Why did Liz Truss resign as UK Prime Minister and what happens next?
The turmoil engulfing British politics in recent weeks took another turn as Prime Minister Liz Truss resigned | Here’s what you need to know
The turmoil engulfing British politics in recent weeks took another turn on Thursday as Prime Minister Liz Truss said she would resign, becoming the shortest-serving leader in the country’s history and setting off a race to replace her. Here’s what you need to know.
1. Why did Liz Truss resign
Ms. Truss stepped down as prime minister on Thursday, saying she couldn’t deliver the mandate on which she was elected by the Conservative Party.
Her decision followed a chaotic six weeks in office during which her approval rating fell to the lowest of any British prime minister in decades as the markets balked at her plan to lower taxes and raise spending. The Bank of England intervened to restore order in the financial markets following a furious selloff of U.K. debt in response to the plan.
How long has Liz Truss been prime minister?
Just 45 days. Her resignation and replacement, set to be announced by the end of the month, will make her the shortest-serving leader in British history.
When is the next Conservative leadership contest?
Ms. Truss said that a leadership election to find her replacement would be completed within a week as she made a short resignation statement outside Downing Street on Thursday.
Graham Brady, the chairman of a backbench committee of Conservative lawmakers, said there should be a new leader in place before the end of the month.
What economic policies did Ms. Truss try to enact?
Ms. Truss wanted to lower taxes to spur economic growth at the same time as borrowing to support consumers with their energy costs. The plans weren’t signed off by the government’s independent fiscal watchdog.
Why were her economic plans controversial?
One of the tax cuts she and her then Chancellor Kwasi Kwarteng proposed was aimed at the U.K.’s top earners, a policy that caused public anger at a time of spiraling inflation.
But it was the unfunded nature of the tax cuts that spooked markets and caused the pound to tumble against the dollar, yields on government bonds to rise and the BOE to intervene. Mr. Kwarteng resigned and his replacement as Treasury chief, Jeremy Hunt, unwound almost all of the tax cutting plans.
What is all this talk about Liz Truss and lettuce?
A U.K. newspaper predicted that Ms. Truss’s tenure would have the shelf life of a lettuce. Other media picked up on the prediction, with one setting up a live feed of a picture of Ms. Truss next to a lettuce to see which would last longer.
Who was the shortest-serving prime minister previously?
George Canning was prime minister for the period between April 10 and Aug. 8, 1827, when he died in office.
Ms. Truss now takes his record.
The Wall Street Journal
