Britain's Prime Minister Liz Truss delivers a speech outside of 10 Downing Street in central London on October 20, 2022 to announce her resignation. - British Prime Minister Liz Truss announced her resignation on after just six weeks in office that looked like a descent into hell, triggering a new internal election within the Conservative Party. (Photo by Daniel LEAL / AFP)
UK Prime Minister Liz Truss resigned following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party.
Truss was appointed prime minister on Sept. 6, just two days before Queen Elizabeth II passed away after 70 years on the throne.
On Sept. 23, Truss’ finance minister, Kwasi Kwarteng, announced a so-called “mini-budget” which began a turbulent period for UK bond markets which balked at the debt-funded tax cuts he put forward. Most of the policies were reversed three weeks later by the second finance minister, Jeremy Hunt.
Truss beat Rishi Sunak to become leader of the Conservative Party following the resignation of Boris Johnson on July 7. Sunak is now one of the favorites to replace Truss, along with Hunt, another leadership contender Penny Mordaunt, Defense Minister Ben Wallace and former Prime Minister Boris Johnson.
Details later…
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