British Prime Minister Liz Truss is set to address lawmakers in parliament on Wednesday for the first time since abandoning her tax-slashing economic agenda, as she seeks to reassert her waning political authority.

UK Prime Minister Liz Truss on Thursday defended her tax cuts policy, despite it triggering market turmoil.

The 56th and third female UK Prime Minister takes up the reins of power as the UK toils under spiraling levels of inflation, skyrocketing energy costs with an economy almost certainly in recession, and public services on the brink of collapse.

There is much skepticism in the EU that relations between the 27-nation bloc and Britain will improve once Prime Minister Boris Johnson leaves office.

Voters in Britain will go to the polls in local government elections on Thursday where they are expected to punish Prime Minister Boris Johnson over a cost-of-living crisis and fines for breaking his own COVID-19 lockdown rules.