Liz Truss resigns as Prime Minister

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Prime Minister Liz Truss has stepped down as the leader of the Conservative Party and consequently, resigned from her position as UK prime minister. She announced her resignation in a statement outside Downing Street this afternoon, 20th October 2022. 

In her statement, she told viewers she could not deliver on the mandate on which she was elected as the Tory leader just weeks ago. She told reporters she had notified His Majesty King Charles of her decision. 

The unprecedented chaos seen within the government in recent weeks has led to this very moment. In the 45 days since winning her campaign for prime minister, beating rival Rishi Sunak, there have been moments which will be remembered for many years to come, going down in history as one of the most uncertain periods seen in parliament. 

“I came into office at a time of great economic and international instability,” she said as the opening line of her statement. Truss has seen turmoil since the mini-budget announced last month, which rocked markets and caused uproar amongst the public. Her resignation from office makes her the shortest serving prime minister the UK has ever seen. 

It seems her fate may have been sealed since the mini-budget, after asking Kwasi Kwarteng to step down as chancellor, closely followed by the foreign secretary stepping down on Wednesday.  

Today, Liz Truss met with 1922 Committee chairman Sir Graham Brady to discuss her decision, A Conservative leadership election will be completed within the coming week, she announced. She will remain as prime minister until a successor has been chosen. The chosen prime minister will be the third of the year. 

Labour leader Keir Starmer has called for an immediate general election after Liz Truss’ resignation announcement today. “The Conservative Party has shown it no longer has a mandate to govern,” he said. “We must have a chance at a fresh start. We need a general election – now,” he continued. 

Liz Truss’ full resignation speech confirming her departure from office:

“I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin’s illegal war in Ukraine threatens the security of our whole continent. And our country has been held back for too long by low economic growth. 

“I was elected by the Conservative party with a mandate to change this. We delivered on energy bills and on cutting national insurance. And we set out a vision for a low tax high growth economy that would take advantage of the freedoms of Brexit. 

“I recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party. 

“This morning I met the chairman of the 1922 Committee, Sir Graham Brady. We’ve agreed that there will be a leadership election to be completed within the next week. 

“This will ensure that we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security. I will remain as prime minister until a successor has been chosen. Thank you.” 

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Original source: https://www.moneymagpie.com/make-money/liz-truss-resigns-as-prime-minister

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