Liz Truss resigns as UK Prime Minister

Published

3 years ago

October 21, 2022

Costa Haritos

UK Prime Minister Liz Truss has resigned after 45 days in the role

British Prime Minister Liz Truss announced her resignation as UK prime minister in a statement outside Downing Street.

Truss becomes Britain’s shortest-serving prime minister, after taking over from Boris Johnson 45 days ago.

“I cannot deliver the mandate on which I was elected,” she said.

Truss notified King Charles III of her resignation—a role he has held himself for 42 days.

There will be Conservative leadership election within the next week to elect the new UK prime minister.

“I will remain as Prime Minister until a successor has been chosen,” Truss said.

The embattled leader met with the chairman of the 1922 Committee of backbench MPs earlier in the day, after more of her own Tory colleagues called for her to stand down.

It also follows Home Secretary Suella Braverman handing in her resignation.

Troubled Truss

Liz Truss has become the UK’s shortest-serving prime minister.

She rose to the top job after a Conservative Party ballot, in which she beat former Chancellor Rishi Sunak.

At the time, the Conservatives were embroiled in a string of scandals.

This includes the ‘PartyGate’ fiasco in which her predecessor flouted Covid-19 lockdown restrictions while hosting parties at Downing Street.

Two days after she was sworn in by the late Queen Elizabeth II, the monarch herself passed away.

Truss’ tenure was met with a 10 day mourning period for Queen Elizabeth II, and an ambitious economic agenda.

Outside Downing Street, Truss said she came into office at a time of “great economic and international instability”.

However, she said her government delivered on energy bills and cutting national insurance.

She added there was a vision for a “low tax high growth economy”.

The UK’s economic uncertainty was worsened by the so-called ‘mini-budget’, which saw the UK pound fall to a record low.

As the economic woes continued, she sacked her Chancellor Kwasi Kwarteng.

The pound rose somewhat after Truss’ announcement before settling back at around $1.12.

Labour leader Sir Keir Starmer demanded a general election “now” following Truss’ resignation as prime minister.

The prime minister had appeared in the House of Commons a day earlier, where she said she was a “fighter, not a quitter”.

Rate cuts ahead? US stocks bounce as inflation cools

Published

2 days ago

May 16, 2025

ticker NEWS

Investor sentiment is improving as fresh data out of the US and Australia shifts expectations for central bank action.

Stronger-than-expected labour market figures in Australia have raised questions about whether the Reserve Bank will move ahead with a rate cut next week. While the RBA has signalled it is watching data closely, the resilience in employment may force a delay.

Meanwhile, in the US, softer inflation data has lifted hopes that the Federal Reserve could cut rates later this year. That news helped spark a sharp turnaround in US equities, with the so-called “sell America” trade now unwinding as buyers return to Wall Street.

News

Trump’s $600B Middle East Deal: What It Means for Global Stability

Published

2 days ago

May 16, 2025

ticker NEWS

President Donald Trump’s four-day Middle East tour during his second term has sparked global attention, locking in a monumental $600 billion investment from Saudi Arabia. From AI to defence, space to energy—this economic pact is reshaping U.S. foreign policy.

In an unprecedented move, Trump also lifted long-standing U.S. sanctions on Syria after meeting its new president, raising eyebrows among traditional allies.

Ticker News anchor Veronica Dudo speaks with Erbil “Bill” Gunasti, former Turkish PM Press Officer and Republican strategist, to break down the implications for national security, global diplomacy, and the path to peace in Ukraine.

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Trump’s AI deals raise concerns over China ties

Trump’s AI deals in the Middle East spark division over national security risks and concerns over China ties.

Published

2 days ago

May 16, 2025

Ahron Young

Trump’s AI deals in the Middle East spark division over national security risks and concerns over China ties.

In Short:
Trump’s AI deals with Saudi Arabia and the UAE are causing internal conflicts in his administration over US national security. Officials are concerned that American technology supplied to the Gulf could ultimately benefit China, leading to calls for enhanced legal protections.

President Donald Trump’s recent AI deals in Saudi Arabia and the UAE are causing internal conflicts within his administration.

Concerns are rising among officials, particularly China hawks, about the implications for US national security and economic interests.

Agreements include shipments of vast quantities of semiconductors from Nvidia and AMD to the Gulf states, prompting fears that American technology could ultimately benefit China, given the region’s ties with Beijing.

While the accords include clauses to limit Chinese access to the chips, some officials argue that further legal protections are necessary.

Critics, including Vice President JD Vance, have suggested that maintaining US dominance in AI is crucial, and shipping chips abroad might undermine that goal.

Supporters of the deals, including AI Adviser David Sacks, argue the need for American technology in the Gulf to deter reliance on Chinese alternatives.

Despite this, internal discussions are underway to potentially slow down or reassess the agreements due to ongoing national security concerns.

Conversations have also included proposals for a significant chip manufacturing facility in the UAE, which many officials deem risky due to China’s influence.

Additionally, worries persist about G42, an AI firm in Abu Dhabi, which has historical ties to Huawei.

The agreements with Gulf countries promise to enhance their technological capabilities while necessitating careful oversight to address US security priorities.