https://edition.cnn.com/2022/10/20/uk/liz-truss-resigns-analysis-intl-gbr-cmd/in... Liz Truss’ resignation leaves a party in tatters and a nation in despair
Luke McGee
Analysis by Luke McGee, CNN
Updated 3:24 PM EDT, Thu October 20, 2022
London CNN —
Even by recent standards, Thursday was a jaw-dropping day in British politics.
Liz Truss, a born-again Brexiteer who took over from Boris Johnson a mere six weeks ago, announced that she was to resign. In her wake, she leaves an economic crisis precipitated by a “growth plan” full of unfunded tax cuts, and a Conservative Party that may be in office, but is most certainly not wielding much power.
It is hard to overstate just how much impact Truss’ accession to the top job had on British politics in such a short space of time. Her radical economic policy proposals – even before they were even enacted – caused the pound to sink to its lowest level against the dollar in decades.
The turmoil caused government bonds to soar, which had a negative impact on government borrowing and, more perilously, real people’s pension funds. The rise in interest rates forced up mortgage repayments, and lenders scrambled to pull their products from the market, dashing the hopes of prospective homeowners almost overnight.
Faced with the fury of her own party – for whom fiscal discipline had, for so long, been a watchword – Truss capitulated. She sacked her finance minister, lost her home secretary and has created even more divisions in a party that has been tearing itself to shreds ever since the 2016 Brexit vote.
It was only a matter of time before she was forced out.
Politicians across the divide are asking the same question that the majority of the country are probably asking themselves: What on earth happens now?
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