British Prime Minister Liz Truss resigns from his position. Truss announced his resignation in a speech in front of the Prime Minister’s official residence on Thursday afternoon.
Truss said he acknowledged he had lost the trust of his party.
– I am unable to fulfill the mandate with which the Conservative Party elected me to the position, Truss spoke briefly.
Truss also said that he had announced the king For Charles of his separation.
Truss started as prime minister at the beginning of September and has managed to act as prime minister for only 45 days. He becomes the shortest-lived Prime Minister in British history.
According to Truss, it has been agreed with the Conservative Party’s 1922 Committee that the new chairman of the party and thus the country’s next prime minister will be voted on next week.
Chairman of the 1922 Committee Graham Brady according to the party is trying to organize a vote for the party leader by Friday of next week.
Brady says that it would be good for the new prime minister to start his duties by the end of October.
The preliminary favorites for the next leader of the Conservatives include, among others Rishi Sunakia and Penny Mordauntwho also applied for the position of chairman in the summer of the previous prime minister Boris Johnson after the divorce.
British newspaper The Times policy editor (you switch to another service) according to information, Johnson himself is also running again for chairman of the Conservative Party.
Truss says he will serve as interim prime minister until a new prime minister is elected.
Britain’s opposition parties are calling for new general elections immediately. Chairman of the Labor Party Keir Starmer and chairman of the Liberal Democrats Ed Davey quickly called for an election after Truss announced his resignation.
In addition, the Green Party of England and Wales, the Scottish National Party and the Prime Minister of Wales representing the Labor Party Mark Drakeford demand new elections.
Truss lost the support of his party
By noon on Thursday, at least 13 members of the Conservative Party had publicly stated that they supported changing the prime minister.
According to media reports, as many as 50–100 conservative MPs had time to present Truss with a vote of no confidence.
Earlier in the day, Truss met Brady, the leader of the Conservative 1922 Committee. In principle, the committee had the power to sack the party chairman, but Truss chose to resign himself.
Yesterday, Truss received a full-throated criticism in the lower house of parliament, and in addition the government’s home secretary Suella Braverman resigned from his post.
In the evening, the parliament also voted on the so-called water fracturing method used in oil and gas exploration. Dozens of conservative MPs were absent from the vote, which was said to also be a vote of confidence in the prime minister.
The economic package brought down the prime minister
Prime Minister Truss’ government was brought down primarily by the failed stimulus package, which the government called the “mini-budget”.
The government’s goal was to revive the British economy. The focus of the supplementary budget was the reduction of taxes for about 45 billion pounds. A large part of the government’s planned tax cuts targeted high income earners.
The Truss government planned to finance the budget with a lot of debt money, which caused the market to worry. Interest rates on British government bonds began to rise rapidly and the value of the pound weakened strongly.
Head of E2 Research, based in Glasgow Mari K. Niemi estimates that the pressure to get rid of Trussi came from many directions. Niemi sees the market reactions that followed the shocking mini-budget as particularly difficult, which already had a significant impact on the lives of ordinary citizens in Britain.
– This is where credibility came into question: Truss came to power with certain promises and a program, but had to withdraw from them, thus losing credibility.
The finance minister presented the economic package Kwasi Kwarteng had to resign already last week and the planned additional budget was finally canceled completely. Rising mortgage interest rates threatened the finances of many ordinary citizens.
– Trussi’s designs came close to people’s everyday lives and wallets. Many were left wondering how they could pay their mortgages when interest rates were rising, and energy costs had already risen. There are many low-income and minimum-wage workers in Britain who already live in shared housing, and there are no more affordable housing options for them to move to.
– In a few days, it started to appear that interest rates on loans would even double, and banks withdrew thousands of loan products from sale. When many low-income earners are in a difficult situation, the mini-budget also raised a lot of questions about whether it is morally right to target tax cuts on high-income earners and companies, says Niemi.
He reminds that Truss’s colleagues in the parliament would have chosen another candidate, Rishi Sunak, as prime minister, but the party members chose Truss. Sunak had even warned in advance about some of Truss’ openings.
Support for Truss and the Conservative Party steadily declined throughout Truss’s short tenure as prime minister. Earlier this week, the analytics company YouGov (you will switch to another service) in the support survey carried out by Truss, the popularity of Truss was only 10 percent.
You can discuss the topic until Friday 21 October. until 11 p.m.