New U.K. Prime Minister Liz Truss resigned Thursday following a failed tax-cutting budget that rocked the financial markets and led to a rebellion within her own Conservative Party.
"I cannot deliver the mandate on which I was elected by the Conservative Party"
UK Prime Minister Liz Truss resignshttps://t.co/O5kO1WJ4tY pic.twitter.com/Gq6FtOGNIP
— BBC Breaking News (@BBCBreaking) October 20, 2022
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, given the situation, that I cannot deliver the mandate on which the Conservative Party elected me. I have 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 in charge of leadership votes and reshuffles, told reporters he was now looking at how the franchise 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.
