by ZeroHedge News Staff at ZeroHedge
U.K. Prime Minister Liz Truss has announced her resignation just 44 days after taking office, after a risky plan to cut taxes and boost spending caused turmoil on financial markets, forcing her to backtrack and her political authority to disintegrate.
She said the Conservative Party aims to choose her successor within a week, and that she will stay on as premier until then.
She is now the shortest tenured post-war PM…
As one fellow Brit commented: “4 Chancellors, 3 Home Secretaries, 2 Monarchs, and now 3 PMs in four fucking months”
This didn’t age well…
U.K. Prime Minister Liz Truss, whose popularity has cratered since taking office last month, pushes back against calls for her to resign:
"I am a fighter, not a quitter!" pic.twitter.com/fXN758sncV— The Recount (@therecount) October 19, 2022
Gilt yields are dropping…
Cable is rallying….
Liz Truss’ legacy is actually quite impressive. She buried the Queen, the Pound, and the Tory party
— Paul Perry III, KBE (@PA_P3RRY) October 20, 2022
Candidates to replace her are likely to include former Chancellor of the Exchequer Rishi Sunak — runner-up to Truss in this summer’s leadership contest. Other contenders then are also likely to be in the fray, including Penny Mordaunt, Grant Shapps and Kemi Badenoch. Former Home Secretary Suella Braverman, who was sacked on Oct. 19, may also be in the running. Defence Secretary Ben Wallace is also often touted, though he has downplayed his interest. But new Chancellor Jeremy Hunt, promoted from the back benches after Truss sacked Kwasi Kwarteng in a bid to restore calm in the markets, ruled himself out, according to his spokeswoman.
However, the leading candidate to replace Truss – according to a recent YouGov poll is (drum roll please)…
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