UK Prime Minister Resigns After Only Six Weeks On The Job
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UK Prime Minister Resigns After Only Six Weeks On The Job

A new leadership race is set to begin in one week

Liz Truss, newly-minted Prime Minister of the U.K., tenders her resignation to King Charles only six weeks after taking office.

Truss’ faced significant backlash to her unfunded tax cuts to jumpstart the economy and drive down inflation. However, doing so sent the U.K. financial markets and World Markets into free fall, prompting members within her own party to immediately call for her resignation and that of her finance minister.

Truss, however, did push back and asserted she was the right person to lead the U.K. through its current economic situation and forge A new path post covid. However, the damage has already been done. Multiple party members threatened to quit the cabinet as they no longer had confidence in her ability to govern.

In her resignation to King Charles, the Third, Trus Said,

I came into office at a time of great economic and international instability.
Families and businesses were worried about how to pay their bills.
Putin’s illegal war in Ukraine threatens the security of our whole continent.

And our country had been held back for too long by low economic growth.
I was elected by the Conservative Party with a mandate to change this.
We delivered on energy bills and on cutting national insurance.
And we set out a vision for a low tax, high growth economy – that would take advantage of the freedoms of Brexit.

I recognise though, 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.

This morning I met the Chair of the 1922 Committee Sir Graham Brady.
We have agreed there will be a leadership election to be completed in the next week.

This will ensure we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security.
I will remain as Prime Minister until a successor has been chosen.

Truss’ resignation marks the shortest term for a Prime Minister in the U.K.’s history, commencing a new leadership race within a week. The frontrunner to trust former Chancellor and Finance Minister Rishi Sunak is set to be the favourite to replace Truss and make him the first U.K. Prime Minister of agent South Asian descent.

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