On Thursday, Liz Truss announced her resignation as UK’s prime minister after a disastrous economic program shattered her investor’s confidence and enraged most of her Conservative Party.
Speaking in front of her office at Number 10 Downing Street admitted that she lost her party’s faith and will resign from the post next week, making her UK’s shortest-serving leader ever. Unveiled in September 2022, Truss’s economic program outlined plans to cut taxes and boost spending to support the fluctuating economy.
However, the risky move stirred public concerns and plummeted the British pound to its most significant one-day drop in two and a half years. Despite Truss insisting that it is ‘the right thing to do,” almost all the policies are now reserved, and her finance minister, Kwasi Kwarteng, was decreased to a chancellor.
Although yesterday, Truss called herself “a fighter and not a quitter,” she could not sustain herself in the storm of criticism and chaos. Acknowledging that Truss can no longer deliver her promises, she said, “I have spoken to his Majesty the King and notified him that I am resigning as a leader of the Conservative Party.”
After PM’s resignation, US President Joe Biden issued a statement that thanked Truss for her partnership on a range of issues, including holding Russia accountable for causing war in Ukraine. He declared that US and UK are “strong allies and enduring friends” while promising to keep close cooperation with the UK government.
In reaction to the announcement, analysts observed that the pound rose against the dollar, and government borrowing costs also reduced. While the UK faces massive economic, fiscal, and financial market challenges, the market is “relieved” at the announcement, said Paul Dales, chief UK economist at Capital Economics.
Who will succeed?
With Liz Truss barely stepping away, people have already called for an early general election in Britain. Keir Starmer, leader of the Labor Party of the UK, demanded an election “now,” expressing that the British citizens “deserve better than this revolving door of chaos.”
Top contenders for the position include; former finance minister Rishi Sunak, Foreign Secretary James Cleverly, Defense Secretary Ben Wallace, and International Secretary Kemi Badenoch. Boris Johnson, former Prime Minister of the UK, is also a favorable candidate for many.
Edited by Devnum Nagar
Image Source: CNN
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