The ‘Prime Minister’ lasted 44 days after he was proclaimed leader of the Conservative Party on September 5.
Liz Truss was appointed prime minister on September 6, the day after winning the Conservative Party primaries. His resignation on Thursday marks the shortest term in British history. Just 44 days in which its failed economic policies triggered an earthquake that plunged the value of the British pound, forced the Bank of England to intervene in the economy and led to the resignation of the branch minister. And all this counting on the fact that his management was overshadowed for 12 days by the death of Queen Elizabeth II. Below is a brief rundown of the chronology of his month and a half at the head of the country.
5 September. Liz Truss declares herself the winner of the Tories primaries against Rishi Sunak. He succeeds Boris Johnson at the head of the Conservative Party after his resignation in July, cornered by scandal.
September 6. She becomes the Prime Minister of the United Kingdom after receiving the commission to form a government by Elizabeth II.
September 8. Just two days later, the Queen dies at Balmoral Castle, in the Scottish Highlands, after 70 years of reign.
September 23. Economy Minister Kwasi Kwarteng announces historic tax cut as part of his new economic policy. The announcement sparked fear in the markets and the sterling price against the dollar plunges to its lowest level in decades. For example, the reduction of the maximum personal income tax rate from 45% to 40% for high incomes is announced. The announced measures represent 50,000 million in tax relief at a time of great economic uncertainty and inflation close to double digits.
26th September. The Bank of England and the Executive are stepping in to halt the pound and government bond collapse, which threatens the solvency of pension funds.
October 3. Truss is forced to withdraw her tax cut and tries to shift the blame onto Kwarteng. The abolition of the reduction of the maximum personal income tax rate for high incomes is being lifted.
14 October. The ‘Prime Minister’ withdraws most of her tax cut and tries to save her head by firing Kwasi Kwarteng as Minister of Finance. Truss announces that the corporate tax increase from 19% to 25% planned for April will be maintained. Its suppression had been one of his promises during the Tory election campaign.
19 October. Secretary of State Suella Braverman is offering her resignation after committing a “technical breach of security rules” by sending a confidential document on migration policy from her personal email. Braverman represented the party’s hard wing on immigration. He also resigns amid harsh criticism of Truss for “breaking important promises” during his six weeks in office.
October 20. Truss tenders her resignation as UK Prime Minister after just a month and a half in office.
Source: La Verdad
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