Posted: Thursday, October 20, 2022. 9:54 am CST.
By Aaron Humes: The BBC has confirmed Liz Truss’ decision to resign as Prime Minister of the United Kingdom, ending the briefest premiership in more than a century at 45 days.
Speaking at Downing Street today, the PM said her successor will be elected in a Tory leadership contest, to be completed in the next week.
Truss said the Conservative Party had elected her on a mandate to cut taxes and boost economic growth. She entered “office at a time of great economic and international instability,” as war rages in Ukraine and living costs skyrocket, and she took credit for providing support for energy bills and reversing a rise in National Insurance, a tax on workers and companies.
But Truss’s resignation comes after a period of political and economic turbulence, which forced her government to ditch tax cuts that sent financial markets into a tailspin. Her own fellow members of parliament wanted her gone after her government was engulfed by political turmoil, following the ditching of most of her economic policies.
The prime minister sacked close political ally Kwasi Kwarteng as chancellor and appointed Jeremy Hunt as his successor as she attempted to calm the markets.
At Prime Minister’s Questions on Wednesday, Truss insisted she was a “fighter, not a quitter” after Labour leader Sir Keir Starmer asked her why she had not resigned.
But more instability followed when Suella Braverman quit as home secretary and a vote on fracking fell into disarray, with some Conservative representatives accused of bullying.
Today she said: “I recognize that I cannot deliver the mandate on which I was elected by the Conservative Party.”
Truss said she would remain in post until a successor formally takes over as party leader and is appointed prime minister by King Charles III. Sir Keir Starmer called for an immediate general election following Truss’s resignation speech.
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