Prime Minister Liz Truss has resigned after only six weeks in office. She will remain in office until the Conservative Party chooses a new leader, likely by the end of the month. Truss’s departure is a direct result of the economic instability her proposed tax-cut plan created. Truss was forced to publicly dismiss Chancellor of the Exchequer Kwasi Kwarteng. Kwarteng’s replacement, Jeremy Hunt immediately scrapped the plan and announced series of rather dour measures necessary to avoid a major recession. Unfortunately, the damage had already been done, economically and politically. Economic growth will be minimal until late next year according to forecasts, meaning Britain’s economic recovery from the COVID-19 pandemic will be longer and more costly for businesses and citizens.
Politically, Truss did herself in. She was elected by the party and expected to get the economy moving in the right direction amid global political instability and economic downturn brought on by the pandemic and war in Ukraine. It took less than two months for her to not only fail, but also make the situation considerably worse. Now that Truss is departing, that is the core question being asked around the British Isles right now. Will her exit bring an end to the instability?
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“Truss’s departure is a direct result of the economic instability her proposed tax-cut plan created.”
Stop it; It wasn’t the tax cuts, it was the borrowing the market reacted to.
It was both that brought this on. But if it were just the borrowing, I believe she could’ve survived this politically. At least for a while longer. The mini-budget/tax-cut plan killed her politically