On Thursday morning, UK Prime Minister Liz Truss, who took office in September, announced that she will be resigning from her position.
According to NBC News, Truss now holds the title of shortest-serving prime minister in British history, a title previously held by Geroge Canning, who lasted 119 days in the early 19th century.
A leadership contest is now underway to determine the next leader of the Conservative Party, the current ruling party in the UK, who will by default be the next prime minister. This process is expected to conclude next week.
Speaking outside No. 10 Downing St., the residence of the prime minister, Truss said, “I recognize that given the situation I cannot deliver the mandate on which I was elected by the Conservative Party.”
“I have therefore spoken to his majesty the king to notify him that I am resigning as leader of the Conservative Party.”
Truss closed her statements by noting that. “I will remain as prime minister until a successor is chosen.”
Truss had promised a shift in Britain’s economics for the better, with low taxes and high economic growth.
Kwasi Kwarteng, Truss’ first finance minister, announced in September 45 billion pounds in unfunded tax cuts. This move saw the government’s cost of borrowing grow, requiring an emergency intervention from the central Bank of England, as well as a reprimand from the International Monetary Fund.
Kwarteng was fired, but his successor, Jeremy Hunt, as well as the nation, had to deal with the fallout, including record inflation and increased mortgage rates.
