Wednesday , November 30 2022
New British Prime Minister Liz Truss delivers a speech outside Number 10 Downing Street, in London, Britain September 6, 2022. REUTERS/Henry Nicholls

UK Prime Minister, Liz Truss resigns

There has been a muted response on the British Capital Market after Prime Minister Liz Truss announced she was resigning from office.

The pound rose initially in the immediate aftermath of the statement before settling back at around $1.12.

Before she delivered her statement, one analyst said the markets were watching in a kind of stunned, open-mouthed horror at political events.
You will recall that Liz Truss has been in office for just 45 days – the shortest tenure of any UK prime minister.

The second shortest-serving PM was George Canning, who served for 119 days after dying in 1827.

Trouble began when her first Chancellor, Kwasi Kwarteng, spooked the financial markets with his mini-budget on 23 September.
Since then, Conservative disquiet has morphed into widespread anger within the parliamentary party.

Her stepping down today follows dramatic scenes in the House of Commons last night over a vote on fracking. Calls for her to go kept growing in the hours afterwards.

 

 

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