After a brief and turbulent term as Prime Minister, Liz Truss resigned. During that time, she announced a huge package of unfunded tax cuts before largely rolling most of them back in the face of a market crash.
Truss, 47, resigned after serving only 44 days as prime minister, setting a record for the shortest tenure in British history. She declared that she would continue to serve as prime minister until the Conservative Party selects her replacement, which she indicated would happen within a week.
She assumed office in early September with promises of an all-effort intent for growth. But the financial markets found her program intolerable. As a result, the values of the pound and gilts plummeted due to worries about how she would finance her economic goals.
Her departure severely damaged the ruling Conservative Party. And, after 12 and a half years in power, the Party is currently polling over 30 points behind Labour. In fewer than seven years since the 2016 Brexit referendum, which ushered in an era of unprecedented upheaval in British politics, her successor will become the party’s fifth premier.
Image Source: Flikr