44 days of chaos, U-turns and an economic vision shattered.
Liz Truss has resigned as prime minister after just 44 days in the office. She will go down in history as the shortest serving prime minister in UK history.
Her time in office has been defined by two major events: the death of Queen Elizabeth II, just two days after Truss entered No 10, and the mini budget delivered by Kwasi Kwarteng.
Entering Downing Street, Liz Truss promised Tory members she would turbocharge the economy with billions of pounds of unfunded tax cuts.
But faced with market turbulence following the “mini-budget” and a an unequivocal lack of confidence, she has now become the shortest-serving prime minister.
The disastrous fallout from her mini-budget (including the Bank of England’s intervention and the steep drop in the value of the GBP) has meant that she has louder and louder calls for her resignation. Until now, she has resisted but has been unable to hold on any longer in the wake of the public’s regard for her and the Conservative party generally.
On the steps of Downing Street, the PM told the nation that she recognised, ‘Given the situation, I cannot deliver the mandate on which I was elected by the conservative party.’
A leadership contest is now underway to decide the next head of the ruling Conservative Party, who will by default become the next prime minister, and will conclude next week.
We here at Aston Bond are keen to see the economic health of our country return to some semblance of normality in this difficult time hope that our next ruling prime minister is able to effect a positive change.