LONDON — British Prime Minister Liz Truss resigned Thursday, bringing to a detailed a transient 44-day tenure mired by “mini-budget” chaos, economic turmoil and weeks of political infighting.
Speaking outside Downing Street, Truss said she had delivered her resignation to King Charles after meeting with Graham Brady, the leader of the Conservative Party’s 1922 Committee, earlier Thursday.
“Given the situation, I cannot deliver the mandate on which I used to be elected by the Conservative Party,” she said in a transient speech Thursday afternoon.
The prime minister’s departure follows days of high level resignations, and a growing variety of Conservative members of parliament (MPs) publicly calling for Truss’ resignation.
Truss said she’s going to remain in place as caretaker prime minister until a successor is known as, with a leadership contest expected to happen over the following week.
Listed here are the fundamental contenders for the highest job:
Rishi Sunak
Rishi Sunak, Britain’s former finance minister and Truss’ fundamental opponent on this 12 months’s Conservative Party leadership race, is now seen as a favourite to exchange her.
Despite losing to Truss within the final round of voting by Tory members, he was the highest alternative amongst party MPs and is taken into account a secure pair of fiscal hands. Indeed, after being berated by Truss through the race as a voice of Treasury orthodoxy, his critique of the PM’s “unfunded tax cuts” appears to have been vindicated.
Britain’s former finance minister Rishi Sunak was Liz Truss’s fundamental opponent on this 12 months’s Conservative leadership race.
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The 42-year-old, who’s credited with steering the U.K. economy through the peak of the Covid-19 pandemic, is seen by supporters as well-placed to steer the country through its worsening cost-of-living crisis. Nonetheless, some have questioned his ability to reunite the splintered Conservative Party, having played a key role in Boris Johnson’s ousting, and being implicated in controversy over his wife’s tax status.
As such, some Conservative backbenchers have proposed that a more politically palatable option could be for Sunak to form a joint ticket with fellow leadership contender Penny Mordaunt, with the pair thought to garner enough support together to secure MP backing without the necessity for a lengthy members’ vote.
Bookmaker’s odds: 5/6
Penny Mordaunt
Former Defense Secretary Penny Mordaunt surged to prominence through the summer’s leadership race, before ending in third place to Truss and Sunak.
Broadly seen as a consensus candidate, Mordaunt was second to Sunak in MP voting until the ultimate round of the race, and has since maintained links with Tory MPs in her current role as leader of the House of Commons.
Leader of the House of Commons Penny Mordaunt is seen as a consensus candidate who could unite a splintered Conservative Party.
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The 49-year-old also escaped largely unscathed from the controversy surrounding Johnson’s departure, and has since demonstrated her leadership prowess within the chaotic early weeks of Truss’ premiership.
On Monday, she spoke to the House of Commons on behalf of Truss regarding the sacking of former Finance Minister Kwasi Kwarteng. But she has also distanced herself from Truss economically, criticizing the PM’s stance on key policies corresponding to welfare advantages.
Bookmaker’s: 11/2
Boris Johnson
Despite being ousted from office just three months ago, some Tory MPs have suggested that former PM Boris Johnson could return to the highest job.
Former culture secretary and shut Johnson ally Nadine Dorries tweeted Thursday that he was the one MP with “a mandate from party members and the British public,” having won the 2019 General Election.
Former prime minister Boris Johnson has been called on by some Tory MPs to return to office, just three months after being ousted.
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Johnson previously enjoyed high levels of recognition until losing credibility in the ultimate months of his premiership amid political scandal around Covid-19 rule-breaking and his links to disgraced MP Chris Pincher.
The 58-year-old has not spoken recently on plans for a second leadership bid, but in his parting speech he alluded to a future return to office with the words: “Hasta la vista, baby” or “so long.”
Bookmaker’s: 13/8
Ben Wallace
Defense Secretary Ben Wallace has kept a comparatively low profile amid Tory party furor while winning respect for his role in leading the U.K.’s support for Ukraine.
Popular amongst MPs, he was seen as a favourite to exchange Johnson, but ruled himself out of this summer’s leadership race citing discussions with “colleagues and family.”
It’s unclear whether he would run this time, having told The Times newspaper Tuesday that he desired to remain in his current post. Nonetheless, he also signaled that he would likely quit the job if the federal government didn’t commit to his defense spending targets.
Bookmaker’s: 20/1
Jeremy Hunt
Britain’s latest Finance Minister Jeremy Hunt, brought in to replace Kwasi Kwarteng, is taken into account probably the most powerful figure in government after he got here in to overhaul Truss’ economic plan and calm chaotic markets.
The 55-year-old is seen as a stable option, having previously held several senior government positions, including foreign secretary, health secretary and culture secretary. Nonetheless, he has previously fallen short in a series of leadership bids, and on Thursday reportedly extracted himself from future runs.
On Monday, Hunt hinted that he wouldn’t run, telling Sky News: “I rule it out, Mrs Hunt rules it out, three Hunt children rule it out.”
Bookmaker’s: 50/1
Could there be a General Election?
The Conservative Party will likely be keen to avoid a calling a General Election ahead of the 2025 deadline, with the newest opinion polls suggesting that the Tories would suffer a landslide defeat.
Nonetheless, if Conservative MPs cannot reach a consensus vote on a future leader, it is feasible that the U.K. would go to the polls.
Opposition Labour leader Keir Starmer on Thursday renewed calls for a right away General Election, saying the federal government was too mired in “political squabbles” to steer the country.
Scotland’s First Minister Nicola Sturgeon echoed those calls, calling an election a “democratic imperative.”
In response to an Opinium poll released over the weekend, if a general Election were called now, Labour would secure 411 seats to the Conservative’s 137, marking a sizeable defeat not seen since 1997.
