LONDON – Liz Truss announced her resignation as Prime Minister on Thursday, blaming her economic policies for sending shockwaves across markets and dividing her Conservative Party barely six weeks after taking office.
A leadership election to replace Truss, Britain’s shortest-serving prime minister, will be held within the next week. George Canning previously held the record, spending 119 days before dying in 1827.
Speaking at the door of her Number 10 Downing Street office and apartment, Truss said that she had lost the trust of her party by failing to deliver on the pledges she made when vying for Conservative leader.
“I understand, however, that given the circumstances, I am unable to fulfill the mandate for which I was elected by the Conservative Party.” “As a result, I have informed His Majesty the King that I am retiring as Conservative Party leader,” she stated.
“This morning I met with Sir Graham Brady, chairman of the 1922 Committee.” We’ve agreed that a leadership election will be held within the next week. This will ensure that we stay on track to meet our fiscal targets while also maintaining our country’s economic stability and national security.”
“I shall serve as Prime Minister until a successor is appointed.” Thank you very much.”
Conservative lawmakers have increasingly urged Truss to resign after she was forced to abandon the majority of her economic plan, which was delivered on September 23 and sent the pound and government bond markets falling.
She appointed former health minister Jeremy Hunt as her new finance minister in an attempt to restore her administration’s credibility, but on Wednesday, her legislators turned on each other and another senior minister quit, leaving Truss’ authority in ruins.
Conservative legislators believe her most likely successors are either her leadership competitor, former finance minister Rishi Sunak, or Penny Mordaunt, who finished third in the contest for prime minister just six weeks ago.