Liz Truss becomes the shortest lived Prime Minister in British history as she resigns only after six weeks in office.
Liz made her announcement in Downing Street hours after Suella Braverman, Truss’ home secretary resigned with a sweltering attack on the Prime Minister’s leadership. She said she would remain until next week when a successor is chosen.
Her resignation speech reads in part “I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills…. I was elected by the Conservative Party with a mandate to 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 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 notify him that I am resigning as leader of the Conservative Party. This morning, I met the chairman of the 1922 committee, Sir Graham Brady. We’ve agreed there will be a leadership election to be completed within the next week….
“I will remain as Prime Minister until a successor has been chosen. Thank you”.
Her resignation comes after a period of political and economic turmoil, which forced her government to ditch tax cuts that sent financial markets into a nosedive. In her attempt to calm the markets, she sacked former chancellor, Kwasi Kwanteng last week and appointed Chancellor Hunt in his place.
Despite sacking Mr Kwanteng and reversing almost all the unfunded tax cuts that had been proposed, Liz’ position had continued to be under pressure with Tory MPs calling for her resignation.
Source: BBC NEWS