Liz Truss resigns as UK prime minister

When she took the keys to 10 Downing Street in the wake of Boris
Johnson’s political demise, Liz Truss promised to “ride out the storm” of
Britain’s economic crisis. But she was soon engulfed by a hurricane of
her own making.

Sept. 5: Truss takes over — Truss is declared the winner of the

Conservative Party leadership contest after her predecessor, Boris
Johnson, is forced to step down following a series of ethics scandals.
The omens aren’t good. The country is facing a bruised economy, a
spiraling cost of living crisis and a crumbling healthcare service. Truss,
who served as foreign secretary in Johnson’s government, also faces
huge diplomatic challenges in the face of Russia’s war on Ukraine.

Sept. 8: Queen Elizabeth II dies — Days into Truss’

premiership Queen Elizabeth II dies at the age of 96, sending the
country into a period of national mourning. Truss pays tribute to the
Queen as a symbol of stability who ruled through crises, tragedies,
political scandals, pandemic and recessions. The period of mourning
gives Truss a breathing space after a marathon leadership campaign
that lasted most of the summer.

Sept. 23: A disastrous “mini budget” — In her first big move as prime
minister, Truss’ Chancellor of the Exchequer (the UK finance minister)
and closest friend in politics, Kwasi Kwarteng, unveils a sweeping plan
to extricate the country from recession, which includes a swath of tax
cuts that will be funded by higher government borrowing. The plan’s a
huge gamble — the biggest tax cuts in 50 years — without a clear plan
on how to pay for them. Usually, big fiscal statements in the UK are
audited independently by the Office for Budget Responsibility. But
Kwarteng says there was no time for such an audit — a move that stuns
financial markets and sends the pound plunging. 

Oct. 14: Truss fires Kwarteng — The economic turmoil and the
prospect of higher mortgage rates force Truss to walk back key
components of her financial plan. After ditching her plan to slash
the highest rate of income tax, she fires Kwarteng in a desperate
attempt to salvage her position. In a letter posted on Twitter, Kwarteng
says he agreed to step down at Truss’ behest. Truss appoints former
foreign secretary Jeremy Hunt as Kwarteng’s replacement, making him
Britain’s fourth finance minister in just over three months.

Oct. 17: Hunt ditches Truss’ fiscal plan —Just three days into the job,
Hunt says he will scrap “almost all” tax measures announced by his
predecessor in an effort to calm spooked markets and restore the
government’s credibility. A proposed cut to the basic rate of income tax
from April 2023 is postponed “indefinitely.” And while the government
says it will still guarantee energy prices for households and businesses
through this winter, it won’t commit to capping prices beyond next
spring. The moves amount to a gutting of Truss’ flagship “growth plan”
and leave her in a perilous political position. While investors show
support for Hunt’s new plan, the opposition Labour Party is not
appeased.

Oct. 19: Key ally quits cabinet —Home Secretary Suella

Braverman announces her departure from Truss’ Cabinet, as claims
emerge of chaos and “bullying” during a parliamentary vote the same
day. Braverman says she stepped down as Home Secretary over the use
of a personal email address that violated ministerial rules, but also
launches a thinly veiled criticism of Truss’ leadership in her resignation
letter.

Oct. 20: Truss resigns — After a chaotic six-week spell in Downing

Street, Truss announces her resignation. “I recognize though given the
situation I cannot deliver the mandate on which I was elected by the
Conservative Party,” she says. Truss says she has tendered her
resignation to the King, and a leadership election will take place within
a week. She will remain UK prime minister until her successor is
chosen. Her swift exit as prime minister prompts calls for an early
general election in Britain. But a fresh election is no certainty before
2025, even as Britain prepares for its fifth leader in just over six years –
and its third since the last ballot.