British Prime Minister Liz Truss, on Thursday, declared that she will stand down from her position. Truss announced her resignation as the party’s leader 45 days into her tenure as premier.
With her husband by her side, Liz Truss gave a brief address outside Downing Street to announce her choice, noting that it was a moment of uncertainty when “families and companies were worried about how to pay their bills.”
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Liz Truss continued by saying that she had reversed the National Insurance hike and supported energy bill assistance.
But she recognised that given the situation the country now found itself in – both with economic turmoil and a divided party – she could no longer deliver on the mandate she was given by her party to go for economic growth and tax cuts.
She submitted her resignation as a result, and together with Sir Graham Brady, the 1922 chairman, they decided to establish that there would be a brief, one-week leadership transition. Till then, she’ll continue in her position.
Where did Truss’ leadership go wrong?
She was elected as the leader of a split party with only one-third of the MPs’ backing. But after the not-so-mini-Budget, when unfunded tax cuts frightened the markets and backfired with the people, things started to really spin out of control.
Since that day, Truss has been surrounded by only the best possible outcomes. She has lost her chancellor, home secretary, and significant aides while attempting to find a solution.
Who will replace her?
MPs have not managed to unite around a candidate yet – but parliamentary voting rounds will likely follow. Names in the frame include Rishi Sunak, Ben Wallace, Penny Mordaunt, Jeremy Hunt, Suella Braverman and Kemi Badenoch.
Whether any candidate will be able to unify the party and bring stability remains to be seen.
