Liz Truss announced her resignation as UK’s prime minister on October 20, citing her economic plan, which sent shockwaves through markets and divided her Conservative Party just six weeks after she was appointed.

During a nationally broadcast speech, Truss declared her resignation and stated that she had informed the King Charles III of her decision. In the upcoming week, there will be a contest for the Conservative Party’s leadership. This year, the UK will have its third Prime Minister.

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While delivering her resignation speech, Truss said, “I recognize given the situation I cannot deliver the mandate on which I was elected by the Conservative party.” 

Truss faced criticism from opposition & Tories as well

Since the release of a “mini-budget” by former chancellor Kwasi Kwarteng in September, which caused the British pound to drop to an all-time low against the dollar, Truss and her beleaguered government have come under intense pressure from both the opposition parties and her colleagues.

A planned increase in corporation taxes was scrapped under the plans, which Kwarteng described as a “new era” for the UK economy. Income tax and stamp duty on home purchases were also reduced, and the top income tax rate of 45% for those earning more than £150,000 per year was abolished.

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Kwarteng was replaced by former health secretary Jeremy Hunt

Following the budget debacle, Kwarteng was fired. Kwarteng was replaced by former health secretary Jeremy Hunt, who repealed nearly all of the economic plans outlined in the budget by Truss and Kwarteng. On October 19, just five days after Kwarteng’s departure, Truss’s home secretary Suella Braverman announced her resignation. Braverman stated that she was stepping down due to the misuse of her personal email, but both Conservative insiders and pundits believe she was forced out by Truss and her new chancellor Hunt.

However, Suella’s resignation, was overshadowed by the chaos that ensued later that evening at a crucial Commons vote on the future of fracking in the UK, which descended into mayhem after more than 40 Conservative MPs, including former Prime Minister Boris Johnson, decided not to support Liz Truss’s government, with members alleging that some undecided Tory MPs were “physically manhandled” into voting booths.