British Prime Minister Liz Truss, surrounded on the economy front, resigned on Thursday. In fact, during his election campaign for the post of Prime Minister, the promises made by Truss to bring the economy back on track, became his neck. His government completely failed to tackle inflation. Finance Minister Kwaji Quarteng, who tried to implement the truce promises, had to resign. With the economy derailed by Quarteng's decisions and criticism within the party, new Finance Minister Jeremy Hunt overturned almost all of Quarteng's decisions.
Even after this, the pressure on the truss government did not ease. Even his own party MPs turned against him. After this Truss had to resign from his post. Truss was the Prime Minister for about 45 days. With this, she has become the shortest-serving prime minister in the history of Britain. Prior to this, George Conning held this position for only 119 days until his death in 1827.
Troubles increased from day one
Finance Minister Kwazi Quarteng announced a 'mini budget' on the first day of the truce government, which called for a tax cut of 45 billion. This decision had a very adverse effect on the market and created volatility in the market. Inflation started becoming uncontrollable and the local currency started weakening further. The situation became such that Britain's central bank, the Bank of England, was forced to intervene in the debt market. Despite this, Liz Truss said that it was the right move considering the time. After this, there was criticism all around the Truss government. Protests started in his own party. After this, Quarteng was sacked and Jeremy Hunt was made the country's finance minister. Let us inform that Rishi Sunak had already warned about the tax reduction policies of the truss. He said that the economy would be destroyed.
One and a half months passed in political ups and downs
-05 September: elected leader of the Conservative Party, defeated Sunak
08 September: Queen Elizabeth's death, government work stopped
23-September: Bringing mini budget, promise of tax cuts, market ruckus
September 26: The pound fell sharply against the dollar, panic among investors
-03 October: Tax cut decision withdrawn, reneged on many promises
October 14: Finance Minister Kwaji Quarteng resigns, reversed the decision of the truss to cut tax
October 19: Home Minister Suella Braverman quits accusing Truss
October 20: Truss resigns as PM amid revolt by party members and pressure to quit
Conservative party divided into two parts due to wrong economic policy, demand for Sunak's return intensified
In the September survey, the rating of the Conservative Party fell by 21%, while the rating of the opposition Labor Party increased by 33%.
The general election is to be held in January 2025, but Labor Party leader Starmer has just called for a general election.
Inflation reached 10.1% in September, food inflation stood at 14.5%, which is the highest in 40 years.
When senior Conservative Party MP Greya Brady said that the time for the truss is now over, the truss said that we have all agreed that in a week the election will decide who will lead.
One of the popular leaders of the party, Jeremy Hunt, said that he is not in the race for PM, so only Rishi Sunak's name is coming to the fore.