The only thing faster than Liz Truss’ tenure as British Prime Minister (PM) will be our coverage of it, though not by much. 🤏
The Conservative Party leader resigned Thursday, marking the shortest and most chaotic tenure of any U.K. PM ever. Truss’s election in September did not have broad support, with only a third of the party’s lawmakers agreeing that she should replace Boris Johnson.
What really sent things into a tailspin was her economic policy. Her promises included unfunded tax cuts for the wealthy, deregulation, and a sharp shift to the right on cultural and social issues.
However, the financial markets did not love the mini-budget set forth and forced her to quickly reverse course. Bond yields soared and the British Pound collapsed to 40-year lows. In response, she fired her finance minister and closest ally and scrapped almost all of her economic policy plans. ⏪
Her resignation will send the country’s governing body back into chaos as its citizens face a cost-of-living crisis and an overall weak economic backdrop. We’ll have to wait and see the majority Conservative Party’s next move in replacing her and getting the country back on track.
In the meantime, since we all love a good chart, here’s one from Reuters showing her tenure within its historical context. It’s quite the sight…😮
