Liz Truss, the former British Prime Minister, resigned from her position on Thursday after following a controversial tax-cutting budget.
Liz Truss announced this news outside Downing Street.
She said “she could deliver on the mandate she was elected on, and had therefore notified King Charles III of her resignation as the Tory leader”.
Liz Truss became the PM on September 6 after being elected as head of the conservative party and after winning the battle of leadership against Rishi Sunak.
Now, there is a very high chance that Rishi Sunak will be the next Prime Minister.
As per polls, Rishi Sunak has a 55% chance of winning against Penny Mordaunt, who has only a 16% chance.
Besides Rishi Sunak, there are also other candidates, Grant Shapps and Kemi Badenoch, former Home Secretary Suella Braverman.
As per the reports, Boris Johnson might also fight against them.
The new leader and Head of the largest party in the house of commons become U.K’s next Prime Minister, is expected to announce to be on Friday, October 28.
Liz Truss’s Mini-Budget:
On September 23, Kwasi Kwarteng delivered his mini-budget.
In this budget, the government supports schemes for energy bills.
It also includes a cut in national insurance and the reversal of a planned increase in corporation tax.
Kwasi Kwarteng further announced he would cut the basic rate of income tax one year earlier than expected and get rid of the top rate altogether.
The tax cut package announced in the mini-budget totaled 45 billion euros, and the government did not set out what it could save.
Liz Truss Interview:
After replacing Boris Johnson, Truss had an agenda to revive the growth of the economy through widespread tax cuts and also provide energy price guarantees against increasing inflation.
Truss apologized for her controversial mini-budget policy, which crashed the U.K. country’s currency. Liz Truss said in an interview that “she wanted to help people with taxes, but she went too far and too fast.”
She said, “I do want to accept responsibility and say sorry for the mistakes that have been made. I wanted to act to help people with their energy bills and deal with the issue of high taxes, but we went too far and too fast.”
She further added Liz Truss said she would lead her conservative party into the next general election, despite her government being under very high pressure from investors and party members since the mini budget was unveiled last September.
I put in place a new chancellor to restore economic stability.
Earlier this month, Liz Truss sacked Kwasi Kwarteng as chancellor and appointed Jeremy Hunt as Kwarteng’s replacement to try to calm the markets and prevent her downfall.
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