British Prime Minister Liz Truss said today that she has lost the confidence of her party and is expected to step down next week. She gave a speech outside the official Downing Street residence, Liz Truss becomes the shortest-term prime minister in British history.
.Today, she reported that she is resigning from office, toppled by her economic program that has shaken the markets and split the Conservative Party just six weeks after her appointment.
On Wednesday (19), the prime minister had said that she was a “fighter and not a quitter”. She realized, however, that she could no longer fulfill the promises that had won her the Conservative leadership.
“That is why I spoke to His Majesty the King to notify him that I am resigning as leader of the Conservative Party,” said Truss, who was accompanied only by her husband, with no aides and ministers present.
A new leadership election will conclude on the 28th. Among those expected to run are former finance minister Rishi Sunak and former defense minister Penny Mordaunt.
Jeremy Hunt, the man in charge of restoring public finances, has ruled out running.
Conservative party members and lawmakers must have a say in the choice. A poll earlier this week showed that most members want the return of former prime minister Boris Johnson, who resigned in July.
The UK is not expected to hold a national election for another two years.
Appointed on 6 September, Truss was forced to sack her finance minister and closest political ally, Kwasi Kwarteng, and abandon almost her entire economic program, after her plans for massive unfunded tax cuts slashed the British pound and bonds. . Approval ratings for her and the Conservative Party have dropped.
Yesterday, she lost the second of the government’s four most senior ministers, faced laughter as she tried to defend her track record in Parliament and saw lawmakers openly discuss policy, deepening the sense of chaos in Westminster.
New finance minister Jeremy Hunt is now looking to cut billions of pounds in spending to try to reassure investors and rebuild the UK’s fiscal reputation. The economy goes into recession and inflation hits a 40-year high.
Hunt is due to deliver a new budget on October 31. The new prime minister will be chosen on the 28th of this month.
*With information from Reuters
