Liz Truss "A Quitter, Not a Fighter"

Alex Jung | November 14, 2022

Illustration courtesy: Lea You

It’s been a turbulent year for British politics.

On September 5th, Mary Elizabeth Truss was declared Prime Minister of Britain, winning the vote of 172,000 Conservatives to replace Boris Johnson, who resigned on July 7th (BBC). Johnson’s time on Downing Street was riddled with controversy and poor performance: Partygate—when Johnson broke his own pandemic protocols by holding lavish parties—and an alarming rise in cost of living across the country.

Conversely, Truss promised to continue the Thatcherite tradition in office, emphasizing the value of a small government, a free market, and low taxation. Truss pledged to revive Britain’s economy and to move the country away from a minimal growth, high tax socialist democracy. Her ambitions won the hearts of those angered at a state that “robbed” half of their income (The Economist).

Importantly, her entrance brought an air of optimism into Downing Street, especially after the scandal-ridden term of her predecessor, Johnson. Her cheerfulness struck a chord among the radical right, promising a new dawn during what British citizens and experts alike viewed as an era of the country’s declining sunset.

However, contrary to such high expectations, the Truss administration had the worst start in British history. A statement by Kwasi Kwarteng, Britain’s then Chancellor of the Exchequer, drove many economists to fear an economic crisis. He revealed the administration's plan to cut £45 billion) in taxes, alongside short-term measures to capping energy bills for households and businesses and making Britain a net energy exporter. While these policies had already been expected, their magnitude and vague details startled international markets. More alarmingly, this led to a slump in bond markets, raising the cost for borrowing money and limiting financing for the administration’s proposed policies (The Economist).

In just the first few weeks, Truss and her new administration befouled their own reputation through poor performance, such as escalated inflation rates and an unstable economy (CNBC). Consequently, Kwareteng was fired from his position with the Exchequer on October 14th. Six days later, Truss herself resigned from her position as Prime Minister, claiming “I came into office at a time of great economic and international instability... I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party” (Reuters).

Britain now is facing a third prime minister in two months: on October 25th, former Chancellor of the Exchequer, Rishi Sunak, was declared the new leader of the Conservative Party and the new Prime Minister of Britain. Sunak has a lot on his plate. He needs to rescue Britain's fiscal credibility, suppress inflation, and end conflict and crisis apparent in the Conservative Party. Sunak declared, "The United Kingdom is a great country but there is no doubt we face a profound economic challenge....We now need stability and unity and I will make it my utmost priority to bring our party and our country together” (The Economist).