Liz Truss resigns as UK PM; Rishi Sunak not yet confirmed to succeed

Liz Truss on Thursday resigned as UK Prime Minister, just less than two months after she took over the premiership. Earlier in the day, Truss requested a meeting with the committee chief to understand the mood of the party MPs, who have been expressing their disappointment with how she handled the economic affairs amid recession fears. It was reported that more MPs were calling for her resignation. Truss was in office for only six weeks.

“I recognise given the situation I cannot deliver the mandate on which I was elected…I’ve spoken to HM King to notify him I’m resigning as leader of the Conservative Party,” she said during her brief statement after she decided to step down. 

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Truss will, however, stay in charge until her successor is elected by the governing Tory party, with a speeded-up leadership election to be completed by next week. The outgoing prime minister said she had spoken to King Charles III to notify him of her resignation and also met the 1922 Committee chair Sir Graham Brady, in charge of Tory leadership elections.

"We have agreed that there will be a leadership election to be completed within the next week. This will ensure that we remain on a path to deliver our fiscal plans and maintain our countries economic stability and national security. I will remain as Prime Minister until a successor has been chosen," she said.

Truss was under massive pressure over her former finance secretary Kwasi Kwarteng's botched economic plans that included ill-advised tax cuts. He was eventually sacked and his decisions were reversed by new finance secretary Jeremy Hunt. Just days later, Suella Braverman, another key minister from the Truss cabinet, resigned over a 'mistake' and blamed the government for losing direction. 

Liz Truss came to power after defeating former treasurer Rishi Sunak in the final election even though the latter was the clear frontrunner throughout with more MPs backing him. Within days after taking over and delivering on her tax cut promises which Sunak had already warned of amid inflation, Truss started losing the backing of party MPs who lost their confidence in her as the market reacted wildly to her decisions that sank the pound sterling.      

Sunak is again back at the top when it comes to choices for 10 Downing Street. However, his comeback is not certain as yet with Conservative Party MPs still divided on her name. Sunak is also facing stiff opposition from MPs backing former Prime Minister Boris Johnson. They hold the Indian-origin chancellor responsible for the downfall of Johnson.     

With inputs from PTI