British Prime Minister Liz Truss announced her resignation Thursday after six turbulent weeks in office, making her the shortest-serving prime minister in British history.
Great Briton has been thrown into chaos with the speed of the government’s unraveling. It was a humbling transfer of power and no one is sure what direction Britain will take now – in foreign or economic policy.
Her announcement in Downing Street came hours after Suella Braverman, Truss’ home secretary, dramatically resigned with a blistering attack on the PM’s leadership.
A new British prime minister should be in place by Friday, October 28, according to the Conservative party official responsible for the process. Graham Brady, leader of the so-called 1922 Committee, speaking outside the House of Commons, said further details of the process would be announced later today.
“It will be possible to conduct a ballot and conclude a leadership election by Friday 28 October,” Brady told reporters.
As things stand, party members need to choose from a shortlist of two candidates selected by Conservative lawmakers. How that will be done within a week is not yet clear.
Britain’s government bonds are already retracing their gains, with 10-year yields basically flat on the day. A new prime minister is set to be in place before a fiscal statement, which has been scheduled for Oct. 31. This all creates more uncertainty about what those tax and spending plans will be, reports the New York Times.
