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Queen Elizabeth II: New Era for the United Kingdom as Economy Works to Find Footing

Sep 09, 2022   •   by Ottoabasi Abasiekong   •   Source: WebTV   •   eye-icon 205 views

Her Royal Majesty Queen Elizabeth II, the longest serving Monarch of the United Kingdom, passed on yesterday at 96. According to a statement from Buckingham Palace, she died peacefully surrounded by her family. 

 

She reigned as Queen of England for 70 years and worked with fifteen Prime Ministers since 1952. The Queen, during her reign, steered the United Kingdom through several challenging periods.

 

Her last prominent visitor was the new conservative Prime Minister Liz Truss, who visited to receive the mandate to form a new government. Until her death, she was the Head of the Commonwealth of Nations and one of the most powerful monarchs in global history. 

 

Prince Charles, the son of Queen Elizabeth II, has been announced as the new King of England. President Joe Biden of the United States of America said Queen Elizabeth II was more than a Monarch and defined an era in his condolence message.

 

Tributes have poured in for the British Royal Family from global leaders since the Queen’s death was announced. The late Queen was seen as brave, modest, and charismatic. 

 

Her demise marks the dawn of a new era, as the United Kingdom has witnessed an unprecedented rise in the inflation rate by 10.1%, its highest in 40 years.  

 

A surge in energy and food prices is the primary driver of the inflation rate in the United Kingdom. There are fears of a recession in 2022 as the world’s fifth largest economy mourns its long-ruling Monarch. 

 

According to Proshare analysts, “Over half of the capital flows into Nigeria in Q2 2022 originated from the United Kingdom. The UK, which accounted for US$781.05m of the US$1.53bn received in the period, has typically been a major source of foreign investments”

 

His Royal Majesty King Charles III and the new Prime Minister Liz Truss has the burden of strengthening UK relations and exploring ways of improving international and trade relations in a mutually beneficial way. 

 

The United Kingdom remains a strategic Nigerian trade partner and is a member of the G7, G20, OECD, NATO and a Permanent member of the United Nations Security Council.

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