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from the it's-OK,-she-hasn't-finished-unpacking-yet dept.
UK Prime Minister Liz Truss resigns after failed budget and market turmoil
U.K. Prime Minister Liz Truss resigned Thursday following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party.
Truss said in a statement outside Downing Street: "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 announce that I am resigning as leader of the Conservative Party."
The party is now due to complete a leadership election within the next week, faster than the usual two-month period. Graham Brady, the Conservative politician that is in charge of leadership votes and reshuffles, told reporters he was now looking at how the vote could include Conservative MPs and the wider party members.
Truss was in office for just 44 days, on 10 of which government business was paused following the death of Queen Elizabeth II.
Live updates: BBC, The Guardian, CNN, NYT.
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Liz Truss (Wikipedia).
(Score: 2) by SpockLogic on Thursday October 20 2022, @11:13PM (1 child)
May you live in interesting times.
Overreacting is one thing, sticking your head up your ass hoping the problem goes away is another - edIII
(Score: 2, Informative) by pTamok on Friday October 21 2022, @12:01PM
I already do. My wish is for them to be less interesting. Current UK government policies have cut my current and future income by roughly 10% in real terms this year, so far. Far from being the party I can trust to be financially responsible with the economy, the Tories are demonstrating what happens when you ignore mainstream, consensus economic advice. Proposing unfunded tax cuts to promote economic growth was just the icing on a very very big cake.
I can recommend Simon Wren-Lewis' (Emeritus Professor of Economics and Fellow of Merton College, University of Oxford.) blog: "Mainly Macro" [blogspot.com] for a reasonably approachable commentary. There's several year's worth of entries. George Osborne and the 'austerity' policy was an economy wrecker, as is Brexit. The damage might be unrecoverable for generations.