London Liz Truss became the leader with the lowest tenure in British political history when she quit on Thursday, less than two months into her term.
Her announcement came shortly after her attempts to introduce radical tax cuts with the intention of stimulating economic growth, but instead massively shook the financial markets which led to unprecedented intervention by central banks and reduced her approval scores to the lowest seen for a prime minister.
Truss 47, who was president, served 45 days in her post. Since Britain is a country that elects a party and not a leader, she is likely to be replaced by a lawmaker of her party of government, the Conservative Party. The process of replacing the Truss will begin in the coming weeks.
Truss will remain the Prime Minister until the end of time.
“I came into office at a time of great economic and international instability,” Truss declared in his brief speech outside No. 10 Downing Street in London. “I recognize, given the situation, I cannot deliver the mandate to which I was elected by the Conservative Party.”
The most recent and shortest term for the British leader was that of Sir Alec Douglas-Home, who served for a year and one day from 1963 until 1964.
What was the reason Liz Truss resign? The resignation comes after several weeks of turmoil
Truss’s resignation comes in the wake of several months of political turmoil that saw her abandon most of her economic strategies.
Truss removed Kwasi Kwarteng Kwasi Kwarteng, her close friend and finance minister in October. 14 despite the fact that Kwarteng was in the process of implementing the pro-growth policy she had campaigned on.
Kwarteng has been replaced by Jeremy Hunt, a former foreign minister who was beaten to the post of prime minister 2019 by Boris Johnson in 2019. Hunt also did not make an election runoff during the Conservative Party process that selected Truss.
WHAT DO YOU NEED TO KNOW ABOUT LIZ TRUSS She is a model of Margaret Thatcher
Since her takeover, several polls have revealed how the Labor Party would likely win an overwhelming victory in an election general. In accordance with British rules of politics and regulations, it is required that the Conservative Party must call an election by the beginning of January 2025.
Who is the likely new prime minister?
The Fives name has already started to bubble up:
Sunak is the top choice in the betting market, according to markets and reports from the media. Sunak 42, who is a former finance minister lost to Truss after she became the premier in September. 6. Sunak was the finance secretary of Johnson. Prior to pursuing an enviable career in government, Sunak worked for Goldman Sachs and an investment firm. He got married to his wife, the daughter of the co-founders of Infosys one of India’s top tech companies while studying to earn an MBA from Stanford University. The couple is estimated to have the fortune of $1 billion in accordance with The Sunday Times Rich List which is an annual count of the richest 1,000 individuals and their families within the U.K. Sunak served in Johnson’s Cabinet as the finance minister.
Mordaunt 49, the Leader of the House of Commons, was previously thought to be the most likely legislator who would succeed Johnson. The politician has been a Parliamentary member since 2010 and has served as trade minister. She also served as the minister for local governance in the early days of her career. She was also the first woman appointed the minister of the armed forces. Mordaunt was among those who pushed for”Brexit,” the “Brexit” referendum approved by voters in the year 2016, which caused Britain to be exiled of the EU. Mordaunt is an enlisted reservist with the Royal Navy.
Hunt 55 is another Cabinet minister who has been around for a long time and has ambitions for leadership. Hunt has already declared himself unfit to be the next prime minister, however, it’s been an extended period in British politics in recent times, and Hunt may be able to find a way to make himself more prominent in the race. Tim Bale, a politics professor at the Queen Mary University of London has described Hunt to be the “Mitt Romney of British politics” in the year 2019. This is in reference to the Utah senator who is known as a professional and lacking charisma in politics.
Wallace 52 is the defense secretary of Britain and has earned praises both in the UK and abroad for his strong support of Ukraine as it battles the threat of a Russian invasion. Wallace was a supporter of Truss in her run as prime minister, which could backfire on his campaign.
Johnson is 58 and was sacked on September. 6 but Johnson’s name has never been out of the spotlight as a possible candidate to make the upcoming election. Johnson remains well-liked in the eyes of Conservative Party members even though Johnson resigned following a string of scandals involving coronavirus lockdowns. Johnson has not said whether he’d be willing to take over in the future. The Times (of London) is reporting Johnson might run in the race.
What is in the future?
- Sir Graham Brady, the leader of the committee 1922 an influential group of Conservative Party lawmakers who determine the party’s rules, has stated that he anticipates the new premier to announce his name by the end of October. 28. Truss was chosen by regular Conservative Party grassroots members, around 81,000 of them. Brady announced late on Thursday that in order to be considered for the position of next leader of the Conservative Party and therefore premier, the candidates have to get the support of 100 lawmakers before Monday.
- There are 357 Conservative lawmakers, which means only three lawmakers will be included on the list. If three lawmakers are on their way onto the shortlist, they will be voting on them who makes the list, and the one who has the lowest support is removed. If there is a need for a second vote the lawmakers will be able to decide which they prefer using what’s known as the “indicative vote.” If both candidates decide to remain in the race following the second round, it will then be taken by the 81,000 supporters of the party that elected Truss.
- The Opposition Labor Party leader Sir Keir Starmer has demanded the immediate holding of a general election. which is unlikely given to the current Conservative Party, according to polls, is almost certain to be defeated in any such election.
What do they mean?
- Bronwen Maddox is a director at Chatham House, a London-based think organization: “There is no question that the U.K.’s position internationally is severely damaged through this scandal and the rotating cabinet of the prime minister (three in a single year). In order for to allow the U.K. to regain respect and to regain a sense of trustworthiness, it has to get another prime minister in the near future with the capability of putting policy into practice. They must be based on stability in the economy but also include an end to relationships with Europe and the EU. A large portion of the turmoil stems from the repercussions of Brexit. Visas and student visas, defense commitments and relationships with China, and relations with the U.S. and China – all of these need to be clearly defined and maintained.”
- Richard Toye, history and politics professor at the University of Exeter, England: “Liz Truss had a difficult hand and played it appallingly, resulting in her becoming the shortest serving British prime minister in history. Her tenure deserves to be remembered as more than the answer to a Trivial Pursuit question, however, because it symbolized the logical outcome of a broader crisis that for years has gripped the Conservative Party and the U.K. political system more generally. The truss may not be remembered as the person who definitively killed the Tories as a political force. That honor will perhaps fall to her successor.”
- President Joe Biden: “The United States and the United Kingdom are strong allies and enduring friends – and that fact will never change. I thank Prime Minister Liz Truss for her partnership on a range of issues including holding Russia accountable for its war against Ukraine. We will continue our close cooperation with the U.K. government as we work together to meet the global challenges our nations face.”
- Liz Truss, on Wednesday: “I’m a fighter, not a quitter.”
- British bonds, stocks, and the currency pound all appreciated following the resignation of Truss.