UK Prime Minister Lizz Truss resigns after failed budget and market turmoil. On Thursday, Lizz resigned following failed tax-cutting budget that shocked financial markets and ignited revolution within her own Conservative Party. Truss has been in the office for just 44 days making her the shortest-serving prime minister in the British history. She took over from Boris Johnson and has served in various cabinet offices under Theresa May, David Cameron and most recent as the foreign secretary from 2021-2022.
Lizz Truss resignation came das after meeting with Brady who chairs the 1922 committee. This is a group of Conservative MPS without ministerial positions who can submit letters of no confidence against the Prime Minister. Before the meeting, the Downing Street spokesperson told news reporters that Lizz Truss wanted to remain in office.
According to gov.uk, Lizz Truss issued her statement and she said
“I came into office at a time of great economic and international instability.
Families and businesses were worried about how to pay their bills.
Putin’s illegal war in Ukraine threatens the security of our whole continent.
And our country had been held back for too long by low economic growth.
I was elected by the Conservative Party with a mandate to change this.
We delivered on energy bills and on cutting national insurance.
And we set out a vision for a low tax, high growth economy – that would take advantage of the freedoms of Brexit.
I recognise 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 notify him that I am resigning as Leader of the Conservative Party.
This morning I met the Chair of the 1922 Committee Sir Graham Brady.
We have agreed there will be a leadership election to be completed in the next week.
This will ensure we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security.
I will remain as Prime Minister until a successor has been chosen.
The chair of the Conservative Party 1922 committee Graham Brady said that the leadership contest should be concluded by October 28. According to aljazeera, the opposition labour Party has since called for a general election immediately. Opposition Leader Sir Keir Starmer said in statement “The Tories cannot respond to their latest shambles by yet again simply clicking their fingers and shuffling the people at the top without the consent of the British people. We need a general election – now”
The Conservative Party “has shown it no longer has a mandate to govern. After 12 years of Tory failure, the British people deserve so much better than this revolving door of chaos.” Sir Keir Starmer added.
The “mini-budget” was unveiled in Parliament last week and it triggered off financial market turmoil and political crisis. It has seen the replacement of Truss Chancellor and discipline breakdown in the ruling Conservative Party. Lizz Truss said the leadership handover would ““ensure we remain on a path to deliver our fiscal plans.”