four major reasons revealed.
The introduction of an economic plan; the unveiling £45bn tax cuts in her third week, supported by her then finance minister Kwasi Kwarteng in what they called a “mini-budget” got her into trouble. It was widely blamed for causing substantial economic problems which sparked turmoil in financial markets and sent the pound to record lows.
Chancellor Sack Despite
Truss insisting on her policies that it was “the right thing to do”, almost all of it has now been reversed – and Kwarteng was sacked as Chancellor of the Exchequer. Dozens of Tories Party members questioned her sacking the chancellor with whom she shares the same passion in delivering the mandate and called on her to step down.
Top Team Resignation
Liz Truss’ Home Secretary Suella Braverman resigned. Truss had to hire former rivals Grant Shapps and Jeremy Hunt as new Finance Minister to plug the gaps in her top team.
Mandate Failure and U-Turn
Liz Truss made a U-turn on her significant policies sparking uncertainty that questioned her credibility. In her resignation speech outside Downing Street, she said: “I recognize that I cannot deliver the mandate on which I was elected by the Conservative Party.”
Only Conservative MPs Voted Her as Leader
Only Conservative MPs and party members got to vote to make her leader. Sunak came ahead in the MPs vote but in the final vote from members, more than 80,000 picked her instead of Sunak, making her the winner.