Liz Truss resigned as Prime Minister of the United Kingdom this past Thursday(10/20/22). Her resignation came after another day of chaos in the UK government on Wednesday.
Home Secretary Suella Braverman resigned with a scathing letter criticizing Truss. There was also a vote in the House of Commons on Wednesday that came with accusations of bullying on the part of the Conservative Party. These events made it even clearer that Truss had no real control over the party, making her position untenable.
She has become the shortest ever serving Prime Minister, lasting just 45 days in the job. She had only been in the job for two days when Queen Elizabeth II, Britain’s longest reigning monarch, passed away. Two weeks later, her chancellor, Kwasi Kwarteng, announced a mini-budget that largely comprised of unfunded tax cuts. Markets did not react well to this budget and the value of the pound plummeted against the dollar. She was later forced to U-turn on virtually all the policies that she had announced.
Rishi Sunak is the favorite to become the next Prime Minister, having been runner up to Truss in the leadership contest in the summer. He already has the 100 votes that he needs from Conservative MPs to gain a place on the ballot paper, which MPs will be able to vote on next week. Penny Mordaunt has already revealed that she will stand for election, and former PM Boris Johnson is also expected to stand.
