The UK’s prime minister, Liz Truss, has announced her resignation after her policies led to economic instability, with the pound plummeting to its lowest point, making her the shortest serving prime minister in the country’s history.
After serving for 45 days, Truss had caused political division within the Conservative party, with two of her top cabinet members resigning.
“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,” she said during a speech in front of Downing Street on Thursday Oct. 20.
Truss had replaced Boris Johnson as prime minister after 50 ministers quit to protest his leadership and he was forced to resign.
She had run under the promise to stop insurance costs and corporate taxes to rise.
Her economic plan, unveiled in September, promised one of the biggest tax cuts in British history, but also indicated more spending funded by borrowing money.
Unfunded tax cuts led to severe economic reactions, with the pound falling to its lowest point against the US dollar.
Food prices in the UK rose to its highest point since 1980, as well as living costs for households.
The Bank of England had to intervene and bought at least £65 billion in government bonds to save UK pensioners, but mortgage prices are set to rise up despite of it.
On Monday Oct. 17, Jeremy Hunt, who had just replaced Truss’ original finance minister, destroyed almost every single economic policy she had proposed.
Truss had refused to quit as late as Wednesday, saying she was “a fighter and not a quitter”.
On Thursday, she finally announced her resignation but promised to remain in office until a successor is picked within a week, an extraordinarily short turnaround for electing a party leader, which usually takes several weeks.
There will be a leadership election to be completed in the next week.— Liz Truss (@trussliz) October 20, 2022
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.
Several candidates have been placed into consideration, and even Johnson, who had just been forced out months earlier, is expected to run, according to the Times of London.