Liz Truss was announced as the new leader of the Conservative Party, replacing Boris Johnson, on 5 September 2022. She was appointed as Prime Minister by Queen Elizabeth II the following day (6 September). The Queen died two days later.
Kwasi Kwarteng, appointed by Truss as Chancellor of the Exchequer, announced his mini–budget on 23 September. It was criticised not only by the Labour Party but also by the International Monetary Fund, US president Joe Biden, and many within Truss's own party, including Michael Gove and Home Secretary Grant Shapps; the pound immediately fell to its lowest ever rate against the US dollar (US$1.033).
After initially defending the mini–budget, on 3 October Truss instructed Kwarteng to reverse the abolition of the 45 per cent income tax additional rate. She later reversed the cut in corporation tax and dismissed Kwarteng, replacing him with Jeremy Hunt on 14 October. Hunt reversed many of the remaining policies announced in the mini–budget, leading to further instability; because of Truss's perceived weakness, he was described by some Conservative MPs and newspapers as the de facto prime minister.
On 20 October – her 45th day in office – Truss held a meeting with Graham Brady, the Conservative Party chairman. She asked Brady if she would be able to remain in office; his response was "I don't think so, Prime Minister". Truss announced her resignation less than two hours later.
In the ensuing election for the new leader of the Conservative Party, the deadline was 14:00 on 24 October. Two candidates – Penny Mordaunt and Rishi Sunak – put their names forward, but Mordaunt withdrew her candidacy two minutes before the deadline, leaving Sunak to be elected unopposed. Truss advised King Charles to appoint him as Prime Minister the following day; it was her 50th day in office (49 days after her appointment).
© Haydn Thompson 2023