Liz Truss resigned as UK Prime Minister of the UK some 45 days after she took office.
UK Prime Minister resignation comes on about a week after UK-born Ghanaian Chancellor of the Exchequer, Kwasi Kwarteng was sacked amid fallouts from the mini-budget presented before the UK parliament.
“I recognise given the situation I cannot deliver the mandate on which I was elected by the Conservative party. I’ve spoken to his majesty the King to notify him I’m resigning as leader of the Conservative party,” she reportedly said in her resignation speech to the British populace.
The UK Prime Minister administration was engulfed in turmoil after investors and markets protested some tax cuts and policies in the budget revealed by Kwasi Kwarteng on September 23, 2022.
Kwasi Kwarteng reportedly announced among other things, a £43 billion package of unfunded tax cuts in his “mini” Budget, a decision that is said to have caused panic in the financial markets, affecting the pound while increasing government borrowing costs and leading to a withdrawal of some offers for home purchase loans by lenders.
After much pressure to reverse his fiscal plan which rattled markets and created an uproar among politicians, he was sacked by Liz Truss.
Ms. Truss and Mr. Kwarteng argued that the tax-cutting measures will promote economic growth among other things.