Liz Truss announced her resignation on Thursday after just 44 days in charge, making her the country’s shortest-serving prime minister ever. Failed policies and a deeply unpopular party will keep her successor on a tight leash, writes peter_tl
British Prime Minister Liz Truss announces her resignation, outside Number 10 Downing Street, London, Britain, October 20, 2022. REUTERS/Henry Nichollsannounced her resignation
Truss will stay in office until the Conservative Party chooses a replacement by the end of next week. However, her tenure effectively ended last Friday, when she was forced toher finance minister and reverse massive tax cuts which had triggered a self-imposed financial crisis. That U-turn explains why government bond and foreign exchange markets largely shrugged off news of her resignation.
Few Conservative lawmakers will welcome a tough fiscal package for a country grappling with 10% inflation, rising interest rates, and high energy bills. But any serious rebellion would risk bringing down the government and triggering an early election. Current opinion polls show the opposition Labour Party with a lead of around 30 percentage points.
The announcement came days after turmoil in the bond market forced Truss to reverse drastic tax cuts and replace the country’s finance minister.
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