Liz Truss Resigns, Becomes Shortest British Prime Minister
- Blog
- October 21, 2022
Liz Truss Resigns, Becomes Shortest British Prime Minister
The Prime Minister of the United Kingdom, Liz Truss, announced her resignation. She will become the shortest British prime minister upon her departure. She resigned as her own party (the members of the conservative party) lost confidence in her ability to handle the UK economy.
Ever since it took office, the government led by Truss has been plagued by scandals. The worst of it all was the collapse of the UK economy due to her mini-budget. The budget included unfunded tax cuts. However, Conservative lawmakers did not have confidence in Truss’s ability to weather the rough economic winter. Jeremy Hunt reversed most of the measures included in former finance ministry Eric Truss’s budget.
Conservative whips recently suggested that a vote on fracking be considered a vote of no confidence motion due to a technical error. A considerable number of parliament members and Conservative Party officials were upset by the episode. And what followed was the resignation of UK Prime Minister Liz Truss.
The effects of the departure of the current prime minister will likely ripple through the stock market. Investors now await the next move of the Conservative Party. Some Conservative Party members are in favor of an early election proposed by the Labor Party. As the situation takes flight, the market will react strongly.
