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| Liz Truss giving her address at No.10 downing street. |
The Prime Minister of
the United Kingdom, Liz Truss, has tendered her resignation, the BBC
confirms.
The news of this
occurrence comes about a week after Chancellor of the Exchequer Kwasi Kwarteng
was removed from his position as a result of the fallouts caused by the
mini-budget that was presented before the UK parliament.
The budget, which has
subsequently triggered financial upheaval in the markets, was also responsible
for causing a mutiny among Conservative parliamentarians in the UK.
The resignation of
Truss comes after just 45 days in office, making her the Prime Minister with
the shortest tenure in the history of the United Kingdom.
Speaking at a press
conference at No 10 Downing Street on Thursday afternoon, Truss said she came
into office at a time of “great
economic and international instability.”
“I recognise though, given this situation, I cannot deliver the mandate on which
I was elected by the Conservative Party,” she noted.
After investors and
markets reacted negatively to some tax cuts and policies in the budget that was
unveiled by Kwasi Kwarteng on September 23, 2022, the administration of the PM
was thrown into disarray and chaos as a result.
In his so-called
"mini" budget, Kwasi Kwarteng is alleged to have unveiled, among
other things, a £43 billion package of unfunded tax cuts. As a result of this
decision, the financial markets are said to have been in a state of panic,
impacting the value of the pound, as well as driving up the cost of borrowing
for the government and prompting some lenders to pull back on their loan offers
for home purchases.
Kwarteng was fired by
Liz Truss after a great deal of pressure to abandon his controversial
budgetary proposal, which shook financial markets and caused an outcry among
MPs.
Ms. Truss and Mr.
Kwarteng had maintained that, the steps to lower taxes would, among other
things, boost economic development.
Video below:
Source: ghananews.hrforum.uk
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