New Delhi: Embattled British Prime Minister Liz Truss resigned after her tax-cutting plans caused a market meltdown during an already severe cost-of-living crisis. Truss announced that she will remain in office till a successor is chosen.
The prime minister's woes began when her showpiece tax-slashing policy sparked market chaos that threatened the country's pension funds, forcing her into a series of humiliating U-turns.
Interior Minister Suella Braverman's departure on Wednesday triggered the second reshuffle this month after Truss sacked close ally Kwasi Kwarteng over the budget debacle, replacing him with Jeremy Hunt, who swiftly reversed almost all the policy announcements.
Here are the Highlights on the UK Political crisis:
Oct 20, 2022 20:00 (IST)
Liz Truss, 44 days in office, shortest-ruling PM in British history
Liz Truss, 47, quit after just 44 days in office, becoming the shortest-ruling prime minister in British history. She came to power in early September promising an all-out push for growth, but her program proved unpalatable to financial markets as both the pound and gilts tanked amid concerns about how she'd pay for her economic plans.
Oct 20, 2022 19:55 (IST)
UK's third female PM leaves office without India trade deal prize
Britain's third female Prime Minister, Liz Truss, is out of office on Thursday after the shortest tenure at 10 Downing Street in London and without a cherished India-UK free trade agreement (FTA) under her belt as a Brexit prize.
Oct 20, 2022 19:45 (IST)
UK Pound Gains As Liz Truss Quits As PM
The pound rose 0.36 per cent today. A "mini-budget" last month had proposed vast, unfunded tax cuts, triggering an intervention from the Bank of England as borrowing costs surged, the pound tumbled and mortgage rates jumped.
Oct 20, 2022 18:55 (IST)
UK Labour leader Keir Starmer demands general election 'now'
UK opposition leader Keir Starmer on Thursday demanded an immediate general election after Prime Minister Liz Truss announced her resignation following just six weeks in charge.
"The Tories cannot respond to their latest shambles by yet again simply clicking their fingers and shuffling the people at the top without the consent of the British people. We need a general election -- now," the Labour party leader said.
Oct 20, 2022 18:51 (IST)
After Liz Truss Resigns As UK PM, All Eyes Now On Rishi Sunak
One of the probable names that is expected to feature in the elections is Rishi Sunak, who Liz Truss defeated in the previous general elections. If he wins, Rishi Sunak would be the first Indian-origin person to hold the UK Prime Minister's office.
Oct 20, 2022 18:23 (IST)
"Recognise I cannot deliver the mandate": Liz Truss
"I recognise that given the situation I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party," Liz Truss said.
