Truss Resigns

UK Prime Minister Liz Truss resigned yesterday after just 45 days in office, saying she no longer had the support of her Conservative Party and could not deliver on campaign promises. The resignation, one day after vowing to remain in office, makes her the shortest-serving prime minister in the country’s history.

The news follows weeks of turbulent back-and-forth on economic policies, triggering a collapse in financial markets and a decline in the value of the British pound. Truss and former Finance Minister Kwasi Kwarteng had promised large tax cuts, including for the wealthy, to boost economic growth—policies reversed only weeks later by new Finance Minister Jeremy Hunt after Kwarteng’s dismissal (see timeline). Truss has been under pressure to step down following the resignation of Home Secretary Suella Braverman earlier this week.

An election within the Conservative Party is expected to be completed within the next week. See potential candidates here.