Lizz Truss had defeated Rishi Sunak in this summer's Tory Party election. (File)
New Delhi:
UK Prime Minister Liz Truss today said that she is resigning as prime minister, announcing that her successor will be elected by the end of next week. Truss's mini-budget, which sent shockwaves through the markets, was responsible for her downfall.
Here are 10 points on this big story:
- Liz Truss's woes began when her showpiece tax-slashing policy sparked market chaos, forcing her into a series of humiliating U-turns.
- The moves, aimed at reviving the UK economy, had divided her Conservative Party just 45 days after she was appointed.
- Liz Truss's departure leaves the ruling Conservative Party badly damaged, languishing more than 30 points behind Labour in the polls after 12 1/2 years in power.
- Her successor will become the party's fifth premier in less than seven years since the 2016 Brexit referendum ushered in a period of unprecedented chaos in British politics.
- The outgoing prime minister announced that an election to choose her successor would be completed within the next week.
- Among the front-runners to take over as UK PM is Rishi Sunak, whom Liz Truss defeated in this summer's elections.
- Sunak, former Chancellor of the Exchequer, currently has odds of 13/8, according to Sky Bet.
- If he wins, Rishi Sunak would be the first Indian-origin person to hold the UK Prime Minister's office.
- Other contenders in the summer are also likely to be in the fray, including Penny Mordaunt, Kemi Badenoch and Tom Tugendhat.
- Former Home Secretary Suella Braverman, who was sacked on Oct. 19, may also be in the running.
