Truss resigns as Prime Minister

The Great Reshuffle Continues!

Liz Truss has resigned as prime minister after just 45 days in office. This makes Truss the shortest-serving prime minister in UK history!

Results of the vote for the next Prime Minister are expected by Friday next week.

Sector Response

Paul Whiteman, general secretary of school leaders’ union NAHT, said:

“It is vital that the government’s ongoing turmoil does not get in the way of addressing the urgent real-world challenges facing education. Spiralling costs and a lack of pay and funding are damaging schools, forcing staff out of the profession, and having a negative impact on the education and wellbeing of children – that has to be the government’s urgent focus.”

Joshua Raymond, Director at online investment platform XTB.com comments:

“We’ve seen the pound rally against the US dollar and euro on the back of the Truss resignation news, with the GBP rising around 1%. We’ve also seen long dated UK gilt yields also fall, with the benchmark 10yr yield falling around 0.2% to around 3.8%. That in itself is a strong message. Normally markets hate market uncertainty and the removal of a sitting Prime Minister would be taken negatively. The fact its been seen as positive tells you all you need to know about the market’s attitude towards the Truss premiership.

The markets have now seen off a complete change in leadership of both No 10 and the UK treasury in just a matter of days. That is remarkable. Investor eyes now switch firmly to who takes over as the new PM and the fact it will only take a week is helpful to remove longer term uncertainty. The focus now shifts on who takes over.”