Liz Truss Resigns as British Prime Minister After Just 44 Days
British Prime Minister Liz Truss resigned Thursday, just 44 days after taking office and following weeks of economic turmoil triggered by her Conservative government’s “mini-budget” of massive tax cuts and enormous spending.
” I recognize… I cannot deliver the mandate on which I was elected by the Conservative Party,” Truss said in a brief statement from outside 10 Downing Street. “I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.”
The Sept. 24 economic plan sent the markets into disarray, driving up inflation and mortgage prices, and triggering speculation that Truss would be departing not long after her predecessor Boris Johnson. Her Conservative Party has seen its popularity plummet, with polls showing that the opposition Labour Party would win a landslide victory should an election be held today.
Truss’ Chancellor of the Exchequer and longtime ally Kwasi Kwarteng left office almost a week ago, in the wake of the uproar over his economic plan. He was replaced by Tory stalwart and former health secretary Jeremy Hunt, who immediately reversed almost all of the mini-budget in an effort to calm the markets and restore some stability to a crumbling British economy.
His departure did not save Truss, however, who will stay on until her replacement is chosen by the end of next week.
It is unclear who will take over as Conservative leader and by default prime minister. The party is clearly reluctant to hold a monthslong leadership race similar to the one that saw her replace Johnson in the summer.