Here, find all the reasons for Liz Truss’s short-lived tenure as prime minister explained—as well as the wildly differing predictions for what will happen next.
by the party’s roughly 150,000 members, with former treasurer Rishi Sunak and former foreign secretary Truss emerging as the front-runners. On September 6, after winning the vote by a narrow margin, Truss was elected leader of the Conservatives and thus prime minister, being appointed so by the queen at Balmoral in Scotland in one of Her Majesty’s last official acts before her passing two days later.
On September 23, Truss’s chancellor of the exchequer, Kwasi Kwarteng, delivered his mini budget, which was heralded as an initiative to stimulate the British economy—already flagging due to rampant inflation, a cost-of-living crisis, and rising fuel prices.
The effects were disastrous. Within 24 hours, the value of the British pound plummeted, falling to an all-time low against the US dollar; the crash also prompted a large proportion of mortgage products to be taken off the market, caused interest rates to soar, and imperiled the stability of UK pension funds.
Despite a planned acceleration of the declared budget for these cuts, Truss and Kwarteng’s economic experiment floundered—even if it took a number of weeks for them to admit it. Eventually, on October 14, Truss asked for Kwarteng’s resignation and replaced him with former health secretary Jeremy Hunt, who then went on to reverse the majority of Truss’s proposed economic plan in a humiliating U-turn for the already beleaguered prime minister.
There were two final nails in Truss’s coffin. The first came after her pick for foreign secretary, the former barrister Suella Braverman, was forced to resign on October 19 after breaching the ministerial code by sending a government document to a colleague from a personal email address.
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