Stint in office characterized by market rout and U-Turns

Truss becomes UK’s shortest-ruling premier in history

Liz Truss quit as UK prime minister after a brief and chaotic tenure that saw her announce a massive package of tax cuts before unwinding most of it in the face of a market rout.

Truss, 47, said she was resigning after just 44 days in office, and is set to become the shortest-ruling prime minister in British history. She said the Conservative Party aims to choose her successor within a week, and that she will stay on as premier until then.

Candidates to replace her are likely to include former Chancellor of the Exchequer Rishi Sunak -- runner-up to Truss in this summer’s leadership contest. Other contenders then are also likely to be in the fray, including Penny Mordaunt, Grant Shapps and Kemi Badenoch. Former Home Secretary Suella Braverman, who was sacked on Oct. 19, may also be in the running. Defence Secretary Ben Wallace is also often touted, though he has downplayed his interest.

But new Chancellor Jeremy Hunt, promoted from the back benches after Truss sacked Kwasi Kwarteng in a bid to restore calm in the markets, ruled himself out, according to his spokeswoman.

Truss came to power in early September promising an all-out push for growth, but her program proved unpalatable to financial markets as both the pound and gilts tanked amid concerns about how she’d pay for her economic plans.

Her departure leaves the ruling Conservative Party badly damaged, languishing more than 30 points behind Labour inthe pollsafter 12 1/2 years in power. Her successor will become the party’s fifth premier in less than seven years since the 2016 Brexit referendum ushered in a period of unprecedented chaos in British politics.

Whoever it is will face a formidable task in repairing the Tory party’s reputation and the economy in time for a general election which must take place in January 2025. Truss’s tenure has all but guaranteed post-Brexit Britain’s immediate future is one of higher borrowing costs, weak growth, tax hikes and spending cuts.