Recession Still Threatens British Households, Although the UK PM Liz Truss Resigned After Failed Economic Policies

As the UK PM Liz Truss resigned after failed economic policies have not worked out, calls for a general election have grown. Liz Truss replaced Boris Johnson in September, defeating other Conservative leadership candidates. Currently, Brits need a political reboot to get rid of the Conservative’s failed strategies.  

Failed Conservatives 

The UK Conservative Party has been ruling the country throughout the past decade. During this time, the country has gone through diverse stages. The UK has experienced the Scottish Independence Party, the Brexit vote, the Covid pandemic, the energy crisis, and the Queen’s death. The UK’s economy has become smaller in the past decade, and several leaders ruled the country one after another. The Conservatives did not set out appropriate policies and could not present capable leaders to overcome the hardship. 

Threats by Truss

UK PM Liz Truss announced her resignation on Thursday after six weeks in office. She became the shortest-serving prime minister in UK history, joining the shortest-serving world leaders. UK PM Liz Truss resigned after failed economic policies brought turmoil to the country. Truss’s economic program descended into financial and political chaos during the early stage of her premiership. Her tax-cutting program endangered programs for the economy. Truss’s low-tax strategy increased pressure on the taxpayers.

Tory Resignations

Liz Truss’s predecessor Boris Johnson had to resign in July as leader of the ruling Conservative Party. Johnson lost the support of his Conservative MPs in 2022, and in July, he faced a series of ministerial resignations. After Johnson stepped down, eight senior Conservative MPs announced they would compete for his successorship. And, the former Foreign Secretary Liz Truss could successfully triumph over the other competitors. However, UK PM Liz Truss resigned after failed economic policies did not work. 

Shaken Economy 

Truss apologized for threatening the UK’s economic stability with her failed tax program. Her damaging tax plans were clear before she took office six weeks ago. However, she won the Conservative’s leadership contest with the same manifesto. Truss had promised to slash taxes and provoke the economy in return for the Thatcherian policy. Liz Truss’s tax policy hurt fragile public finances and affected the existing soaring inflation. 

Revolt of Tories 

Truss’s cabinet did not support either her or her policies, so she faced a revolt by the Conservative MPs. UK PM Liz Truss resigned after failed economic policies caused disagreements among the fellow Conservative MPs. The UK Conservative MPs are suffering from a lack of consensus over the suitable leader for the party. Jeremy Hunt, the Chancellor of the Exchequer, has decided to reverse all of Truss’s planned tax cuts. The program did not have any economic benefit.

Economic Pains 

This year, two leaders of the ruling party had to resign. Now the divided Conservative Party should quickly find a leader. The party members elected Truss for her low-tax, low-regulation economic policies. UK PM Liz Truss resigned after failed economic policies had caused economic pain for people and businesses. Her program pummelled the value of the pound, already under pressure of the Covid pandemic. Immediately after her resignation, the pound rose about 1 percent.

Public Finances Suffer 

Truss had set out to shake up the status quo, but Britain’s economy remained in trouble. The National Institute of Economic and Social Research had already warned that Truss’s plan would put pressure on public finances. The think tank had said her energy plan was inefficient. Accordingly, some economists asked for assurance that the plan would not jeopardize the public finances. Government taxes are the main sources of revenue for the public finances in the UK.

Recession Ahead 

The UK economy heads into a recession, and the country will experience forty-year high inflation. During Truss’s short-term premiership, two finance ministers served in her government. Kwasi Kwarteng, the first Chancellor of the Exchequer, announced a mini-budget that began a turbulent financial period. Kwarteng had promised the government would limit the energy price cap for the next two years. However, Hunt reduced the period to six months to shield consumers from the impact of rising energy prices. 

Tory Confusion 

Hunt has outlined fresh tax and spending measures in a bid to calm down unstable markets. The Chancellor’s U-turn of Truss’s controversial mini-budget has not stopped the revolt against the PM. A handful of Conservative MPs have said, “enough is enough” and called on Truss to step down. Ultimately, UK PM Liz Truss resigned after failed economic policies. Confusion in the Conservative Party puts the UK on the brink of political chaos.

General Election Recommended 

The Conservative Party has announced a party election by Friday, the 28, to replace Liz Truss. But, opposition parties Labour, the Scottish National Party, and the Liberal Democrats called for an immediate general election. According to the opposition party, the Conservatives no longer have the mandate to govern the UK. If the Conservative Party was not the ruling party, leadership change did not mean much for the UK. As it is the governing political party, its leader is the UK prime minister. 

British Electorates Are Important

Around six weeks ago, the Conservative Party chose the new prime minister by the votes of its members. It cannot respond to its latest disasters by yet again selecting a new leader out of the party members’ votes. The Conservative Party members choose the new prime minister instead of the wider UK electorate. However, it seems that the Conservative Party cares for its seats in the Commons and prefers to preserve them. 

Brits Need Reset

Stability is important for the Brits, who have to deal with the cost-of-living crisis and energy shortage. According to the City watchdog, a growing proportion of the British population is struggling to make ends meet. Around a quarter of adults in the UK were in financial difficulty. About eight million people across the country were under a heavy burden to keep up with their bills. As the UK PM Liz Truss resigned after failed economic policies, MPs should decisively decide on the next prime minister. 

General Election Is Needed 

The pro-Conservative coalition has captured the British political establishment in recent years. Six years on from the Brexit referendum, Brits are waiting for the fifth Prime minister at the NO 10. Since the UK left the EU, the country has gone through a difficult time. Since Brexit, the Conservative Party has worked hard to prove Britain is better out of the bloc. Brits must be let to decide in a general election whether a Conservative government should govern the country or not.