In a speech delivered on Tuesday, incoming British Prime Minister Liz Truss said that she will cut taxes to reward hard work, as reported by Reuters.

Additional takeaways

"We now face severe global headwinds."

Now is the time to tackle the issue holding Britain back."

"We need more investment and jobs in towns."

"We have what it takes to tackle national challenges."

"We can't have security at home without security abroad."

"I will get Britain working again."

"I will deal hands-on with the energy crisis."

"I will take action this week."

"I will secure our future energy supply."

"I will make sure people get the health services they need."

"We shouldn't be daunted by challenges we face."

Market reaction

GBP/USD pair showed no immediate reaction to these remarks and was last seen rising 0.25% on the day at 1.1540.