Following The Failure Of Her Economic Plan, British Prime Minister Liz Truss Tendered Her Resignation

Published on:

Last Updated on October 21, 2022 by Bitfinsider

As a result of a disastrous and quickly rescinded economic plan that caused the pound to plummet and her government to be thrown into disarray, British Prime Minister Liz Truss resigned on Thursday after only serving as the nation’s leader for a total of six weeks.

Truss is now by far the shortest-serving prime minister in British history and will be remembered as one of the most disastrous leaders due to the fact that he was formally appointed by Queen Elizabeth II on September 6, just days before the monarch’s death. This appointment came just days before the monarch’s passing.

In the early 19th century, George Canning was the person who held this record for the longest amount of time in office; Truss announced her resignation after only serving for 44 days.

The current head of the ruling Conservative Party is currently engaged in a contest for the next head of the party, which will conclude within the next week. This contest will determine who will become the next prime minister by default. The Labour Party, which is currently in opposition, has demanded that national elections be held as soon as possible.

During the weekly session of Prime Minister’s Questions that took place on Wednesday, Truss reassured the members of Parliament that she was “a fighter, not a quitter.”

But in order to lead a party that is currently in power, one must first earn respect and credibility. Truss found that he had less and less of both, and as a result, he decided to quit just one day later.

“I recognize that given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party,” she said Thursday in a brief speech outside of No. 10 Downing St., in which she did not express any remorse for her actions.

“As a result, I have already informed his majesty the king that I will be stepping down from my position as leader of the Conservative Party,” the statement read.

At the end of her statement, she said, “I will continue to serve as Prime Minister until a successor is selected.”

The focus has already shifted to the events that will take place afterwards.

There are even calls for her immediate predecessor, Boris Johnson, to stage a dramatic return, just a few months after resigning under pressure from both his own party and the general public in the wake of a string of scandals.

One of the front-runners to take over in her place is Rishi Sunak, who served as Johnson’s finance minister and called out the foolishness of Truss’ economic plans. In the competition to succeed Johnson, he finished in second place, behind Truss. There is also support within the party for Penny Mordaunt, an experienced figure who stood in for Truss earlier this week in Parliament and reassured lawmakers that the prime minister was not hiding under a desk. Mordaunt has garnered support from within the party.

However, there is no obvious successor waiting in the wings, so the days that lie ahead could be even more uncertain.

After a night of remarkable scenes in Parliament, which included lawmakers condemning strong-arm tactics employed by the government that allegedly brought some colleagues to tears and prompted growing demands for her to go from within her own party, Truss decided to resign. Her departure comes as a result of these remarkable scenes.

She huddled with Graham Brady, a senior Conservative lawmaker who oversees leadership challenges, inside the building located at 10 Downing Street. It is possible that Brady is in a position to evaluate the support for a party leader more accurately than anyone else, and by Thursday morning, the picture was crystal clear.

Truss, who is 47 years old, had pledged to make a significant improvement in Britain’s economic standing by transforming the nation into a low-tax, high-growth nation that would release the country’s post-Brexit potential.

In actuality, “Trussonomics” was a complete and utter bust, and it would come to serve as her political epitaph.

Her first choice for finance minister, Kwasi Kwarteng, made an unfunded tax cut announcement that totaled 48 billion dollars and 45 billion pounds, which caused a spike in the cost of borrowing for the government, an emergency intervention by the Bank of England, and a reprimand from the International Monetary Fund (IMF).

Soon after, Kwarteng was shown the door, and his successor, Jeremy Hunt, immediately began rolling back almost all of the policies that had caused controversy. In spite of the U-turn, the United Kingdom is still dealing with the fallout from this plan, which has resulted in record inflation and increased mortgage rates.

During his time in office, Truss became a figure of ridicule and was likened, in an unfavorable manner, to a wilted head of lettuce wearing a blonde wig as part of a tabloid newspaper stunt. According to pollsters at YouGov, her personal approval rating has fallen to a whopping minus 70, making her the most unpopular party leader in the annals of British political history. The Labour Party, which is affiliated with the center left and left center, saw significant gains in the polls.

In a statement issued shortly after Truss’ resignation, the party’s leader, Keir Starmer, called for early elections at the national level.

He said, “The people of Britain deserve so much better than this revolving door of chaos.” “The British people deserve so much better.”

Truss did not secure a victory in any national elections that she ran in.

She triumphed in the race for the leadership of the Conservative party, and as a result, she assumed the role of prime minister: According to the unwritten constitution of Britain, the invitation to form the government is extended to the leader of the party that holds the majority of seats in the House of Commons.

Now, the Conservative Party, also known as the Tories, will begin the search for their fifth leader in six years, which is a sign of the turbulent political life in Britain ever since the referendum in 2016 on whether or not to leave the European Union.

Some members of the Conservative Party have expressed concern about choosing their next leader without first consulting the general population of the United Kingdom.

The majority of former prime ministers make the decision to either continue serving as a backbencher, which is a member of Parliament who does not work for the government and represents their district, or to resign, which results in a by-election being called.

It is unknown whether she will continue to represent her constituency in southwest Norfolk in the east of England or whether she will step down from her position to pursue an entirely new career path.

Within minutes of her resignation, people all over the world began voicing their opinions and reactions.

In a statement, Vice President Joe Biden affirmed that the United States and Britain are strong allies, and that status will not ever be subject to revision.

He stated, “I would like to thank Prime Minister Liz Truss for her partnership on a variety of issues, one of which is holding Russia accountable for its war against Ukraine.”

“We will continue our close cooperation with the government of the United Kingdom as we work together to meet the global challenges our nations face,” he added. “We are working together to meet the global challenges our nations face.”

A week ago, Biden referred to the abandoned tax cut plan proposed by Truss as a “mistake.”

Maria Zakharova, a spokeswoman for the Russian Ministry of Foreign Affairs, stated that the United Kingdom has never had a leader who was such a disgrace, and she added that Truss will be remembered for her “catastrophic illiteracy.”

Truss has long been an outspoken opponent of Russian President Vladimir Putin and the war he is waging in Ukraine. It is likely that whoever succeeds him or her will maintain that stance.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.