Next week an election of MPs will be held and Liz Truss’s successor will be elected
London: Liz Truss PM of Britain, resigned today after 45 days in power. Her tenure as PM is the shortest term for a British Prime Minister. Just six weeks after Rishi Sunak’s replacement, her economic policy had divided the Conservative Party and sent shockwaves across the markets. Today the pound rose by 0.36%.
“I recognize that given the situation I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party. I will remain as Prime Minister until a successor has been chosen,” Truss told reporters today.
Next week an election of MPs will be held and her successor will be elected, she added.
She further said that today she met the chairman of the 1922 Committee, Sir Graham Brady. They have agreed that there will be a leadership election to be completed within the next week. This will ensure that they remain on a path to deliver their fiscal plans and maintain their country’s economic stability and national security.
Despite having hardly begun, Truss’ unstable premiership was fatally damaged. With the exception of the mourning period of 10 days for the late Queen Elizabeth II, Truss had just one week before her political plan fell apart, forcing the resignation of her finance minister, Kwasi Kwarteng.
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Kwarteng was seen as like-minded with Truss. He had announced a “mini-budget” that details the price of an energy scheme worth $67 billion over the next six months. But he lacked strategies for raising money.
Instead, he proposes significant new borrowing, the removal of a restriction on bankers’ bonuses, and broad tax cuts, including those for the highest earners. The statement prompts swift political backlash for being unjust, and the pound falls precipitously in value relative to the dollar. The anticipated reduction in the highest rate of income tax is then abruptly abandoned, forcing Kwarteng and Truss into an embarrassing U-turn.
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