Liz Truss announced her resignation as prime minister on Thursday, blaming her economic policy for sending shockwaves through markets and dividing her Conservative Party barely six weeks after taking office. The results of the leadership election will be known within the coming week. Speaking to reporters outside her office at Number 10 Downing Street, Truss acknowledged that after losing the confidence of her party, she could not keep the commitments she made while campaigning for Conservative leader.
‘I realise, nonetheless, that the circumstances prevent me from carrying out the Conservative Party’s mandate for my election. As a result, I have informed His Majesty the King that I am stepping down as the head of the Conservative Party’, she stated.
‘I saw Sir Graham Brady, the head of the 1922 Committee, this morning. We’ve decided that the leadership election will take place within the upcoming week. This will guarantee that we stay on track to carry out our fiscal objectives, uphold the economic stability of our nation, and preserve national security’. In her first six weeks in office, Truss was obliged to renounce nearly all of her policy initiatives after they caused a panic in the bond market and a decline in both her and the Conservative Party’s popularity.
She has lost two of the top four ministers in the cabinet since last Friday, watched in silence in parliament as her new finance minister slammed her economic plans, and endured raucous jeers as she attempted to defend her record. In reference to the disorderly events in parliament, one Conservative politician told Reuters late on Wednesday, ‘We can’t continue on like this’.