UK Prime Minister Liz Truss is stepping down after less than two months in office amid pressure following a reversal of economic policies that led to economic instability. “Given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party,” Truss said. “I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.” The announcement comes only a day after Truss declared that she was “not a quitter.”

A leadership election will take place within the Conservative Party next week to choose the new prime minister. Truss’ announcement came soon after Home Secretary Suella Braverman resigned via a letter that slammed the prime minister. “The business of government relies upon people accepting responsibility for their mistakes,” Braverman said. “Pretending we haven’t made mistakes, carrying on as if everyone can’t see that we have made them and hoping that things will magically come right is not serious politics.”

In recent months, the British pound has declined in value to nearly equal that of the U.S. dollar. Part of the economic problems came from Truss pushing a tax cut that was eventually scrapped by other party members.
Possible replacements for Truss include Hunt, ex-Treasury chief Rishi Sunak, who Truss defeated earlier this year, and House of Commons leader Penny Mordaunt.
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