Liz Truss resigns amid massive economic crisis, becomes shortest-serving PM in UK history

Liz Truss has resigned from the UK PM post weeks after she won the race for the top post, beating Indian-origin MP Rishi Sunak. "I recognise, given the situation, I cannot deliver the mandate on which I was elected," Truss said.

Gargi Chaudhry

First Published Oct 20, 2022, 6:11 PM IST | Last Updated Oct 20, 2022, 6:30 PM IST

In response to pressure from inside her Conservative Party, United Kingdom Prime Minister Liz Truss resigned on Thursday, six weeks after taking the helm at 10, Downing Street. She became the shortest term for a British Prime Minister. Truss’s resignation was highly anticipated after her policies triggered economic turmoil and backlash from several quarters.

"Given the situation, I cannot carry out the mandate for which I was elected...I will remain as Prime Minister until a successor has been chosen," Truss said. In her speech outside Downing Street, Truss announced her resignation and stated that a leadership election will be held within the next week. She also mentioned that she had spoken with 1922 Committee chairman Sir Graham Brady today.

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She declared that she would serve as prime minister until a replacement was selected. In an effort to overcome the political crisis, Truss ripped up the mini-budget that rocked the financial markets and appointed Conservative leader Jeremy Hunt in lieu of Kwasi Kwarteng as chancellor. Following her news conference announcing the revisions, the cost of government borrowing increased and the pound decreased even further.

Her resignation comes a day after Truss said in front of booing opposition MPs that she is a fighter, not a quitter. By coincidence, Suella Braverman, the home minister, also resigned on the same day as the head of the Conservative Party.

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Sunak is viewed as a leading candidate to fill the position after losing the leadership battle last month to Truss' now-failed tax-cutting proposal. But because of the severe divisions among the Tory ranks, the situation is still quite unclear. Given his strong electoral mandate from the general election of 2019, Boris Johnson's supporters feel the party should reinstate him.

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