Liz Truss resigns as Prime Minister

Ms Truss has thrown in the towel after just 45 days in office.

Liz Truss resigns as Prime Minister

Liz Truss has stepped down as UK’s Prime Minister, triggering the second Tory leadership election just four months after she was appointed to the role. She will be the shortest-serving Prime Minister in British history. In a brief speech outside Downing Street, Ms Truss said the Conservative Party had elected her on a mandate to cut taxes and boost economic growth. However, Ms Truss said she had entered “office at a time of great economic and international instability”, as the Ukraine war and cost of living crisis plagues the country. 

But given the situation, Ms Truss said: “I recognise that I cannot deliver the mandate on which I was elected by the Conservative Party.” Ms Truss said she will remain in post until a successor formally takes over and is appointed PM by King Charles. MPs are now in the run-up for the post with rising suspicions Boris Johnson could make a comeback and stand in leadership once again. A leadership ballot could start as soon as Friday next week, Sir Graham Brady, the chairman of the 1922 committee of backbench Conservative MPs said. 

Businesses are desperately pleading for ‘stability’ and ‘security’ within No.10, calling for the government to take urgent steps towards economic recovery and delivering support to SMEs before it is too late. National Chair of the Federation of Small Businesses (FSB) Martin McTague said: “It is incumbent upon the next Conservative Party leader to show they can provide stability and take the necessary steps to secure economic growth in the face of significant recessionary pressures.  

“Businesses are crying out for an end to the political turmoil and a focus on remedying the economy, supporting small firms through the hard winter ahead. Whoever becomes Prime Minister must knuckle down, see through the delivery of the energy support package for small businesses – as already approved by Parliament – and the reversal of the hike in National Insurance. Beyond that there must be a focus on securing prosperity for the longer term, making sure we have the right support for improving broadband, housebuilding, labour supply, and the tax and regulatory framework – so we can build our way out of the increasingly negative economic climate.” 

Meanwhile, Kevin Bailey, Managing Director at Shaftesbury-based Wessex Investment Management added: “Liz Truss’s resignation will be welcomed by the markets in general, however, they will still be wary of who will follow. The past six months have been a mess not just for the Conservative Party but the nation as a whole. We need stability for the next two years and a return to the 2019 Manifesto pledges to ensure stability and a pathway to recovery. A general election now is not the answer. Whilst the Labour Party may assert this is the only way to move forward, I do not believe the country will welcome that or another Labour Government. The most likely result of an election now would be a hung parliament, which would be even worse for the country.” 

Small businesses have lashed out at the constant ‘upheaval’ of the government, which many say are ‘damaging’ the economy and making the future even more uncertain – during a time when businesses need certainty the most. Lucy Scott, director at Birmingham-based bakery, Lil’s Parlour: “I believe it is now time for a General Election. The constant upheaval, change and infighting in central government is damaging the economy and the reputation of the UK globally. Businesses and customers alike need some stability and certainty for their future. Speaking to my customers, they need some normality, they are tired of living in fear of the future. We are all just tired. Stop the rollercoaster, we want to get off. It’s time for the people to take control and decide.”

Latifa Yedroudj
Latifa Yedroudj

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