Prime Minister Liz Truss resigns
Liz Truss has resigned, and will be the longest-serving Prime Minister of Britain when a successor is selected in the next few hours.
A leadership election will now begin and be “completed within the next week”, with Truss remaining in office until the end of that campaign.
Truss, is a very brief 204-word statement outside 10 Downing Street this lunchtime, said: “We set out a vision for a low tax, high growth economy that would take advantage of the freedoms of Brexit.
“I recognise, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.”
It is likely that Rishi Sunak will be represented in the leadership election. Penny Mordaunt and Ben Wallace are also likely to be discussed as options.
The next leader will be the fifth-consecutive Conservative Prime Minster, but will face a wide range of challenges including the cost of living crisis and the war in Ukraine.
Jeremy Hunt will make a statement on October 31. This was to outline a medium-term fiscal plan. It also released forecasts by the Office for Budget Responsibility. This statement was made in an effort to calm the markets. Longer term, the new leader will be focused on the next general assembly, which must be held before January 2025.
Labour Party leader Sir Keir Starmer has called for a general election to be held now and said “the British public deserve a proper say on the country’s future”.
Truss took office in September 6th after a long Conservative Party leadership contest over the summer. But she has been under pressure since Kwasi Kwarteng’s mini-Budget was delivered on September 23.
The measures announced caused huge financial issues which led to Kwarteng’s sacking last week, and new Chancellor Jeremy Hunt subsequently reversed almost all of the fiscal policy announcements.
Pressure on Truss mounted even further with the shock resignation yesterday of Home Secretary Suella Braverman – only 43 days into her own job – over data leaks and fierce disagreements over immigration policy.
Tory turmoil grew further when Labour tried to force a new law through Parliament banning frack. MPs were warned that they would lose their party membership if they refused to support the Government, even though many of them are strongly opposed to fracking. After the chaotic fracking vote result, a growing number of Conservative MPs started calling for Truss’ resignation.
George Canning, the previous longest-serving Prime Minster, served for 119 consecutive days before he was elected to office in 1827. It will also mark the first time in 100 year that three different Prime Ministers have served within a 12-month span.
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