British Prime Minister Liz Truss announces her resignation, outside Number 10 Downing Street, London, Britain October 20, 2022. REUTERS/Henry NichollsBritish Prime Minister Liz Truss announces her resignation, outside Number 10 Downing Street, London, Britain October 20, 2022. REUTERS/Henry Nicholls
The sight of yet another unpopular prime minister making a resignation speech in Downing Street – and the start of a new leadership race – underscores just how volatile British politics has become since the 2016 vote to leave the European Union.Speaking outside the door of her Number 10 office, Truss accepted that she had lost the faith of her party and would step down next week. The pound rallied as she spoke.
She had promised tax cuts funded by borrowing, deregulation and a sharp shift to the right on cultural and social issues. Hunt, who has ruled himself out of the leadership race, is due to deliver a new budget on Oct. 31 that is likely to cut spending on public services that are already showing clear signs of strain.
Organisers said that any candidate would need the backing of 100 lawmakers, and that if only one candidate passes that threshold by 2 p.m. on Monday they will automatically become prime minister. If two candidates remain, party members will get an online vote.