British Prime Minister Liz Truss has announced her resignation just six weeks after assuming office. It quickly became clear that Truss would have a difficult time as prime minister after she decided to hire Finance Minister Kwsai Kwarteng who proposed cutting taxes for the rich in a way that torpedoed bond markets. Even an attempt at u-turning from the proposal was not enough to prevent her early ousting. Truss was defiant until the very end, trying to command the support of her party. But then in her resignation speech, she said, “given this 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.” Truss will be the shortest-serving PM in the UK’s history, easily surpassing George Canning who died in office after 119 days in 1827. The leadership replacement is expected to happen within the next week.

 

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