British Prime Minister Liz Truss resigns over budget failure and market turmoil

Prime Minister Liz Truss announces his resignation at 10 Downing Street in London, England, 20 October 2022. Leon Neil | Getty ImagesLONDON — Liz Truss Her British Prime Minister resigned on Thursday after her tax cut budget failure that shook up her financial markets and caused a revolt within her own Conservative party. Truss said in a statement outside her Downing Street: A low-tax, high-growth economy that can take advantage of the freedoms of Brexit.””Given the circumstances, I know that I cannot carry out the task of being elected by the Conservatives. So she spoke to His Majesty. The King has announced that I am resigning as Conservative Party leader.” Now the party must hold its leadership elections within the next week, sooner than the usual two-month period. Graham Brady, a Conservative politician responsible for leadership voting and reorganization, told reporters that the current vote is He said he was looking for ways to include Conservative MPs and more members of the party.The business came to a standstill with the death of Queen Elizabeth II. Her resignation came in 1922, a gathering of Conservative MPs without ministerial positions to submit a letter of no confidence to the Prime Minister. The number of MPs who publicly demanded the resignation of the Truss over the course of the meeting reached 17. The number of people who wrote Brady letters expressing distrust of the Prime Minister Reported over 100 by Thursday, trading at $1.1273, up 0.5% against the dollar in the first hour after the announcement, briefly reaching session highs, maintaining the level of September 22, before Truss’s volatility budget 10 Yields on two-year and five-year gold (UK Treasury) bonds fell about 5 basis points after Truss’ brief speech. Opposition Labor, Scottish National and Liberal Democrats called for an immediate general election on Thursday afternoon. “The Conservatives have shown that they no longer have the power to rule,” he said. This began a period of turbulence in the UK bond market that hampered the debt-supported tax cuts he proposed. Most of the policy was put in place three weeks later, by second finance minister Jeremy. Overturned by Jeremy Hunt Truss overtook Rishi Sunak to become Conservative leader after Boris Johnson resigned on July 7. Sunak is now one of the candidates to replace Truss. Britain’s chief economist at Capital Economics, Paul Dales, said he needed a new prime minister and would do more to restore confidence in financial markets. “In just a few weeks, fiscal policy has shifted from a very loose to less loose to full austerity,” she said in a memo. “While this has increased the downside risk to our forecast that the economy will enter a recession that includes a decline in GDP of around 2%, that in itself means there is a downside risk to our forecast that interest rates will rise by 5.00%. as.”
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