UK prime minister

2022 - 10 - 20

Post cover
Image courtesy of "The Washington Post"

U.K. Prime Minister Liz Truss announces resignation after six weeks ... (The Washington Post)

The Conservative Party revolt against Liz Truss's brief tenure as prime minister comes just a few months after it deposed its previous leader Boris Johnson.

“The British people deserve so much better than this revolving door of chaos.” YouGov, the pollster, said that she was the most unpopular prime minister the organization has ever tracked. But her plans, which included billions of unfunded tax cuts, spooked the markets and sent the pound plunging. I spoke to the king and notified him that I was resigning,” she said in front of her residence at Downing Street. The previous record-holder for shortest-serving prime minister was George Canning, who lasted 119 days. Truss has only been in office for 44 days.

Post cover
Image courtesy of "CNBC"

UK Prime Minister Liz Truss resigns after failed budget and market ... (CNBC)

U.K. Prime Minister Liz Truss resigned following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own ...

Sunak is now one of the [favorites to replace Truss](https://www.cnbc.com/2022/10/20/who-could-replace-uk-pm-liz-truss-sunak-mourdant-johnson-hunt.html), along with Hunt, another leadership contender Penny Mordaunt, Defense Minister Ben Wallace and former Prime Minister Boris Johnson. bond markets which balked at the debt-funded tax cuts he put forward. Most of the policies [expected budget update](https://www.cnbc.com/2022/10/17/uks-new-finance-minister-sets-out-.html) on Oct. It remains at the level it was on Sept. [pound](/quotes/GBP=/) was up 0.5% on the day against the [dollar](/quotes/.DXY/) an hour after the announcement, trading at $1.1273, briefly touching a session high. I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party." Opposition parties Labour, the Scottish National Party and the Liberal Democrats called for an immediate general election on Thursday afternoon. The number who have written letters to Brady expressing no confidence in the prime minister was reported to be over 100 by Thursday. The party is now due to complete a leadership election within the next week, faster than the usual two-month period. 23, Truss' finance minister, Kwasi Kwarteng, announced a so-called "mini-budget" which began a turbulent period for U.K. The yields on 30-year, 10-year and five-year gilts (U.K.

Post cover
Image courtesy of "NPR"

British Prime Minister Liz Truss resigns after weeks of criticism and ... (NPR)

Truss' announcement follows weeks of criticism from her opponents and members of own her Conservative Party, and the resignation of two of her top Cabinet ...

Braverman was replaced by another Conservative whom Truss had pushed out of her cabinet just six weeks earlier when she took office. Within days, Hunt had almost entirely canceled the remainder of Truss' economic program, and as opponents inside and outside her Conservative Party began calling for her to step down, another senior cabinet member, interior minister Suella Braverman, was herself forced to resign for sending a sensitive document from a personal email account. A series of significant missteps meant that much of the political vision she outlined during her campaign for leader was ditched after seriously adverse reactions from financial markets.

Post cover
Image courtesy of "Reuters"

Boris Johnson expected to stand in contest to replace UK PM Truss ... (Reuters)

Former British prime minister Boris Johnson is expected to stand in the Conservative Party leadership contest to replace Liz Truss, who said earlier on ...

"He's taking soundings but is said to believe it is a matter of national interest," Times Political Editor Steven Swinford said on Twitter. [The Thomson Reuters Trust Principles.](https://www.thomsonreuters.com/en/about-us/trust-principles.html) LONDON, Oct 20 (Reuters) - Former British prime minister Boris Johnson is expected to stand in the Conservative Party leadership contest to replace Liz Truss, who said earlier on Thursday she would resign, the Times reported.

Post cover
Image courtesy of "CNA"

Liz Truss resigns after six weeks as UK prime minister (CNA)

A leadership election will be completed within the next week to replace Liz Truss, who is the shortest-serving prime minister in British history.

The claim of illiteracy appears to refer to that trip, when Truss was British foreign minister. [New finance minister Hunt](https://www.channelnewsasia.com/world/uk-budget-finance-minister-reverses-tax-plan-rein-energy-subsidy-3011256) is now racing to find tens of billions of pounds of spending cuts to try to reassure investors and rebuild Britain's fiscal reputation as the economy heads into recession and with inflation at a 40-year high. Party members and Conservative lawmakers are expected to be given a say in the vote. Approval ratings for her and her Conservative Party collapsed. Advertisement [welcomed Truss' departure](https://www.channelnewsasia.com/world/russia-uk-disgrace-liz-truss-resigns-prime-minister-3017856), saying she was a disgrace of a leader who would be remembered for her "catastrophic illiteracy". During her campaign to be elected leader of the Conservative Party, and thus prime minister, Truss famously said that "the jury is out" on whether the French leader was a friend or foe of Britain. "I want to say that France, as a nation and people who are friends of the British people, wishes them above all stability," he said, stressing the context of the war in Ukraine and energy price crisis. [Rishi Sunak](https://www.channelnewsasia.com/world/race-become-uk-pm-down-final-two-rishi-sunak-and-liz-truss-2824296) and [Penny Mordaunt](https://www.channelnewsasia.com/world/british-prime-minister-contenders-set-clash-second-tv-debate-2816086), a former defence minister. Truss, who had said on Wednesday she was a "fighter and not a quitter", told the mass of journalists gathered in Downing Street that she realised she could no longer deliver on the promises that won her the "I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party," said Truss, who was supported only by her husband with her aides and loyal ministers noticeably absent. [Liz Truss](https://www.channelnewsasia.com/commentary/british-pm-liz-truss-leadership-sack-kwasi-tax-cuts-3010016) said on Thursday (Oct 20) she was resigning as British prime minister [just six weeks after she was appointed](https://www.channelnewsasia.com/world/liz-truss-appointed-british-pm-queen-elizabeth-ii-2923356), brought down by an [economic programme](https://www.channelnewsasia.com/world/uks-truss-sorry-mistakes-im-sticking-around-3012311) that sent shockwaves through the market and divided her Conservative Party.

Post cover
Image courtesy of "CNA"

Liz Truss resigns as UK prime minister: Who could replace her? (CNA)

LONDON: Liz Truss said on Thursday (Oct 20) she was resigning as British prime minister just six weeks after she was appointed. A leadership election will ...

He was also part of the team that brought home the body of Princess Diana following her car crash in Paris. Advertisement George Canning previously held the record, serving 119 days in 1827 when he died.

Post cover
Image courtesy of "Forbes"

British Prime Minister Liz Truss' Executive Onboarding Failure (Forbes)

Avoid the traps of poor fit, poor delivery and poor adjustment down the road by converging before trying to evolve.

The point is that every organization drives on different sides of the road in different ways. And you have to avoid the landmines along the way. You cross the border and see a sign that says “Welcome to Kenya.” What must you do next? In Kenya they drive on the left. In Ethiopia they drive on the right. You can’t lead anyone until you have earned the right to lead. This gives the team confidence in itself and in their new leader. So, the “mandate” she references was either the 0.1% of the population that voted for her. The lesson for all is to converge before evolving. The Conservative members of parliament whittle down the range of possible candidates to a final two and then put those up for a full party vote. They fail because of poor fit, poor delivery or poor adjustment to changes down the road. 0.1% in total.) or the 14% of Conservative members of parliament that initially preferred her.

Post cover
Image courtesy of "Bloomberg"

Truss Resigns as UK Premier After Tax-Cut Plan Backfires (Bloomberg)

Liz Truss quit as UK prime minister after a brief and chaotic tenure that saw her announce a massive package of tax cuts before unwinding most of it in the ...

Post cover
Image courtesy of "POLITICO.eu"

Surely not Boris? Runners and riders for next UK prime minister as ... (POLITICO.eu)

LONDON — Whisper it, but Boris Johnson could be on the comeback trail. The ousted former Conservative leader is strongly rumored to be mulling a return to ...

She dropped out of the race after failing to win the support of enough MPs and endorsed Truss, with her supporters moving the same way in a big boost for Truss’ campaign. Braverman has made all the right noises when it comes to pleasing the right of the Conservative party, while alienating centrists in the process. Only this week she bashed the “Guardian-reading, tofu-eating wokerati,” and a hardline stance on migration was seen as helping to put the brakes on a coveted U.K. She pointedly opposes gender-neutral toilets in public buildings, and, as trade secretary, has argued that the U.K. There’s nothing to stop a return to Downing Street for a former prime minister, but a comeback could be limited by the new rules. MPs and activists loyal to Johnson swiftly accused Sunak of putting his ambitions before the country. In what would be an astonishing twist in the long-running Tory psychodrama, a host of U.K. Treasury could allow him to offer a steady hand on the tiller. Though in the end Badenoch came a distant fourth in voting among MPs, she has won admirers from the party’s right wing for railing against so-called ‘woke’ culture. Former Cabinet minister and chief cheerleader Nadine Dorries has been gunning for his return, while fellow Tory MP Paul Bristow told Sky News Thursday the message from his constituents was clear: “Bring back Boris.” Sunak remains controversial with Tory members, however. The colorful Brexiteer needs little introduction.

Post cover
Image courtesy of "Livemint"

Why Rishi Sunak is a clear favourite in the upcoming UK PM race ... (Livemint)

Rishi Sunak has 55% chance of winning the next PM race, ahead of second favourite, Penny Mordaunt, who has only a 16% chance.

Post cover
Image courtesy of "Reuters"

UK stocks end volatile session higher after Prime Minister Liz Truss ... (Reuters)

UK's main stock indexes closed higher on Thursday after Liz Truss said she would resign as British prime minister, bringing a measure of relief to investors ...

The situation is clearly going to evolve very quickly." [(JUP.L)](https://www.reuters.com/companies/JUP.L) jumped 10.1% after the fund manager reported a drop in net outflows for the three months through September. [(.FTMC)](https://www.reuters.com/quote/.FTMC), more exposed to the domestic economy [(.FTMC)](https://www.reuters.com/quote/.FTMC), climbed 0.8%. [(.FTNMX402020)](https://www.reuters.com/quote/.FTNMX402020), retailers [(.FTNMX404010)](https://www.reuters.com/quote/.FTNMX404010), REITs [(.FTNMX351020)](https://www.reuters.com/quote/.FTNMX351020), and real estate [(.FTUB3510)](https://www.reuters.com/quote/.FTUB3510), which suffered the brunt of selloff recently due to macroeconomic concerns sparked by the UK's fiscal makeover, gained between 0.9% and 2.3%. [The Thomson Reuters Trust Principles.](https://www.thomsonreuters.com/en/about-us/trust-principles.html) [Rishi Sunak](/world/uk/uks-sunak-mordaunt-running-be-next-pm-sky-2022-10-20/), Penny Mordaunt, and ex-prime minister [Boris Johnson](/world/uk/boris-johnson-expected-stand-contest-replace-uk-pm-truss-times-2022-10-20/) were expected to stand in contest to replace Truss. [(.FTSE)](https://www.reuters.com/quote/.FTSE) rose 0.3%, but gains were capped as a jump in the pound hurt dollar earners such as AstraZeneca [(AZN.L)](https://www.reuters.com/companies/AZN.L) and Diageo [(DGE.L)](https://www.reuters.com/companies/DGE.L). [read more](/business/investors-rein-boe-rate-hike-bets-broadbent-comments-2022-10-20/) A semblance of calm in markets surfaced with Britain's five-year credit default swaps (CDS) - instruments used to hedge against a default - easing to 37 basis points (bps) after closing at 40 bps on Wednesday. "But more needs to be done and the new prime minister and their Chancellor have a big task to navigate the economy through the cost of living crisis, cost of borrowing crisis and the cost of credibility crisis. [a leadership election](/world/uk/uk-pm-truss-threatens-disciplinary-action-against-rebel-lawmakers-2022-10-20/) will be completed within the next week. "Overall, the resignation of Truss is a step that needed to happen for the UK government to move further along the path towards restoring credibility in the eyes of the financial markets," said Paul Dales, chief UK economist at Capital Economics in London.

Post cover
Image courtesy of "NPR"

The U.K. will have 5 prime ministers in just 6 years. What's gone ... (NPR)

Truss is the fourth prime minister to resign since the Brexit vote of 2016. That's the fastest turnover in a century. No. 10 Downing Street has effectively ...

[Patrick Dunleavy](https://www.lse.ac.uk/government/people/emeritus-academic-staff/patrick-dunleavy), emeritus professor of political science and public policy at the London School of Economics, says flaws in the U.K.'s system of government and the way the Conservative Party chooses its leaders have also contributed to the ongoing turmoil. "It's a fantasy that many Brits are willing to believe, that because of our supposedly glorious past, we're also entitled to an equally glorious present or future," says Bale, whose new book, The Conservative Party After Brexit, comes out in March. Truss replaced Johnson in September, promising to kick-start the economy with tax cuts for corporations and the rich without reducing public spending. Tim Bale, a professor of politics at Queen Mary University in London, says one reason Tory prime ministers such as Johnson and Truss have flamed out is because they promised the public things they can't deliver. In another major miscalculation, she called a snap election in 2017, only to lose her party's control of the House of Commons. His government's slow response to COVID led to more than 200,000 deaths — the highest toll in Europe — and drew heavy criticism. The party then turned to Johnson, the charismatic if deeply flawed showman who had a track record of winning elections. While Johnson's government ruled out social gatherings to limit the spread of Covid, government staff held parties. Cameron hoped the vote in 2016 would end a civil war inside his own Conservative Party on Britain's relationship with Europe and keep the party in power. Johnson led the party to a landslide victory in 2019. That's the fastest turnover in a century. What's the matter with Britain?

Explore the last week