Liz Truss Resigns as Prime Minister of the United Kingdom
Tumultuous Tenure Ends After Six Weeks in Office
Economic Turmoil and Political Instability Factor in Decision
LONDON - In a stunning turn of events, British Prime Minister Liz Truss has announced her resignation from office after just six weeks in the role. Truss, who succeeded Boris Johnson as Prime Minister on September 6, 2022, has faced intense pressure in recent days due to the fallout from her controversial economic policies and the subsequent turmoil in the UK's financial markets.
Truss's tenure as Prime Minister has been characterized by a series of challenges, including a plummeting pound sterling, rising inflation, and widespread protests. Her "mini-budget," which included significant tax cuts, was widely criticized by economists and investors as being unsustainable and likely to exacerbate inflation. The markets reacted swiftly, with the pound sterling falling to its lowest level against the US dollar in decades.
In the wake of the economic upheaval, Truss was forced to abandon key elements of her economic plan and sack her Chancellor of the Exchequer, Kwasi Kwarteng. However, this was not enough to quell the growing dissatisfaction within her own party and the public at large. Truss's approval ratings have plummeted in recent weeks, with many calling for her resignation.
In her resignation speech, Truss expressed regret for her "mistakes" and acknowledged that she did not have "the mandate to carry out the mandate on which I was elected by the Conservative Party." She also indicated that the process of selecting a new leader will begin immediately. The Conservative Party has yet to announce a timeline for the leadership contest, but it is expected to be resolved within the coming weeks.
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