Liz Truss resigns as British PM amid economic, political turmoil

British Prime Liz Truss on Thursday (October 20) resigned from the post just 44 days after assuming charge. The move followed a revolt by Conservative MPs over her economic policies, urging her to quit. 

The UK has been steeped in political chaos in recent months, and Truss’ resignation adds to it. On Wednesday, Indian-origin British Home Secretary Suella Braverman had resigned after a “mistake” in using her private email for ministerial communication. 

Inability to ‘deliver’

“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 had been held back for too long by low economic growth. I was elected by the Conservative Party with a mandate to change this,” said Truss while announcing her resignation. 

“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,” she said.

“I have therefore spoken to His Majesty The King to notify him that I am resigning as Leader of the Conservative Party.”

Contest with Sunak

After Boris Johnson resigned as PM, and following a tightly contested party election with Rishi Sunak, Truss was elected by the Tory membership in September. According to British media reports, Truss held a meeting with a Tory official who had been mandated to assess if the PM still enjoyed the support of party colleagues in Parliament.

There has been growing criticism of Truss after she launched an economic policy which is said to have  triggered a rout in the bond market.

The ensuing financial and political crisis led to a replacement of the Treasury chief, and several policy U-turns.