"Britain has never known such a disgrace of a prime minister," Foreign Ministry spokeswoman Maria Zakharova said in a social media post.Truss is elected Conservative Party leader by the party's membership, winning 57% of the vote to succeed Boris Johnson.Johnson formally tenders his resignation to Queen Elizabeth and Truss is appointed prime minister.
He is criticized for failing to publish growth and borrowing forecasts from the Office for Budget Responsibility government watchdog alongside the budget.The central bank says it will not hesitate to change interest rates and is monitoring markets "very closely," after the pound plunged to a record low and British bond prices collapsed in response to the new government's financial plans.
Truss fires Kwarteng and acknowledges her government's plans had gone "further and faster" than investors were expecting. She appoints Jeremy Hunt as his replacement. She also announces corporation tax will rise to 25%, reversing an earlier plan to freeze it at 19%, and says public spending will have to grow less rapidly than previously planned.Hunt reverses nearly all of the mini-budget and reins in the vast energy subsidy plan, saying the country needs to rebuild investor confidence. He says changes to planned tax cuts will raise 32 billion pounds and government spending cuts will also be needed.
Hours later, Conservative lawmakers openly row amid confusion over whether a vote on fracking is a confidence vote in the government. The government wins the vote but more than 30 Conservatives do not take part and Truss's office says those without a reasonable excuse can expect disciplinary action.