Liz Truss announced today that she will step down as Prime Minister and leader of the Conservative Party.
It means that a leadership election will be triggered from next week just 24 hours after she declared to the country that she's a "fighter, not a quitter". One of the hallmarks of Truss' extremely short and controversial premiership is the weeks of turmoil she has caused to the markets.
Following the announcement of her mini-Budget just a few weeks ago, the markets were sent into a frenzy, plunging the pound to its lowest-ever record against the dollar and quickly calling into question the economic policies of the now-former government. After a series of astonishing U-turns on her tax cuts, Ms Truss admitted today (Thursday) that she "cannot deliver the mandate on which I was elected by the Conservative Party."
