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Liz Truss was forced to take a humiliating U-turn on her planned income taxcut
In a major turn of political events in Britain, Liz Truss resigned as the Prime Minister of the United Kingdom within 45 days of entering 10 Downing Street. Shortest in Britain’s political history, her tenure was marked with multiple exits and turnar
Here are 5 things that led to Liz Truss’s resignation
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Liz Truss’ first week marked the unveiling of a costly plan to cap the energy household bills, in response to soaring prices due to the Russia-Ukraine war. The plan was eclipsed for 10 days following the death of Queen Elizabeth II.
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Kwasi Kwarteng, the Chancellor of Exchequer in the new UK cabinet, announced a “mini-budget” in September, which detailed the price of the energy scheme for $67 Billion in six months, the unveiling was done but with no measures to raise funds.
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Instead of concrete measures, he announced massive borrowing and new tax cuts including for top earners in the UK, leading to the Pound falling and the political fire the UK cabinet experienced. Two days later, Kwarteng vowed “more to come on tax cuts”
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Following criticism and uproar, Liz Truss was forced to take a humiliating U-turn on her planned cut in the top rate of income tax following hurried late-night talks. Kwasi Kawarteng was later fired after 38 days in the office
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The crisis didn’t end for Truss, her Home Minister Suella Baverman quits following a row with Truss and Jeremy Hunt, the finance minister, over immigration, saying that she had “serious concerns” about the government.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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