Liz Truss, the Prime Minister of the United Kingdom, resigns after serving for just 45 days, shattering the previous record.
Britain is about to elect its third prime minister in three months after Prime Minister Liz Truss announced her resignation under mounting pressure from Conservative MPs. Her budgetary plans, which included unfunded tax cuts at their core, severely alarmed the markets and had already forced the Chancellor to resign just days prior.
Despite having hardly started, Liz Truss' unstable premiership in Britain came to an end. With the exception of the mourning period of 10 days for the late Queen Elizabeth II, Liz Truss had just one week before her political plan collapsed, forcing her to fire her finance minister, Kwasi Kwarteng.
Mary Elizabeth Truss, who has been the Foreign Secretary since 2021, won the election to replace Rishi Sunak as Prime Minister of the United Kingdom on September 5, 2022. Liz Truss received more than 57% of the votes, while Sunak, who was Chancellor of the Exchequer in Boris Johnson's ministry before retiring, only managed to garner slightly more than 42%.
By 81,326 votes, Liz Truss defeated Rishi Sunak, an Indian-origin candidate who had previously held the position of finance minister under the previous prime minister Boris Johnson.
The departing prime minister claimed that she took office during a period of severe economic and international unrest when people and companies were concerned about how they would pay their bills. By decreasing taxes and fostering high growth once more, Ms Truss said that she was given a mandate by the Conservative party when she was elected.
"I recognise... given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party," Liz Truss stated in her letter of resignation.
Just one day earlier, Liz Truss had sworn to maintain her position of authority, declaring herself "a warrior and not a quitter."
In response to rising costs brought on by the Russia-Ukraine war, a pricey plan to cap home energy rates was unveiled during Liz Truss' first week in office. The plan was forgotten for 10 days when Queen Elizabeth II passed away.
The cost of the energy programme for $67 billion over six months was specified in a "mini-budget" that Kwasi Kwarteng, the Chancellor of the Exchequer in the new UK cabinet, revealed in September. The unveiling took place without any initiatives to generate funds. He announced large borrowing and significant tax cuts, notably for top incomes in the UK, in place of specific measures, which caused the pound to collapse and the political fire the UK cabinet endured. Kwarteng promised "more to come on tax cuts" two days later.
After hasty late-night meetings, Liz Truss was compelled to reverse course on her intended reduction in the top rate of income tax in the face of criticism and outcry. Kwasi Kawarteng was eventually let go after serving around for 38 days.
Truss's situation deteriorated further when Suella Baverman, her home minister, resigned after a dispute over immigration with Truss and Jeremy Hunt, the finance minister, citing "severe issues" about the administration.
A leadership election will be held and finished within the upcoming week, according to Liz Truss.
Former Chancellor of the Exchequer Rishi Sunak, who finished second to Liz Truss in the race for Conservative party leadership, is a potential candidate to succeed her. Grant Shapps, Kemi Badenoch, and Penny Mordaunt could also be contenders.
Suella Braverman, the former home secretary who was dismissed from the Liz Truss administration, might possibly be a contender.
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