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New U.K. Prime Minister Liz Truss takes power amid economic conditions reminiscent of Margaret Thatcher’s 1980s tenure

Emma Hinchliffe
By
Emma Hinchliffe
Emma Hinchliffe
Most Powerful Women Editor
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Emma Hinchliffe
By
Emma Hinchliffe
Emma Hinchliffe
Most Powerful Women Editor
Down Arrow Button Icon
September 6, 2022, 7:23 AM ET
Liz Truss delivers an acceptance speech at the Queen Elizabeth II Conference Centre in Westminster after being announced the winner of the Conservative Party leadership contest.
Liz Truss delivers an acceptance speech at the Queen Elizabeth II Conference Centre in Westminster after being announced the winner of the Conservative Party leadership contest. Wiktor Szymanowicz—Anadolu Agency/Getty Images

Good morning, Broadsheet readers! Serena Williams plays her last U.S. Open match, Chilean voters reject a proposed progressive constitution, and the U.K. gets its third female prime minister—with economic conditions reminiscent of its first. Have a terrific Tuesday.

– Three’s company. The U.K.’s Conservative Party chose Liz Truss as its next prime minister yesterday to succeed Boris Johnson.

Truss will be the third female PM in Britain’s history—all of whom have been Conservatives. Most recently, there was Theresa May, who led the U.K. from 2016 to 2019 in the aftermath of the country’s Brexit vote to leave the European Union. And before May, there was Margaret Thatcher.

So who is Truss? A former Liberal Democrat, who’s said she was raised by left-wing parents, Truss has worked for three former PMs: first as environment secretary for David Cameron, then a justice secretary for May, and finally, a foreign secretary for Johnson. She campaigned against Brexit, before switching sides to embrace the decision.

Truss, 47, wasn’t elected in a general election (the next one isn’t until 2025). She spent the past few months campaigning against Rishi Sunak in an election decided by 170,000 Conservative Party members. Ultimately, Truss won with 81,326 votes to Sunak’s 60,399.

That’s hardly a sweeping victory, and Truss is already facing criticism from those who say she lacks a coherent political viewpoint. Her most urgent task will be addressing Britain’s rising inflation and energy crisis spurred by the war in Ukraine.

Liz Truss delivers an acceptance speech at the Queen Elizabeth II Conference Centre in Westminster after being announced the winner of the Conservative Party leadership contest.
Wiktor Szymanowicz—Anadolu Agency/Getty Images

“I will deliver a bold plan to cut taxes and grow our economy. I will deliver on the energy crisis, dealing with people’s energy bills, but also dealing with the long-term issues we have on energy supply,” Truss said after her election win. She added, “I know that our beliefs resonate with the British people: Our beliefs in freedom, in the ability to control your own life, in low taxes, in personal responsibility. … I know that’s why people voted for us in such numbers in 2019 and as your party leader I intend to deliver what we promised those voters right across our great country.”

This morning, Truss met with Queen Elizabeth II at Balmoral in Scotland, where she was formally appointed to the role. (Truss once advocated for the abolition of the monarchy, a position she no longer supports.)

Just as Truss’s political views have flip-flopped, she’s also had varying responses to being compared to Thatcher, retorting, “I am my own person,” the BBC reports.

But like the historic PM, Truss comes to office at a moment of economic crisis. Inflation is above 10% for the first time since the 1980s when Thatcher governed. And at times, Truss has modeled herself on Thatcher, the New York Times reports, wearing her “silk pussy-bow blouses” and posing on a tank.

May, the last woman to govern Britain, fell off a glass cliff after she was tasked with executing the Brexit decision that stemmed from her predecessor. Will Truss fare better? Only time will tell. But it speaks volumes that she’s the fourth leader to govern Britain in six years.

Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe

The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Subscribe here.

ALSO IN THE HEADLINES

- Still the greatest. Serena Williams lost in the third round of the U.S. Open on Friday night in a 7-5, 6-7 (4), 6-1 defeat to Ajla Tomljanovic. The potential last singles match of Williams's professional tennis career drew thousands of fans, including Tomljanovic, who paid tribute to the tennis phenom in her post-match interview. In her own on-court interview, Williams thanked her family as she received a rousing tribute from her fans. "I wouldn’t be Serena if there wasn't Venus," she said through tears. 

- Chilean constitution. Chile's voters rejected a proposed new constitution that would have instituted a number of progressive reforms, from gender parity in government to legalized abortion. The document championed by President Gabriel Boric was rejected in a 62% to 38% vote. NPR

- Coast to coast. California's state legislature last week approved a law that would require companies to list salary ranges on job postings. California's passage of the law comes just before New York City is set to put its own salary transparency rule into effect in November, making salary transparency a requirement in two of the largest American job markets. CNBC

- Lasting legacy. Barbara Ehrenreich, the author of Nickel and Dimed: On (Not) Getting By in America, died at 81 on Thursday. Ehrenreich's investigative bestseller shed light on the realities of life as a low-wage worker in the United States. Her work influenced generations of activists, scholars, and labor movement leaders. New York Times

MOVERS AND SHAKERS: Dotdash Meredith promoted People deputy editor Wendy Naugle to editor-in-chief; her predecessor Liz Vaccariello moves to a corporate editorial leadership role. Disney promoted Shannon Ryan to president of marketing for Disney general entertainment. Laserfiche hired Jenny Bode as VP of people. 

IN CASE YOU MISSED IT

- Tough job. Leah Hextall faced a torrent of online harassment and abuse during her first year as ESPN's NHL broadcaster. In an interview, Hextall reflects on the "very difficult" experience and the need for change in hockey. The Athletic

- Not-so-friendly skies. This summer's air travel woes were just as bad—or worse—for flight attendants. Three anonymous airline stewards describe "mismanagement," "exhaustion," and being "overworked and underpaid." The Cut

- Two tickets. Brandy Bottone, who drove in the HOV lane while pregnant to make a point about Texas's abortion ban, received a second ticket for the same violation. Her first traffic ticket was dismissed. Bottone says the deputy who pulled her over a little over a week ago knew who she was and asked when she was going to give birth; she's since given birth to a girl. Dallas Morning News

ON MY RADAR

Inside the nation's only abortion fund for Native Americans Elle

Jane Fonda announces she’s been diagnosed with non-Hodgkin’s Lymphoma CNN

What if Joan of Arc wasn't a woman? The Atlantic

Anti-trans stalkers on harassment site Kiwi Farms got so bad that Cloudflare feared ‘immediate threat to human life’ and took ‘extraordinary’ action Fortune

PARTING WORDS

"Trust me to officially have an EGO."

- Adele after winning an Emmy for her concert special, Adele: One Night Only, placing her one award shy of an EGOT. 

This is the web version of The Broadsheet, a daily newsletter for and about the world’s most powerful women. Sign up to get it delivered free to your inbox.

About the Author
Emma Hinchliffe
By Emma HinchliffeMost Powerful Women Editor
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Emma Hinchliffe is Fortune’s Most Powerful Women editor, overseeing editorial for the longstanding franchise. As a senior writer at Fortune, Emma has covered women in business and gender-lens news across business, politics, and culture. She is the lead author of the Most Powerful Women Daily newsletter (formerly the Broadsheet), Fortune’s daily missive for and about the women leading the business world.

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