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Nairametrics
Home Business News Diaspora

Liz Truss resigns as British Prime Minister after 44 days

Nairametrics by Nairametrics
October 20, 2022
in Diaspora
Liz Truss announced as the new British Prime Minister

Mary Elizabeth Truss, new British Prime Minister

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 Liz Truss resigned earlier today as British Prime Minister after less than two months on the job. This makes her the shortest-serving Prime Minister in UK history.

Ms. Truss assumed office on September 5th, 2022 after winning a three-prong contest following the resignation of Boris Johnson.

In her resignation speech, she explained she resigned because she could not fulfill the mandate for which she was elected. Truss also noted that she will fully step down after a new leader has been chosen by her party. 

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She used the speech to reel out the accomplishments of her Conservative Party while stating that she took office at a difficult time in British economic history, where she was expected to deliver on helping the British people pay their bills but failed to deliver. 

 

Recommended reading: What you should know about Liz Truss

 

Already, the opposition Labour Party and the Lib Dems are calling for an “immediate general election, according to The Guardian. Sir Kir Starmer, Leader of the Labour Party, said that the Conservatives have ‘shown it no longer has the mandate to govern, saying, that after 12 years of Tory failure, The British people deserve so much more than this revolving door of chaos. 

Trouble started for Ms. Truss following the sacking of Kwasi Kwarteng as Chancellor of the Exchequer over the controversy of his much-criticized economic package.  

Here is a look at Ms. Truss’ Resignation Speech 

 “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. 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 recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty The King to notify him that I am resigning as Leader of the Conservative Party. This morning I met the Chair of the 1922 Committee Sir Graham Brady. We have agreed there will be a leadership election to be completed in the next week. This will ensure we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security. I will remain as Prime Minister until a successor has been chosen.” 

 What you should know  

  • She spent 44 days as Prime Minister before resigning, making her the shortest-tenured PM in the history of the United Kingdom
  • She is a very experienced politician who served in the Cabinets of David Cameron, Theresa May, and Boris Johnson

 

 


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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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