The prime minister has this lunchtime announced her resignation on the steps of Downing Street, having informed the King of her decision earlier today.
In doing so, Liz Truss becomes the UK’s shortest ever serving prime minister. Having been appointed on 6 September, she has so far been in post for 44 days. She is expected to now leave Downing Street next week.
The previous shortest serving UK prime minister was George Canning who served for just 119 days back in 1827.
In modern times, the shortest serving prime minister was Sir Alec Douglas Hume who resided in Downing Street for 1 year and 1 day between 1963 and 1964.
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Speaking on the steps of Downing Streets, Liz Truss said, “We set out a vision for a low tax, high growth economy, that will take advantage of the freedoms from Brexit. I recognize though, that given the situation, I cannot deliver the mandate on which I was elected by the Conservative party”.
Truss further confirmed that a new Conservative leadership election will be concluded by Friday next week.
The proposed timetable means that a new prime minister will then be in place before the government’s planned financial statement on 31 October.
Jeremy Hunt, the new Chancellor of the Exchequer, has already confirmed that he will not run in next week’s leadership election. Financial markets will no doubt now be looking for confirmation that Mr Hunt will still be in place to deliver the proposed financial statement.
Truss’ resignation comes after a month long period of political and economic turmoil, one which has seen huge volatility in the value of the pound, a rise in the cost of government borrowing, a full blown U-Turn on an earlier mini-budget, and the resignation of the Chancellor and the Home Secretary.
These turn of events have seen the Labour lead in the opinion polls rise from 11% in late August, to some 30% in mid October.
Conservative Party MP, Andrew Bridgen welcomed the decision. Referencing the -70% opinion poll rating experienced by Liz Truss, Mr Bridgen joked on Sky News that Liz Truss had even been giving Vladimir Putin “a run for his money”.
Responding to Liz Truss’ resignation. the leader of the Labour Party Sir Keir Starmer has issued a statement in which he attacks the ‘revolving door’ of chaos within the Conservative Party. He reiterated Labour’s call for an immediate general election.