about what we will have to do"

Foreign minister Liz Truss is a "great believer" in the independence of the Bank of England and its responsibility to determine policy on inflation, she said on Sunday.

There are a whole host of new changes coming into force in Scotland this month, with six important dates to mark on your calendar when it comes to things being updated.

Britain's next prime minister - who will be announced on Monday - will inherit an economy that is forecast to go into a long recession later this year with inflation at a 40-year high and limits on the options for getting growth going again.

Liz Truss, on course to become Britain's prime minister on Monday, looks set to walk straight into a financial market firestorm that she will have to act fast to extinguish.