On Thursday, British Prime Minister Liz Truss said that she was stepping aside and her Conservative Party could choose a new leader, within days. The beleaguered PM has had a tumultuous start as her mini-budget took off in a disastrous trajectory that led to the resignation of finance minister Kwasi Kwarteng. Although she appointed Jeremy Hunt, a centrist among the Conservatives as the new finance minister, her problems continued as several other top ministers tendered their resignations leading to Truss announcing that she would step back.
Liz Truss handed her resignation to King Charles III in just 45 days after she assumed the top post. She is set to become the Prime Minister of Britain who had the shortest tenure as the former record holder Canning served at Downing Street for 119 days, until his death that occurred almost two centuries ago, in 1827.
The 47-year old Prime Minister is also the youngest woman PM of Britain as well as the third woman to hold the post after Margaret Thatcher and Theresa May, who were also from the Conservative Party. She was the foreign minister before she became the PM.
Liz Truss entered the political scene at a tough time as she replaced Boris Johnson, whose tenure was filled with scandals including Partygate. The economy was also in tatters due to Covid and the Russia-Ukraine War.
Liz Truss and her then finance minister Kwasi Kwarteng released a mini-budget that made her somewhat slim majority in the party, even slimmer. The markets crashed, the currency received a pounding and the Bank of England had to intervene to bring stability.
The PM had to take a U-turn on the disastrous policy that advocated tax cuts for citizens including the richest in what is called the 45p. The budget also announced energy price guarantees. However, the damage was done to an already fragile economy and others in her party also started expressing their reservations about her leadership. Liz Truss responded by stepping down graciously.
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