After six short weeks as British Prime Minister, Liz Truss formally announced her resignation, making her the shortest-serving prime minister. The decision followed failed budgets and market turmoil in Britain. Truss came into the position promising a radical economic change that would turn Britain into a low-tax high-return country. However, “Trussonomics” proved to be a failure in practice. 

Another aspect of her downfall was her first finance minister, Kwasi Kwarteng, who used 45 billion pounds in unfunded tax cuts which caused the government’s borrowing cost to spiral and generated an emergency intervention from the central bank of England. Kwarteng was fired, however, the damage was already done. Truss’ approval rating dropped to negative 70, making her the most unpopular party leader in Britain’s history. Until a successor is chosen, she will remain the Prime Minister. Possible successors include the conservative runner-up to Truss: Rishi Sunak.