Liz Truss says she will step down as British Prime Minister just six weeks after she was appointed, overthrown by an economic program that sent shockwaves through financial markets last month and split her Conservative Party.
Speaking on the doorstep of her office at number 10 Downing Street, Truss accepted that she could not deliver on the promises she made when she ran for Conservative leader because she had lost her party’s faith.
Leadership elections will be concluded in the coming week to replace Truss, the shortest-serving prime minister in British history. George Canning previously held the record, serving 119 days in 1827 when he died.
“I acknowledge, however, that given the situation, I cannot fulfill the mandate to which I have been elected by the Conservative Party. I have therefore spoken to His Majesty the King to inform him that I am resigning as leader of the Conservative Party.” , she said. .
Previously, Conservative Party officials had gathered in Downing Street as a growing number of her own lawmakers called for her to quit.
Appointed on Sept. 6, Truss was forced to fire her Chancellor of the Exchequer and closest political ally, Kwasi Kwarteng, and abandon almost her entire economic program after their plans for massive, unfunded tax cuts crashed the pound and British bonds. . The approval ratings for her and her Conservative Party collapsed.
On Wednesday she lost the second of the government’s four senior ministers, laughed as she tried to defend her record in parliament and saw her MPs openly arguing over policy, adding to the sense of chaos in Westminster.
New Chancellor of the Exchequer Jeremy Hunt is now rushing to find cuts of tens of billions of pounds to reassure investors and rebuild Britain’s fiscal reputation as the economy plunges into recession and inflation is at its 40-year high .