It ended almost as soon as it started. British Prime Minister Liz Truss has resigned, following a horde of criticism buoyed by the market chaos unleashed by her economic policies.
Ms Truss announced her resignation on Thursday outside Downing Street, making her the shortest serving prime minister in British history, and the fourth Conservative prime minister since 2019.
“We set out a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit.
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“I recognize 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 announce that I am resigning as leader of the Conservative Party,” she said.
Ms Truss’ misfortune was mainly orchestrated by her min-budget plan, which proposed top rate tax cuts. Her move to implement the budget had thrown the UK markets into turmoil, riling up heavy criticism against her government even from members of the Conservative Party.
She resigned after a meeting with Brady, the chair of the 1922 Committee — the group of Conservative MPs without ministerial positions who can pass votes of no confidence in the prime minister.
Even though Ms Truss had apologized and said she had no intention of leaving, she succumbed to overwhelming votes of no confidence during the meeting in Downing Street.
Reports said during the hour the meeting lasted, the number of MPs publicly calling for Truss to step down reached 17, and the number who have written letters to Brady expressing no confidence in the prime minister was reported to be over 100 by Thursday.
The party is now moving to complete another leadership election within the next week, three weeks faster than the usual two-month period. The next leadership election may include Conservative MPs and wider party members, a push Graham Brady, the Conservative politician that is in charge of leadership votes and reshuffles, told reporters he is making.
Ms Truss’ resignation, which came barely a week after her chancellor, Kwasi Kwarteng resigned in hope to calm the avalanche of criticism that her economic policies have triggered, has inspired opposition parties to call for general election.
Opposition parties Labour, the Scottish National Party and the Liberal Democrats have called for an immediate general election on Thursday afternoon.
“There are no words to describe this utter shambles adequately. It’s beyond hyperbole – & parody. Reality though is that ordinary people are paying the price,” Nicola Sturgeon, First Minister of Scotland said. “The interests of the Tory party should concern no-one right now. A General Election is now a democratic imperative.”
The pound jumped 0.5% on the day against the dollar, an hour after the announcement, trading at $1.1273. Rishi Sunak, who lost to Ms Truss in July is the favorite to be elected the next British prime minister.