Newsonline reports that U.K. Prime Minister Liz Truss resigned following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party.
It follows a meeting with Graham Brady, the Conservative politician that is in charge of leadership votes and reshuffles. Brady chairs the 1922 Committee — the group of Conservative MPs without ministerial positions who can submit letters of no confidence in the prime minister.
Truss was appointed prime minister on Sept. 6, just two days before Queen Elizabeth II passed away after 70 years on the throne.
On Sept. 23, Truss’ finance minister, Kwasi Kwarteng, announced a so-called “mini-budget” which began a turbulent period for U.K. bond markets which balked at the debt-funded tax cuts he put forward. Most of the policies were reversed three weeks later by the second finance minister, Jeremy Hunt.
Truss beat Rishi Sunak to become leader of the Conservative Party following the resignation of Boris Johnson on July 7. Sunak is now one of the favorites to replace Truss, along with Hunt, another leadership contender Penny Mordaunt, Defense Minister Ben Wallace and former Prime Minister Boris Johnson.
This is a breaking news story, please check back later for more.
Nigeria’s economic resilience has historically been driven by its nano and micro-enterprises, ranging from roadside…
Former President Olusegun Obasanjo has said Nigerian troops should not have fought Biafran soldiers during…
APC has disqualified Fubara Loyalists and cleared Wike-backed Lawmakers ahead of 2027 Primaries in Rivers.…
Atiku has warned the opposition against zoning presidential ticket to South in 2027. NewsOnline…
FirstHoldCo posted N321bn profit as Q1 gross earnings hit N942bn. NewsOnline Nigeria reports that…
In Nigeria today, political power increasingly appears less about service to the people and more…
