Liz Truss Relatives

Liz Truss | George Canning, who passed away in August 1827, was the PM with the shortest tenure to date. Only 119 days have passed since he took office.

After easily defeating Rishi Sunak in a vote among Conservative Party members, Ms. Boris Johnson was replaced as prime minister by Truss.

Queen Elizabeth II passed away two days later, the country went into mourning, and regular political activity was put on hold.

The roots of Ms. Truss’s political doom, however, had already been planted by the end of the week that started with the funeral of the late Queen – in then-Chancellor Kwasi Kwarteng’s mini-budget.

It featured £45 billion in tax cuts that were financed by borrowing, which alarmed the financial markets and caused the value of the pound to drop significantly.

The idea was to “turbocharge” the economy by challenging conventional wisdom within the Treasury and firmly promoting economic development.

The government was soon obliged to abandon plans to decrease the top rate of income tax during the Tory conference as a result of the ongoing market instability, which compelled the Bank of England to intervene to support the value of government bonds.

The week before Ms. Truss announced her resignation, she fired a close friend, Mr. Kwarteng, and conceded that her broad economic program and the majority of the tax cuts in the mini-budget would be scrapped.

The prime minister also announced her energy price guarantee to cap the cost of gas and electricity for families in an effort to combat rising energy expenses. For companies, similar help was announced.

U-turns damage the PM

But afterwards, the length of these pricey warranties was reduced from two years to six months.

The prime minister’s power and control over events were eroding day by day, and more and more Tory MPs were asking for her resignation.

What motivated Liz Truss and where did she come from?

She started her political career as a young Liberal Democrat campaigner in the 2016 Brexit vote and then rebranded herself as the darling of the Conservative right.

Her pledge to return to core Conservative principles, including tax cuts and state reduction, is what won over party members.

Rishi Sunak forewarned that her tax cut plan will lead to higher inflation and mortgage rates.

In all five of the MPs’ voting rounds, he defeated her. However, in the crucial members’ vote, Ms. Truss received 81,326 votes to his 60,399.

She had stayed steadfast in her support of Mr. Johnson despite other cabinet members turning on him, which was crucial in the eyes of those who believed he had been unjustly removed from office.