UK's Liz Truss resigns as Prime Minister

She's out.

Sulaiman Daud | Tan Min-Wei | October 20, 2022, 08:45 PM

Follow us on Telegram for the latest updates:

Liz Truss has resigned as the Prime Minister of the United Kingdom late on Oct. 20 (Singapore time), the BBC reported.

Truss's prime ministership has come to an end after just 45 days.

The shortest reign in UK post-war history

Truss's outing makes her the shortest-serving UK prime minister in post-war records.

Truss met with Sir Graham Brady, head of the Conservative Party's 1922 commission, which represents the party's backbenchers, around 8pm (Singapore time) on Oct 20.

The commission can advise the prime minister to step down once it has a certain level of support, as it did with the previous PM, Boris Johnson.

Truss's position has become untenable in the wake of her "Mini Budget", what is also known as "the fiscal event".

Truss represents the wing of the Conservatives which advocates for the slashing of taxes, regulations, legal protections, and public spending.

But her mini budget caused an absolute panic in the financial markets, causing the pound to tank, and interest rates to rise to an unmanageable level, at least from the point of view of investors and the markets.

Related story:

Top image from Liz Truss's Facebook page.