UK Prime Minister Liz Truss Resigns Amid Budget Crisis

Posted by African Examiner Featured, Latest Headlines, World News Thursday, October 20th, 2022

(AFRICAN EXAMINER) – U.K. Prime Minister Liz Truss has resigned following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party.

Truss was in office for just 44 days, making her the shortest-serving prime minister in British history. For 10 days of her premiership government business was paused following the death of Queen Elizabeth II.

She said in a statement outside 10 Downing Street, “We set out a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit.”

“I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.

“I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party.”

Key Points Of Crisis

Truss was in office for just 44 days, making her the shortest-serving prime minister in British history.

For 10 days of her premiership government business was paused following the death of Queen Elizabeth II.

On Sept. 23, Truss’ finance minister, Kwasi Kwarteng, announced a so-called “mini-budget” which began a turbulent period for U.K. 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.

CNBC