Liz Truss's Chaos: A Timeline of 44 days in the UK Prime Minister's Office
#LizTruss #ukprimeminister #UKPM #UKPolicitcs #RishiSunak
Liz Truss's Chaos: A Timeline of 44 days in the UK Prime Minister's Office
For Liz Truss, the past month has been complete mayhem as her Premiership has started off and finished horribly. In order to clarify the situation for those who aren't paying close attention. The UK's economy, which had been stable and had low growth under Truss, has now supposedly collapsed.
Truss’s time as U.K. Prime Minister was cut short after just 44 days, making her the
shortest-serving PM in British history, but what exactly happened during that period of time.
*The Beginning*
Few would have predicted Truss's rise to the position of PM a year ago, given former leader Boris Johnson's Teflon-like ability to weather the numerous scandals that plagued his tenure. Johnson was elected Conservative Party leader for the 1st time in 2019 after Theresa May resigned from the position following multiple failed attempts to pass a Brexit withdrawal agreement. Despite eventually shepherding his own agreement with the European Union—and leading the party to a decisive victory in a snap election in December. 2019—Johnson's tenure as PM was one consistently marred by controversy.
Following a 6-week voting process by the party's roughly 150,000 members, former treasurer
Rishi Sunak & former Foreign Secretary Truss emerged as front-runners in a lengthy
leadership contest. Truss's elected leader of the Conservatives & thus PM on 6 Sep, after narrowly winning the vote, and was appointed so by Queen Elizabeth II at Balmoral in Scotland in one of Her Majesty's final official acts before her death two days later.
*First Steps*
Almost as soon as Truss entered Downing Street, speculation about her suitability for the job
began—conversation that was temporarily paused during the period of national mourning that
followed the queen's death.
On 23 Sep, Truss's chancellor of the exchequer, Kwasi Kwarteng, delivered his mini-budget, which was hailed as an initiative to jump-start the British economy, which was already sputtering due to rampant inflation, a cost-of-living crisis, and rising fuel prices. The economic policies included a slew of tax cuts that disproportionately benefited the wealthy, such as lowering income taxes for the country's top earners and reversing a planned increase in corporation tax, and were met with fierce and widespread criticism, not only from the opposition party but also from economists and international leaders.
*The Last Drop*
Despite polls showing Truss as the least popular PM in British history, she remained
defiant, declaring the day before her resignation that she was "a fighter, not a quitter." There were 2 more nails in Truss' coffin. The first occurred on 19 Oct, when her nominee for Foreign Secretary, former barrister Suella Braverman was forced to resign after violating the ministerial code by sending a government document to a colleague from a personal email address.
The most devastating blow, however, came following a chaotic vote on the future of fracking in
the United Kingdom. Given that the Conservatives promised a moratorium on fracking in their
2019 manifesto, and that many in Truss's party, including her cabinet, have been outspoken
critics of the practice, the vote, which attempted to defeat a Labour bill outright banning the
practice, quickly devolved into lawlessness.
*Resignation Announced*
Despite persistent speculation that Truss's departure from office was almost certain, few were
aware of her decision to resign. When news broke in the early hours of the morning that Truss
was planning to deliver remarks outside 10 Downing Street, news outlets quickly assumed she
was going to resign.
After admitting that she had failed to address these ongoing issues, she stated that she had
already informed King Charles that she would resign as leader.
Timestamps:
0:00 Intro
0:34 Conservative Leadership Election
2:35 Rishi Sunak on Liz Truss
3:45 Truss's actions after winning
7:35 Truss's Downfall
*Michael Burry Releases an Explosive Video: The Government is LYING to You*
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*Cathie Wood: The EV Revolution Will Outperform ALL Other Markets*
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*DISCLAIMER:*
Informed Investors is not a financial adviser channel. The information provided in this video is solely based on our research and opinion, and should not be taken as professional financial advice. There are risks involved in investing in the stock market, and the fluctuation depends on varying factors. Investors should not act upon the content or information found here without seeking advice from an accountant, financial planner, lawyer or other professional. Consumers should always research companies individually and define a strategy before making decisions. Informed Investors is not liable for any loss incurred, arising from the use of, or reliance on, the information provided by this video.
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