February 05, 2023 16:28 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Hockey Men's World Cup 2023: India beat Japan 8-0 in classification match | Amid row, Kerala Congress screens controversial BBC documentary on PM Modi in Thiruvananthapuram | Republic Day Parade to showcase India’s indigenous military prowess, cultural diversity | Mulayam Singh Yadav, Zakir Hussain conferred Padma Vibhushan award | Dilip Mahalanabis, who pioneered ORS use, to be awarded Padma Vibhushan
After Liz Truss resigns UK Labour party calls for general election Liz Truss
Image credit: Wikimedia Commons

After Liz Truss resigns UK Labour party calls for general election

India Blooms News Service | @indiablooms | 20 Oct 2022, 09:42 pm

London/IBNS: After British Prime Minister Liz Truss announced her resignation citing her lack of ability to deliver the mandate on which she was elected by the Conservative Party, the leader of the UK Labour party, Keir Starmer, Thursday called for a general election.

"This cannot continue. Britain deserves better. Britain cannot afford the chaos of the Conservatives anymore, we need a general election now," Starmer told the lower house of the UK parliament.

The official added that the crisis at Downing Street caused economic instability throughout the country which forced its people to overpay for bills, rent and mortgage.

Truss stepped down after her economic programme gave a hard jolt to the markets and left her Conservative Party divided, days after she was elected over Rishi Sunak.

"I recognise that given the situation I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party. I will remain as Prime Minister until a successor has been chosen," Truss told reporters after she resigned as the country's PM and leader of the Conservative Party.

A Conservative leadership election will be completed within the next week, she said

"I will remain as prime minister until a successor has been chosen," she said, according to BBC.

Truss's resignation comes less than 24 hours after she said that she was a fighter and not a quitter as she faced criticism from fellow MPs.

Earlier in October, Truss promised to reduce public debt amid a flurry of criticism over the government's new plan to support the economy, which included large-scale tax cuts.

After the plan's announcement, the yield on five-year UK government bonds rose to its highest level since 2008, at 4.6%, which meant a decrease in demand for debt securities. Consequently, sterling fell to an all-time low of $1.054 per pound.

In late September, a YouGov poll showed that the Conservatives' rating dropped to 21 per cent, while the support of the Labour Party reached 33%, the highest figure since the late 1990s, according to Sky news reports.

The next general election in the UK is scheduled to be held no later than January 2025.

[With UNI inputs]