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Tuesday, July 23, 2024

King Charles crowned as UK faces cost of living crisis

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King Charles III was crowned as the new monarch of the United Kingdom in a historic ceremony at Westminster Abbey on Saturday, amid a backdrop of economic turmoil and social unrest.

The king, who succeeded his mother Queen Elizabeth II after her death in September last year, was anointed and crowned with ancient regalia that dates back to the 10th century. He was accompanied by his wife Camilla, who was also crowned as queen consort, and his eldest son Prince William, who became the Prince of Wales.

The king’s coronation came at a time when the UK is facing its worst economic crisis in decades, as inflation has soared to 11%, the highest rate since 1982, and GDP has contracted for three consecutive months. The UK has been hit hard by the global energy crisis, which has caused soaring gas and electricity prices, as well as supply chain disruptions and labor shortages.

However, the plan has been met with skepticism by economists and investors, who fear it will worsen the public finances and undermine the credibility of the Bank of England.

The Bank of England has raised interest rates by 0.5 percentage points to 3% in an attempt to curb inflation but has also resorted to printing £65 billion to buy government bonds and stabilize the bond market. The pound has fallen to a record low against the US dollar, while UK stocks and bonds have also suffered losses.

The king has vowed to be a modern and inclusive leader, who will protect the diversity of the country and its constitutional order. He has also expressed his concern for the environment and his support for the UK’s role in NATO and the Commonwealth. However, he faces many challenges ahead, as he tries to navigate the UK through a period of uncertainty and change.

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