After giving 44 days to the post, U.K. Prime Minister Liz Truss has resigned on Thursday following a failed tax-cutting budget that rocked financial markets while leading a revolt against her policies within her own Conservative Party.
“We set out a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit,” Truss said in a statement outside Downing Street.
“I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party,” she said.
On Sept. 23, Truss’ finance minister, Kwasi Kwarteng, announced “mini-budget” policy which began a turbulent period for U.K. bond markets and balked at the debt-funded tax cuts he put forward.
Notably, most of the policies were reversed three weeks later by the second finance minister, Jeremy Hunt.
Truss was in office for just 44 days, making her the shortest-serving prime minister in British history.
For the first 10 days of her premiership government, the business and other activists were paused following the death of Queen Elizabeth II.
The 47-year-old, entered parliament in 2010 and became first cabinet position in 2014 as secretary of state for environment, food and rural affairs under former Prime Minister David Cameron.
She since served under Theresa May and Johnson in various positions.