Her brief tenure was marred by a controversial economic program that rattled financial markets and divided her own Conservative Party.
In her statement outside Number 10 Downing Street, Truss acknowledged that she couldn’t fulfill the promises she made during her Conservative leadership campaign and had lost the support of her party. This decision makes her the shortest-serving Prime Minister in British history, surpassing George Canning’s 119-day tenure in 1827.
Truss stated, «I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.»
Truss’s appointment on September 6 was followed by the sacking of her finance minister and close ally, Kwasi Kwarteng, and a significant revision of her economic program. The proposed unfunded tax cuts led to a currency crash and higher bond yields, resulting in plummeting approval ratings for her and the Conservative Party.
With the loss of the government’s second most senior minister and internal party conflicts over policy, Truss’s leadership was marked by turmoil and chaos. Jeremy Hunt, the new finance minister, is now tasked with finding substantial spending cuts to rebuild Britain’s fiscal reputation, address a looming recession, and tackle soaring inflation levels, which are at a 40-year high.