Liz Truss has resigned in the midst of a political crisis. Her 45-day term was the shortest in British history.
Liz Truss said Thursday that she will step down as British prime minister.
She was in office for only six weeks, but her economic plan has rattled financial markets, driven up the cost of living for voters and angered many people in her own party.
The Conservative Party will elect a new leader by Oct. 28. It has a large majority in Parliament and does not have to call new elections for another two years.
Liz Truss Resigns After Six Weeks As UK Prime Minister
In that race, former Finance Minister Rishi Sunak is likely to run against Penny Mordaunt. But former Prime Minister Boris Johnson, who lost power in July when all his ministers resigned at once, could also run again.
Truss said outside the door of her office at 10 Downing Street that she knew she had lost the support of her party and would resign next week. That would make her the prime minister with the shortest term in British history.
Therefore, Truss informed the king, “I have spoken to His Majesty the King to inform him that I am resigning as leader of the Conservative Party” Truss was supported only by her husband, in the absence of her aides and loyal ministers.
Liz Truss became Britain’s fourth prime minister in six years when Conservative Party members elected him to lead the party in September, not the general public. Only about a third of the party’s MPs supported him.
She had promised tax cuts financed by borrowing, less government regulation, and a sharp shift to the right on cultural and social issues.
She took office on Sept. 6, but last week she was forced to fire her finance minister and closest political ally, Kwasi Kwarteng, and abandon almost all of her economic plans because her plans for large tax cuts that would not be paid for caused the pound and British bonds to crash. Both she and the Conservative Party have lost a lot of support.
On Wednesday, she lost the second of the four most senior ministers in the government. When she tried to defend her record in Parliament, she was laughed at, and her lawmakers openly argued over policy, adding to the chaos in Westminster.
Now the new finance minister, Jeremy Hunt, is hurriedly trying to find tens of billions of pounds in spending cuts to reassure investors and restore Britain’s reputation as a good financial manager.
With the economy in recession and inflation at its highest level in 40 years, a great many Britons are struggling to make ends meet.
Hunt, who has said he will not run for head of government, will present a new budget on Oct. 31.