Liz Truss Resigns: Embattled British prime minister Liz Truss resigned after her tax-cutting measures caused a market meltdown during an already severe cost-of-living crisis. Truss announced that she would remain in office until a successor is selected.
Her showpiece tax-slashing policy sparked market chaos that threatened the country’s pension funds, forcing her to make humiliating U-turns.
In the wake of Suella Braverman’s departure on Wednesday, Truss sacked close ally Kwasi Kwarteng over the budget debacle and replaced him with Jeremy Hunt, who quickly reversed most of his policy decisions.
Liz Truss: “I acknowledge that I cannot fulfill the mandate”
“Given the current conditions, I cannot fulfill the mandate on which I was elected by the Conservative Party, so I have informed His Majesty the King that I am resigning as leader of the Conservative Party,” Liz Truss stated.
Liz Truss’s UK PM Tenure The Shortest: From “Not A Quitter” To “Can’t Deliver” In 24 Hours
With her resignation today, Liz Truss will be remembered as the UK Prime Minister who lasted the shortest time in office – 45 days, plus a week or so until a new leader is selected.
It is expected that the Conservative Party will elect a new leader within the next week, during which time Liz Truss will remain PM. This will leave her well behind George Canning’s 119 days as prime minister in the 1820s.
After Boris Johnson resigned on July 7, the party held an election in which Liz Truss faced a challenge from former finance minister Rishi Sunak. Her term of office was shorter than her election as party leader. Almost two months after Boris Johnson resigned, the party held an election.
As Liz Truss described it then, it was the toughest interview she had ever had.
Reuters reports that her likely successor is either Rishi Sunak or Penny Mordaunt, who came third in the race just six weeks ago.
She now holds the unenviable record for being the shortest-serving Conservative Party leader, regardless of whether the party is in power.
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