Liz Truss Resigned as UK Prime Minister for this Reason; Know More

(The Quiver): After a brief and turbulent term in office, Liz Truss resigned as prime minister of the United Kingdom. During her time, she announced a big package of unfunded tax cuts before largely rolling most of them back in the face of a market crash.

Truss, 47, left his position after only 45 days in office, being history’s shortest-serving British prime minister.

“I have consequently informed His Majesty the King that I am stepping down as Conservative Party leader.” Liz truss said.

She assumed office in early September with promises of a full-all out push for growth, but the financial markets found her Programme intolerable as the value of the pound and gilts collapsed due to worries about how she would finance her economic goals.

The biggest blunder of Truss’s time was the $50 billion ($45 billion) tax cut package she and Kwasi Kwarteng devised and announced without any outside analysis of how it would be paid for. This was done in the midst of the greatest inflation in forty years.

On Wednesday, the impression of turmoil in Westminster increased when she lost the second of the government’s four most senior ministers, was mocked when she attempted to defend her record before parliament, and witnessed her lawmakers openly argue over policy.

In an effort to undo the harm, Truss and Kwarteng first decided against eliminating the 45% income tax rate for the UK’s wealthiest earners. Later, on October 14, Truss fired Kwarteng and abandoned their scheme to freeze corporation tax for the following year.

Former Chancellor of the Exchequer Rishi Sunak, who finished second to Liz Truss in the race for Conservative party leadership, is a potential candidate to succeed her. Grant Shapps, Jeremy Hunt, Boris Johnson and Penny Mordaunt could also be contenders.