Written by Shane Balkham.
While we welcomed in the new prime minister, Liz Truss, last week was dominated by the sad news that her majesty Queen Elizabeth II had passed away. It is indeed a sombre occasion and one that will be marked by ten days of official mourning.
It does present challenges for the new prime minister, as from 9th September all parliamentary business is suspended until after the official mourning period has finished. It has been suggested that the official day for parliament to recommence would be 22nd September, however there was a planned recess from that day until 17th October, to allow for political party conferences to be held.
Arguably, the most challenging item to resolve during the mourning period is Liz Truss’s £150 billion energy support package. It is fully expected that the energy price guarantee will be in place for 1st October, however legislation will be needed to extend that support to Northern Ireland.
The Bank of England has also announced the delay of their September Monetary Policy Committee (MPC) until after the official funeral. The MPC will now meet on 22nd September, which is a critical date, putting it after what is widely expected to be an emergency budget announcement on 21st September. That said, it is still unclear how parliamentary business will proceed throughout the period of mourning.
Having a reign that lasted 70 years and 214 days does allow for some interesting reflections; according to a Bloomberg columnist, the British stock market multiplied more than 2,500-fold during the Queen’s reign. It reminds us that long-term decision making is a powerful tool and something we can all adopt for our investments.