Prime Minister to the United Kingdom, Liz Truss, has just announced her resignation moments ago outside No.10 Downing Street. According to the BBC, the Conservative party leader said that she was no longer able to deliver the mandate upon which she was elected, and has submitted her resignation to King Charles III. Her tenure of only 45 days will make her the shortest serving post-War Prime Minister in UK history.
UK Prime Minister Liz Truss has resigned
Initially appointed into office after a Conservative leadership election that was held after the resignation of her predecessor, Boris Johnson, Truss was the last Prime Minister to be sworn in by the late-Queen Elizabeth II, just two days prior to her passing on September 6th, 2022. Eking out former chancellor of the Exchequer Rishi Sunak for the top job, she entered office amid an ongoing energy and cost-of-living crisis plaguing the country.
Her time as Prime Minister was marked by a highly controversial and largely unpopular ‘mini-budget’ that was announced by her finance minister, Kwasi Kwarteng, on September 23rd, 2022. In its wake, the Pound Sterling fell to a record 37-year low against the American Dollar, shaking investor confidence considerably and sending markets into a tailspin. Much of the budget has since been reversed by Jeremy Hunt, successor to Kwarteng, which has led to a stabilization of the Pound.
Over 100 letters of no confidence submitted
Prior to her resignation, Truss was said to have met with Graham Brady, who chairs the 1922 Committee, a group of Conservative MPs that do not hold any ministerial positions and can submit letters of no confidence against the Prime Minister’s leadership. It was said that by Thursday, the amount of letters submitted to the Committee calling for her resignation numbered at over 100.
Her resignation will follow yet another leadership election by next week, the second in less than a two-month period.