Truss's announcement comes just months after former Prime Minister Boris Johnson also resigned from the position.
As Isobel Thompson wrote forwith a clear policy vision for the U.K.—something Johnson was criticized for lacking. Yet she's resigned having lost the faith of her conservative colleagues, leaving the U.K. in a state of economic and political chaos.
Truss’s fate was largely sealed by the financial markets, which spun out quickly after she and then chancellor Kwasi Kwarteng in September unveiled £45 billion in tax cuts—funded by borrowing—largely for the wealthy. The market response to “Trussonomics" was fierce; the pound plummeted, interest rates rose and the Bank of England was forced to intervene with £65 billion to stabilize pensions. Kwarteng was fired amid the chaos.
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