West News Wire: Following a failed tax-cut budget that shook financial markets and sparked a rebellion inside her own Conservative Party, British Prime Minister Liz Truss resigned.
“We set forth a vision for a low-tax, high-growth economy that will take advantage of Brexit,” Truss said in a statement outside Downing Street.
“I realize, nonetheless, that the circumstances prevent me from carrying out the Conservative Party’s mandate for my election. As a result, I have informed His Majesty the King that I am stepping down as Conservative Party leader.
Her resignation follows a meeting with Graham Brady, the Conservative politician that is in charge of leadership votes and reshuffles. Brady chairs the 1922 Committee the group of Conservative MPs without ministerial positions who can submit letters of no confidence in the prime minister.
Truss was appointed prime minister on Sept. 6, just two days before Queen Elizabeth II passed away after 70 years on the throne.
On Sept. 23, Truss’ finance minister, Kwasi Kwarteng, announced a so-called “mini-budget” which began a turbulent period for U.K. bond markets which balked at the debt-funded tax cuts he put forward. Most of the policies were reversed three weeks later by the second finance minister, Jeremy Hunt.
Truss beat Rishi Sunak to become leader of the Conservative Party following the resignation of Boris Johnson on July 7. Sunak is now one of the favorites to replace Truss, along with Hunt, another leadership contender Penny Mordaunt, Defense Minister Ben Wallace and former Prime Minister Boris Johnson.