So where did Liz Truss go wrong during her 44 days as Prime Minister? We take a look back at her chaotic premiership 👇
, and achieve 57.4% of the vote of Conservative Party members, focused on low tax for high earners, and low regulation for businesses to encourage growth and make the UK seem more appealing to investors. She also promised to help struggling families throughout the cost of living crisis by freezing energy bills at £2,500 for 18 months.
However, when Truss’s original chancellor – close political ally and friend Kwasi Kwarteng – announced these measures on 23 September, they went far further than initially thought. The new ‘Trussenomics’ had an immediate, negative impact on the economy, seeing pound sterling fall to all-new lows against the dollar. Mortgage rates rose, and the Bank of England was forced to step in to halt a run on pension funds.
‘If they borrow for day to day spending, that has no value. It’s a difference between me borrowing to pay for my food, and me borrowing to pay for my house. My house is an asset I have at the end, the food is gone by the time I’ve eaten it. The markets decided the government had to borrow at a higher rate.’Things got so bad for the economy, banks were forced to pull mortgage offers as interest rates are changing rapidly – one first-time buyer claimed a mortgage lender upped an offer from 4.
Having to vote on a motion triggered by Labour about banning fracking, it was reported that Jacon Rees Mogg and Therese Coffey ‘manhandled’ Tory MPs to vote with the government, with the motion now being considered a test of confidence in Truss. While it was announced that both Morton and Whittaker were remaining in their post, a growing number of MPs were calling for Truss to stand down.
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