Liz Truss has sensationally quit as Prime Minister sparking a new leadership election after admitting she couldn’t deliver her plans for a low tax, high growth economy.
Despite declaring only yesterday that she was a fighter, the beleaguered PM gave into calls from Tory MPs who now have the task of choosing her successor – the UK’s third prime minister of the year.
Penny Mordaunt, Rishi Sunak and Ben Wallace have been suggested by political pundits, as well as Jeremy Hunt who only took over as Chancellor last week.
In her short address outside Number 10 – ending her six week-tenure, one of the shortest in British political history – Truss said: “We delivered on energy bills and on cutting national insurance.
“We set out a vision for a low tax, high growth economy that would take advantage of the freedoms of Brexit. I recognise, given the situation, that I can’t deliver the mandate on which I was elected by the Conservative party.”
Truss will remain as PM until a successor has been chosen within a week. Landlords will be hoping that whoever it is can bring some much-needed stability after a tumultuous few weeks following the sacking of previous Chancellor Kwasi Kwarteng due to a city backlash.
“Jeremy Hunt then made a dramatic U-turn by reversing almost all the tax measures announced in the government’s recent growth plan. He is due to set out his fiscal plan at the end of the month.
While the government is still going ahead with cutting stamp duty, a planned 1p cut to the basic rate of income tax was shelved “indefinitely” while the energy price guarantee was watered down.
Front-runners to replace Truss include, according to betting website Gambling.com, Rishi Sunak (13/8) who is the current favourite, with Penny Mordaunt (9/2), Ben Wallace (10/1) and Boris Johnson (14/1) also in the list of possible successors. The full list can be found here.