
Liz Truss Resigns as UK PM
By Indu Tyagi Ketan , 21 October, 2022
On Thursday, Liz Truss announced her resignation as the Prime Minister of U.K, making her the shortest-serving PM in British history. In a speech delivered outside 10 Downing Street, Truss said she would be in office until a new successor is chosen.
Liz's time as prime minister ran just 45 days, and she declared that the conservative party would elect a new leader the following week. In the last six years, Truss is the fourth Conservative prime minister to quit.
Her resignation deepens the unrest that has gripped Britain since it left the European Union and placed the country's government in a precarious position as it tackles problems of cost-of-living problem and fears of recession.
Truss might be remembered for how tenuous her hold on authority was. When her mini-budget was presented on September 23, she found herself in a difficult position. The mini-budget was so disastrous for the U.K.'s pound financial markets that even members of her party, the opposition, including the IMF, and the president of the United States, Joe Biden, opposed it.
Due to the budget debacle, she had to fire her trusted Financial Minister Kwasi Kwarteng, last Friday. When his successor Jeremey Hunt reversed the mini-budget, the countdown for her resignation began.
Queen Elizabeth II's burial was presided over by Truss, and her successor will be the first prime minister that King Charles III confirmed.
It will be interesting to see who the Conservative Party chooses as its new leader.
The Consensus Is That The UK Economy Will Contract In 2023

Latest News

The United Nations Environment Programme (UNEP) claims limiting the increase in global average temperature to 1.5 degrees Celsius is quite unrealistic. The emission rate from different industries shows various results in the reports published by UNEP…

Insurer executives worldwide report that generative AI is critical to maintaining their edge in the insurance market, and as such, 77% of them rank its significance. But customers, in this case, the clients of insurance companies, are more cautious…

China rightfully takes center stage in progress in ultra-fast charging EV batteries. As it appears, a Chinese electric vehicle manufacturer has emerged as a clear industry leader by developing the fastest charging battery in the world that can go…

Chinese market goes through significant economic changes in 2024. Globally, Chinese brands are climbing the ladder higher in the market. A 2024 survey shows the performance of some Chinese companies with the highest brand value. These companies help…

There is a global race to clean energy sources because of climate change in 2024. However, there is a danger that the impending metal supply crisis will offset this gain. The move to renewable energy technologies greatly depends on critical minerals…

Chief Strategy Officer
Latest News




