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What’s next for Britain after Liz Truss resigns?
Liz Truss’s mandate was marked by instability, after her economic policies put the country’s financial stability at risk
LONDON — British Prime Minister Liz Truss took office last month with hopes and promises to reinvigorate the British economy and put it on the path to long-term success.
Although Truss took office amid a cost-of-living crisis, the war in Ukraine and the lingering effects of the COVID-19 pandemic, her decision to announce 105 billion pounds ($116 billion) of tax cuts and Increases in public spending without giving details on how it would be financed unsettled investors, who warned of a huge increase in public debt.
That has undermined confidence in the government’s ability to pay its bills and raised questions about the economic credentials of a new prime minister who has taken office after a deeply divisive leadership contest with the ruling Conservative Party.
The chaos around the economic plan weakened Truss’s authority as prime minister, ultimately leading to her decision to resign on Thursday.