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United Kingdom News Politics

Liz Truss Says She Will Resign as UK Prime Minister 271

Prime Minister Liz Truss announced on Thursday that she would resign, just days after her new finance minister reversed virtually all of her planned tax cuts, sweeping away a free-market fiscal agenda that promised a radical policy shift for Britain but instead plunged the country into weeks of economic and political turmoil. From a report: "I cannot deliver the mandate on which I was elected," she said in brief remarks outside Downing Street. She said she had informed King Charles III that she was resigning as leader of the Conservative Party, and that she would remain leader and prime minister until a successor is chosen within a week.

Her departure, after only six weeks in office, was a shockingly rapid fall from power, and throws her Conservative Party into further disarray, following the messy departure of Boris Johnson from Downing Street over the summer. The announcement came minutes after Ms. Truss held an unscheduled meeting with Graham Brady, the head of a group of Conservative lawmakers known as the 1922 Committee that plays an influential role in selecting the party leader. Ms. Truss's political viability had become tenuous after her proposals for broad unfunded tax cuts roiled markets and sent the pound's value plunging. She suffered a grave blow on Monday, when her newly appointed chancellor of the Exchequer, Jeremy Hunt, said that the government was undoing the last vestiges of Ms. Truss's tax proposals.
Financial Times adds: She will go down in history as Britain's shortest-serving prime minister, her government having collapsed in the wake of its failed "mini" budget of last month, which contained $50.6bn of unfunded tax cuts and triggered turmoil in the sterling and gilt markets.
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Liz Truss Says She Will Resign as UK Prime Minister

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  • by f00l82 ( 9547765 ) on Thursday October 20, 2022 @09:04AM (#62982553)
    At this point it all seems kind of meaningless until the British actually vote in a general election. This is just reorganizing the chairs on the titanic.
    • by AmiMoJo ( 196126 ) on Thursday October 20, 2022 @09:29AM (#62982605) Homepage Journal

      In the last 4 months we have had:

      - 2 Prime Ministers
      - 1 Caretaker Prime Minister
      - 4 Chancellors
      - 2 Home Secretaries
      - 2 monarchs

      All this can be traced back to the 2016 brexit referendum. Then PM David Cameron thought he could win it and silence the "Eurosceptics" in the Conservative Party. He lost, and then resigned, leaving a poison chalice for every subsequent Prime Minister. A divided party, facing economic ruin due to brexit, and an impossible deal to be done with the EU that somehow kept the border with Ireland open while allowing the UK to have border controls.

      • by Ritz_Just_Ritz ( 883997 ) on Thursday October 20, 2022 @09:42AM (#62982649)

        What does Brexit have to do with the death of a 96 year old woman?

        • by layabout ( 1576461 ) on Thursday October 20, 2022 @09:49AM (#62982671)
          Ms. Truss might not be young but she certainly is not 96 years old
        • by AmiMoJo ( 196126 )

          Nothing really, although it has been reported that the queen was not in favour of it. Just pointing out the turmoil that the UK has been through in the last few months.

          • I distinctly remember a meme with the queen, as her final official action, greeting Truss and a thought bubble going "What the heck? Thatcher's back? Screw this, I'm outta here!"

        • What does Brexit have to do with the death of a 96 year old woman?

          He's just noting that GB is neck deep in instability. The queen's death and th enew King are just thrown in as a part of the situation, they don't personally have anything to do with Brexit.

      • As an outsider who doesn't live in the UK, this seems like a relatively easy problem to solve. Simply accept that Brexit was wrong and re-apply for EU membership. On this time, give up the Pound Sterling for the Euro (like the rest of the EU common market), and don't expect to be treated specially. The UK was always a thorn in the EUs side because the UK was treated specially. If the UK were to return as an equal member, the whole EU would be more productive.
        • As a Brit living in the EU my advice to any EU citizen listening -- If the UK asks to rejoin, tell 'em to fuck off.
          • Why?

            Both the EU and the UK would benefit from the UK rejoining. Not only would the EU's finances benefit from a net contributor, but the demonstration that leaving the EU is a stupid idea would help stability and reduce the influence of the far right parties.
            • by Pascoea ( 968200 )

              Why?

              My opinion? Just so you can tell tell them to fuck off. Kind of as a lesson to the rest of the EU, show them that maybe they shouldn't listen to the vocal minority when it comes to matters of high importance.

        • UK: Let's create our own mini UN where we're the security council. We did win WWII after all! ALSO UK (getting nostalgic for the 80s and starting to get the spoils of globalization): Fuck Europe, fuck the world, we can make our own cars, computers and food right here on this rocky island!
        • by AmiMoJo ( 196126 ) on Thursday October 20, 2022 @10:51AM (#62982895) Homepage Journal

          The olive branch has been extended by President Macron of France. The creation of a new European Political Union group that is outside the EU but has access to the Single Market is basically a way for the UK to recover from brexit without actually re-joining the EU.

          It would suit the EU, because the UK wouldn't have a direct say in EU politics anymore, and would solve all the issues with the Irish border and decreased trade. It would also suit the UK as brexiters could save face by claiming that was what they wanted all along, and in fairness it is what was promised during the referendum campaign.

      • All this can be traced back to the 2016 brexit referendum.

        From the outside, I think the only people that will be able to lead are die-hard eurosceptics like Johnson. The PM must be 100% committed to Brexit. Any doubt will lead down the path of May's tenure.

        This really limits the pool of eligible candidates. It seems there are very few people in government that actually think it was a good idea.

        • > It seems there are very few people in government that actually think it was a good idea.

          Only an economically illiterate idiot can still think that Brexit was a good idea.
          The the next PM will either be a liar or an idiot.
          As we have witnessed this is not an exclusive or.

        • by AmiMoJo ( 196126 )

          The only way to get Britain back on track is to get back into the Single Market.

        • by pjt33 ( 739471 )

          Johnson's not a die-hard eurosceptic: he's a die-hard opportunist who decided that campaigning for Brexit was more likely than campaigning against it to smooth his path to future leadership of his party.

          The rest of your points stand, though. In particular, Boris' purge of moderates and the "red wall" swings mean that the current Tory parliamentary party is more pro-Brexit than it was during May's leadership.

      • The 2 monarchs thing can't be traced to Brexit.

      • All good and I agree (well besides brexit causing the monarch change, but who knows), but it's not the divided party that's facing economic ruin, it's the rest of the population. The party members seem to be lining up their pockets just fine.
  • by Anonymous Coward on Thursday October 20, 2022 @09:09AM (#62982567)
    Never let a "conservative" run the economy. They always drive it off into a ditch.
    • by wonkavader ( 605434 ) on Thursday October 20, 2022 @09:32AM (#62982617)

      This is kind of a sensationalist way to put it, but true in general.

      Liberals (or what we call liberals in the US and the UK) push money towards the lower income brackets who then spend it, and the economy gets better for everyone.

      Conservatives push money to the very rich and screw the lower income brackets. Money goes out of the government coffers and stagnates. Debt goes up, services go down, and the economy goes down the toilet. Short-term gain for a few, and long-term loss for (almost) everyone.

      • Liberals (or what we call liberals in the US and the UK) push money towards the lower income brackets who then spend it, and the economy gets better for everyone.

        The last time Liberals were in government in the UK they were in coalition with the Tories and did exactly the opposite of that.

        The last time they were in government on their own was 1915.

        "Liberal" in the UK doesn't have anything to do with "liberal" in the US.

        • by ceoyoyo ( 59147 )

          Liberal as a proper noun is whatever it is. Liberal (lowercase when not at the beginning of a sentence) is an adjective.

          Pretty much all political parties you're familiar with are liberal by the classical definition because they don't advocate absolute monarchy and are in favour of individual rights. By a modern, relative, definition, the UK's Labour party would represent most of "the liberals." Since they're basically a coalition of social democrats and democratic socialists I believe in the US they would b

      • by AmiMoJo ( 196126 ) on Thursday October 20, 2022 @11:40AM (#62983073) Homepage Journal

        That's the problem with conservatives. They always run out of other people's money.

    • Speaking of economies, Carter's was downright pitiful, Clinton gave us the dot com bubble and the housing collapse (twofer) and Biden is making Carter look like an economic genius.

      Biden's efforts to buy the next 2 elections is probably going to be his downfall. All that spending is not helping normal Americans, it's just driving even more inflation.

  • by bugs2squash ( 1132591 ) on Thursday October 20, 2022 @09:16AM (#62982587)
    Will trickle down economics die already. Will Brexit get the blame it deserves for tanking British retirement funds. The brits believed the lies because they pandered to their collective ego and the results have been swift and severe for all but a lucky few that make out like bandits.
  • So the lettuce won (Score:4, Informative)

    by Kokuyo ( 549451 ) on Thursday October 20, 2022 @09:21AM (#62982591) Journal

    I hope Truss doesn't take that one too personal.

  • by Oxygen99 ( 634999 ) on Thursday October 20, 2022 @09:30AM (#62982609)
    This country is an absolute and irredeemable shambles. The Conservative party recently spent weeks engaged in a leadership contest and found Liz Truss, a person so badly out of her depth that within a week of her effective premiership, set the nations finances on fire.

    Having then selected the least appropriate prime minister we've arguably ever had, they now want to install the loser of said contest. Jesus wept. The entire nation is now effectively held hostage by the collective mental breakdown of the 'natural party of government'. With no means to force a general election, us mug punters have to wait two years for an election while whichever ineffectual toad 'wins' their unwanted unpopularity contest clock watches until the bell tolls for their grotesque parody leadership. The mother of parliaments. What a joke.
    • Re: (Score:2, Interesting)

      It's worse than that. If Boris Johnson stands again, there's a decent possibility he might actually be back in Number 10 by the end of next week. Sunak would probably have been the best choice all along, but the fiscal and economic situation that Britain faces today is entirely different than the situation six weeks ago. And while the markets seem happier that Truss is gone, there's still a massive multi-billion pound black hole in the middle of the British government's finances which is, no matter who is P

      • by AmiMoJo ( 196126 )

        Look at how long it took Labour to rebuild trust after Thatcher defeated them. That's what the Tories are in for.

        It may ultimately be a good thing. This is the death of the Brexiteer Tory Party, the Eurosceptic policies have comprehensively failed and everyone associated with brexit is tainted. The harder they fail, the closer we get to undoing some of the damage done by brexit.

        Unfortunately I think we still have a fair way to go before we hit rock bottom, i.e. the point at which rejoining the Single Market

    • by Luckyo ( 1726890 )

      Kwarteng was the idiot who set the finances on fire. Truss was the idiot who approved of him doing it. That's what happens when you have a diversity hire as chief of national finance and another diversity hire checking his results as a PM.

      It was hilarious how she actually didn't even show up to answer for firing him after she realized what she did with hiring him and promptly fired him. Her excuse of "being detained on urgent business" to not attend that one was genuinely hilarious. People had a lot of laug

    • by AmiMoJo ( 196126 )

      The Tories can't lead now. Johnson purged anyone good back in 2019, to win an election. The only even half way competent one is Sunak, but if he has a gram of sense he won't take the job now. Any opportunity to avoid this winter being a disaster has long since passed. They are a maximum of two years from an election, not enough time to save the party.

    • within a week of her effective premiership, set the nations finances on fire.

      Noe, now be fair. It was 10 days, 8 of which were taken up with the business of the Queen's funeral. So, er, more like 2 days never mind as you were.

    • by nagora ( 177841 )

      This country is an absolute and irredeemable shambles. The Conservative party recently spent weeks engaged in a leadership contest and found Liz Truss, a person so badly out of her depth that within a week of her effective premiership, set the nations finances on fire.

      Having then selected the least appropriate prime minister we've arguably ever had, they now want to install the loser of said contest. Jesus wept.

      You can't have it both ways, you can't say they selected the worst candidate (which they did) and then complain that one of the other candidates will get the job instead. By your own definition that candidate will be better. If it's Sunak. Mordant is on a level with Truss, as were most of the rest. Sunak was at least a mediocre disappointment, which makes him a stellar choice compared to the others. At least he can fucking count. This is a depressingly low bar.

  • Glass Cliff [wikipedia.org]
    Got to have a good scapegoat when you know things are going to get worse.
  • She's never had any power. She was so low profile during the first month of her premiership that you could mistake her for a back office admin clerk; hardly noticeable. She's yet another one of those politicians who are good at rhetorics, winning debates and empty promises but who don't have what it takes to deliver.

    • Re:What power? (Score:4, Interesting)

      by UnknowingFool ( 672806 ) on Thursday October 20, 2022 @09:55AM (#62982709)

      When asked about what the UK will do to help with impending skyrocketing energy bills that will occur in the next few months, Truss immediately turned down any suggestions that would help reduce the costs which affect the profit of energy companies.

      "I don’t think ‘profit’ is a dirty word. The fact it’s become a dirty word in our society is a massive problem.” She said on TV.

      "The nicest thing the Queen of England ever did for anyone was die the week that woman became prime minister. Because for at least a week, she’s not going to get justifiably destroyed for answers like that.” John Oliver responded.

  • that she has been seen using a smartphone several times. Possibly she owns a computer.

    News for nerds.

  • I mean, if the Tories keep this game of musical chairs going for a while, they may not have a candidate left when election day comes.

  • Conservatism is ruthless, antihumanitarian and bad for economies without exception. This is just the natural result of conservative administrations.
  • They want the economy to get a good wash, but don't make it wet.

  • by sdinfoserv ( 1793266 ) on Thursday October 20, 2022 @11:15AM (#62982975)
    At least the Britts have realized trickledown/ voodoo economics/ Reaganomics is a con. When Liz Truss tried to push the failed mentality of trickledown, virtually the entire country, citizens and markets stood in opposition to it. https://www.bloomberg.com/news... [bloomberg.com] . Too bad the US reichwing fails to accept the fact that Reagan had to raise taxes on the middle class 11 times in 8 years to pay for the tax break handed to the rich. https://www.bloomberg.com/opin... [bloomberg.com] . Reducing taxes on the rich has never, every spurred economic growth. The rich don’t spend, they hoard. They invest with other peoples money. The rich use their wealth to buy politicians and change laws, in their favor, while the citizenry are ignored. It gifts the US with legal bribery via Citizens United. https://www.brennancenter.org/... [brennancenter.org] . US tax rates on the rich and corporations during the “golden period” of the 1950’s through the 1970’s were 90% and higher. The current tax boycott from the wealthy is why infrastructure crumbles, schools go underfunded, higher education leaves graduates with life long debt peonage, and public healthcare is virtually non-existent pushing mentally ill into the streets becomimg a policing and safety problem. Want conservatism – you got it, now you have to pay for it and guess what, the rich are not, you are.
  • Buh-bye.
  • Time for the nationalists to be ass-fucked, and go crawling back to the EU begging for a second chance. I might have an old speech I wrote to my ex they can use.

  • by TJHook3r ( 4699685 ) on Thursday October 20, 2022 @03:39PM (#62983875)
    The UK has spectacularly imploded over Brexit. The eurosceptics forced the referendum and in order to Get Brexit Done every politician with talent, principles or conscience was forced from the party. This mess is the just the latest episode and I'd hope that a general election might give the country some chance to recover some reputation

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