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Lizz Truss had defeated Rishi Sunak in this summer’s Tory Party election. (File)
New Delhi:
UK Prime Minister Liz Truss today said that she is resigning as prime minister, announcing that her successor will be elected by the end of next week. Truss’s mini-budget, which sent shockwaves through the markets, was responsible for her downfall.
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Liz Truss’s woes began when her showpiece tax-slashing policy sparked market chaos that threatened the country’s pension funds, forcing her into a series of humiliating U-turns.
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The moves, aimed at reviving the UK economy, had divided her Conservative Party just 45 days after she was appointed.
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Liz Truss’s departure leaves the ruling Conservative Party badly damaged, languishing more than 30 points behind Labour in the polls after 12 1/2 years in power.
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Her successor will become the party’s fifth premier in less than seven years since the 2016 Brexit referendum ushered in a period of unprecedented chaos in British politics.
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Labour leader Keir Starmer, whose opposition party has surged in opinion polls on the back of Truss’s short, crisis-plagued tenure, demanded for an immediate general election.
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The outgoing prime minister announced that an election to choose her successor would be completed within the next week.
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“We’ve agreed that there will be a leadership election to be completed within the next week,” she said, after senior backbench MP Graham Brady told her the game was up.
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Conservative leader Jeremy Hunt has announced that he will not run for the prime minister.
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One of the probable names that is expected to feature in the elections is Rishi Sunak, who Liz Truss defeated in this summer’s elections.
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If he wins, Rishi Sunak would be the first Indian-origin person to hold the UK Prime Minister’s office.
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