Liz Truss, who took office little more than a month ago has resigned as the Prime Minister of the United Kingdom. 

Truss resigned following a disastrous tax-cutting budget that shook financial markets and sparked a rebellion within her own Conservative Party.

“We set out a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit. I recognize though, given the 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 announce that I am resigning as leader of the Conservative Party,” Truss said in a statement at Downing street. 

Truss had dismissed her Chancellor Kwasi Kwarteng last month and had appointed Jeremy Hunt, a former Cabinet Minister with extensive experience, as her new Chancellor.

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Who will take over as the Conservatives’ fifth prime minister since Brexit ?

Rishi Sunak

Several party MPs continue to favour the Indian-origin MP, who finished second to Liz Truss in the last round of the election for Tory leadership. Rishi Sunak had criticised Truss’ £30 billion unfunded tax cut plan in August, saying it would cause “misery for millions.”

“The lights on the economy are flashing red, and the root cause is inflation. I’m worried that Liz Truss’s plans will make the situation worse,” he stated.

In 2015, Rishi Sunak first entered politics. In Yorkshire’s Richmond, he won the election. Sunak swiftly advanced through the ranks of the Conservative party and supported the “Brexit” movement. He participated in Boris Johnson’s “leave EU” campaign as one of his backers.

Sunak made history when he was appointed to the most important position in the UK Cabinet, Chancellor of the Exchequer, in February 2020. Throughout the pandemic, his economic plan to assist businesses and employees gained him popularity. However, his popularity suffered as a result of the ‘partygate’ scandal, which involved violating Covid rules and organising lockdown parties at government offices, and he was one of the officials fined by the London Police.

Penny Mordaunt

The summer’s leadership competition, which was previously anticipated to be a procession for Truss and Sunak, had Mordaunt as its breakout star. Up until the fifth and final round of voting, when Truss passed her, Mordaunt was second to Sunak among MPs, mostly untarnished by the Boris Johnson era and delivering a slightly more consensus-oriented brand of conservatism.

As the country’s first female defence secretary, Mordaunt, 49, held the position for just 85 days. Implementing a salary rise that insured no serviceman or woman was paid less than the living wage was one of her major policy improvements during her brief reign.

She has also held the positions of secretary for foreign development and minister of military forces. Mordaunt’s public image suffered as a result of being demoted to more subordinate positions in the government after endorsing Boris Johnson’s opponent in the 2019 PM campaign.

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Boris Johnson

After an ethics scandal and widespread resignations from his cabinet, Boris Johnson, who is famed for leading the Conservative party to a stunning victory in 2019, was forced to leave.

This came after several scandals and gaffes over several months, including a devastating report into alcohol-related gatherings at his Downing Street apartment and office that violated Covid-19 lockdown regulations and led to a police fine for a celebration of his 56th birthday.

Ben Wallace

Ben Wallace, the defence secretary, is another prominent Conservative who has avoided being stained by the scandals of the Boris Johnson administration and the mini-budget consequences of the Liz Truss administration. Wallance was one of the front-runners to succeed Boris Johnson, but for unknown reasons, he chose not to run for the Tory leadership.

When several ministers left their positions, the Boris Johnson-led administration was overthrown. Ben Wallace was one of those who remained in office. Wallance continued, stating that he had a duty to protect the nation.

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Michael Gove

Gove was a crucial member of Johnson’s cabinet. The two shared a complicated and frequently tense relationship, but in the final weeks of Johnson’s presidency, the then-prime minister abruptly fired him.

Gove came out as a backer of Truss at the most recent Conservative conference, but he also offered a number of suggestions for how she may improve her mini-budget.

Gove, though, would be somewhat of an outlier for the position. Despite his evident political talent, he can be contentious and is not always well-liked by the general public.