United Kingdom Prime Minister Liz Truss became the shortest-serving prime minister in British history on Thursday after serving for only 45 days. He was also the third leader of the Conservative Party to lose his position in as many years.
In a statement made outside of her 10 Downing Street office, Truss stated, “I cannot achieve the mandate on which I was elected by the Conservative Party.” I have consequently informed His Majesty the King that I am stepping down as Conservative Party leader.
A timeline of the incidents leading up to Truss’ resignation and what happens next is provided by FOX Business.
UK PRIME MINISTER LIZ TRUSS RESIGNS AFTER LESS THAN 2 MONTHS IN OFFICE
TRUSS WINNS TORY ELECTION ON SEPTEMBER 5 To become the new leader of the British Conservative Party, Truss narrowly won an election on September 5 with a vote of defeated former Treasury chief Rishi Sunak . Truss won on the basis of his pledge to reduce taxes and boost defense spending. She remained silent at the moment as to how she intended to handle the rising expense of living.
The Associated Press reports that Sunak garnered 60,399 votes to Truss’ 81,326. Following Boris Johnson’s resignation as prime minister due to how he handled claims of sexual misconduct made against a key member of his government, elections were held.
Queen Elizabeth II formally named Truss prime minister on September 6. Two days later, Elizabeth passed away at the age of 96.
TRUSS Announces Energy Support Package on September 8 Truss presented plans to end a ban on fracking on September 8 and unveiled a $150 billion proposal to cap family energy expenses at £2,500 annually for two years. The Resolution Foundation, a British independent think tank, denounced the plan, claiming it would provide the wealthiest tenth of British households with help worth much more than £2,200.
TRUSS Announces Mini-Budget on September 23. Two weeks later, Truss and her Treasury Chief Kwasi Kwarteng announced an economic plan that authorized $50 billion in unfunded tax cuts totaling 45 billion pounds, devaluing the pound and driving up the cost of borrowing for the U.K. government.
In a rare warning, the International Monetary Fund (IMF) urged the new British administration to reconsider the tax cuts. The Bank of England announced that it would continue to buy bonds through October 14 in order to calm the market and lower the cost of borrowing for governments while delaying an increase in the interest rate for emergencies.
Following a week of market turbulence, Truss told the BBC in an interview on September 29 that she will continue with the divisive strategy.
In order to strengthen our economy, move Britain forward, and combat inflation, she said, “we had to act urgently. Of course, it means making divisive and challenging decisions.” However, as prime minister, “I’m willing to do it because what’s crucial to me is that we get our economy moving.”
OCT. 3: TRUSS REVERSES COURSE ON TOP RATE OF TAX Citing the plan’s 45% top rate of income tax as a “distraction,” Truss changed her mind after receiving negative feedback from the market and scrutiny from the Conservative Party.
Kwarteng then changed the release date for the budgetary plans and economic projections from November 23 to October 31.
14 OCT: KWASI KWARTENG, TREASURY CHIEF, FIRED On October 14, Truss fired Kwarteng and Jeremy Hunt, a former foreign minister, took his place. Kwarteng was the second-shortest-serving chancellor after leaving office after 38 days.
Picture 1 of 2 On October 17, Hunt went on to revoke practically all of Truss’ tax cuts, reduce the length of her energy subsidies, and break her pledge to maintain the status quo in terms of public spending. Before he releases a medium-term budget strategy on October 31, he claimed the government will need to make “many unpleasant decisions” and save billions of pounds.
TRUSS ACCUSES HIMSELF BUT PROMISES TO CONTINUE IN POWER ON OCT. 19 During her term, Truss made mistakes, which she acknowledged on Wednesday. However, she insisted that she had “accepted responsibility and made the right decisions in the sake of the country’s economic stability.” Calling herself “a fighter and not a quitter,” she promised to maintain her position of authority.
Suella Braverman, the home secretary, resigned within hours and attacked Truss in her resignation letter, citing her “concerns about the course of this government.”
The vote on fracking for shale gas on Wednesday night, which resulted in chaotic scenes in Parliament and accusations that party whips had used coercive methods to win votes, was the last straw for many Conservative lawmakers.
Labour Party lawmaker Chris Bryant claimed to have “saw people being physically manhandled… and being abused.” Officials from the right-wing refuted this.