UK Prime Minister Liz Truss has announced her resignation after a chaotic six weeks in the top job.
Truss had just a week before her political plans imploded, minus the late Queen Elizabeth II’s 10 days of mourning, leading to her dismissal as finance minister.
As the new leader of the largest political party in parliament, it makes her prime minister.
Truss appoints like-minded Kwasi Kwarten as Treasury Secretary.
Truss has unveiled a costly plan to keep home utility bills down in response to Russia’s invasion of Ukraine.
However, there is no action taken to raise funds.
The announcement sparks immediate political outcry for being unfair. But the most scathing verdict will come from the market as the pound plummets toward parity against the dollar.
The budget has been dubbed “Kami Kwasi” by the media, who have begun to report tensions between Kwarten and the Truss and deep unrest among Tory MPs, including ministers.
Bond market turmoil putting UK pension funds at risk prompts Bank of England to buy long-term UK bonds, initially capped at £65bn, “to restore orderly market conditions”2 Announced weekly program.
Polling firm YouGov reports that the main opposition Labor Party has a 33-point lead. This is the largest margin to the Tories since former Labor Prime Minister Tony Blair’s heyday in the late 1990s.
– October 3 –
In a speech at the Oct. 5 conference, Mr. Truss vows to pursue an agenda of “Grow, Grow, Grow,” but cannot reassure party rebels and nervous markets.
– October 10 –
But on October 12, Truss denied cutting public spending, exacerbating the perception that the government was in a state of disarray, despite vowing to make no further U-turns on the remaining tax cuts. rice field.
With markets still wobbly and pressure on Truss, the prime minister sacked Kwarten after just 38 days in office.
In his place, she appoints former Foreign Secretary Jeremy Hunt.
On what the right-wing tabloid The Sun called “a day of extraordinary turmoil”, hardline Home Secretary Suera Braverman resigned following a row with Truss & Hunt over immigration, and the government He said he had “serious concerns” about
Truss won the vote, but many MPs rebelled anyway, explaining to journalists that it was the final nail in the coffin of Truss’ prime minister.
Truss has announced he will step down after just six weeks as Conservative leader, saying a successor will be elected by the end of next week.
https://www.theaustralian.com.au/news/latest-news/extraordinary-mayhem-trusss-nightmare-on-downing-street/news-story/b2b32bcff95e4e3e30be4f995831593f downing street truss nightmare