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Queen Elizabeth II passed away at the age 96. She was the ruler of a sovereign country for 70 years and 214 days, the longest time anyone has ever been in charge of a country.
During her rule, the English people sometimes gave the monarchy as much as 90% of their approval.
The United Kingdom is in trouble because Queen Elizabeth died at a bad time. With rising inflation, a falling currency, and the worst cost-of-living crisis in decades, the country has lost one of the few signs of stability and continuity it had.
The government of Prime Minister Liz Truss has called for a time of national mourning that will last until the day of the state funeral.
On Thursday, just two days into her job and a few hours before the Queen died, Truss announced a huge gamble to save the economy.
As a sign of respect, some stores and sports venues were closed, but for the most part, business went on as usual.
When the London stock market opened on Friday, stocks went up, just like they did on other markets in Europe and Asia.
The London Stock Exchange said it expected trading to continue during the time of mourning.
It will only be closed on the day of the funeral, which hasn't been set yet but is likely to be a holiday.
One of the oldest department stores, Selfridges, closed its stores in London, Manchester, and Birmingham, but said they would reopen on Saturday.
On the other hand, labor unions helped calm down a recent wave of industrial action.
The Communication Workers' Union called off a strike that was going to happen on Friday with 115,000 Royal Mail workers.
Transport unions also called off planned strikes on the railways for next week and later this month.
Even though the British Academy of Film and Television Arts canceled this weekend's annual pre-Emmy party, London's West End theaters were still open.
Holger Schmieding, the chief economist at the private bank Berenberg, told CNN Business that he thinks the death of the Queen will have "minor" effects on the economy.
"Stopping the troublesome rail strikes for now should help to lessen the effects of the days of mourning. Probably, more money from tourism will help with that, "he said.
The news of the monarch's death came just hours after Truss said that energy bills in Britain would be capped starting in October.
This would help millions of households and thousands of businesses that have been struggling with rising prices.
Analysts at Berenberg say that the rescue plan could cost as much as £150 billion ($172 billion), most of which would come from the government borrowing money.
Later this month, Kwasi Kwarteng, who is in charge of finances, will say how much the plan will cost.
A lot of the government's focus could now be on what happens in the next few days as it gets ready for the Queen's funeral and for King Charles to be crowned as her successor.
Normal work has also been stopped in parliament for the next few days.
An analyst at the investment firm AJ Bell, Danni Hewson, told CNN Business that the upcoming emergency budget is likely to be put off.
How the Bank of England handles the huge rise in borrowing by the government is also very important.
Investors are already worried about the state of the UK government's finances, and the bank was expected to raise interest rates again at a meeting on Thursday.
But on Friday, the Bank of England said it would put off its decision on interest rates for one week "because of the national mourning period." The new meeting date is September 22.
CNN Business asked the UK Treasury for a comment, but they didn't answer right away.
Even though it is a time of mourning, Truss's official spokesman told reporters that the energy price cap would go into effect on October 1 as planned.
The pound traded higher on Friday, at $1.16, after hitting 37-year lows earlier in the week.
However, the long-term decline in its value since the global financial crisis is likely to continue "until there's a seismic change in the direction of the economy and economic policy," a macro strategist at Société Générale said in a Friday note.
"There's a good chance that King Charles III will be the first British monarch to pay more than a pound for a dollar, or more than a pound for a euro, or both," he said, adding that it was unlikely that the pound would fall below parity with the dollar this year.
The Bank of England said that UK banknotes with a picture of the Queen will "continue to be legal tender," and that it will announce plans to print new money with a picture of King Charles after the period of mourning is over.
