A Shocking and Dramatic Change in UK’s Political and Economic Space

By Oyede Adedoyin Ayomide

The 47 years old, who entered parliament in 2010, found herself in a first cabinet position in 2014 as a secretary of state for environment, food, and rural affairs under former minister David Cameron. She has since served under Theresa May and Johnson in various positions.

After Johnson’s announcement to step down, she entered the leadership contests and won the race to succeed with 57.4 percent of members ' vote against Rishi Sunak, who obtained 42.6 percent.

She promised radical tax cuts and high spending to curb energy prices, her very own version of supply-side economics. When the chancellor of the Exchequer presented Truss’s plans in a so-called mini-budget a few weeks ago, financial markets reacted in shock and incredulity. The pound sank while UK government bond yields skyrocketed.

Truss seemed to take no notice of those who warned on of the dangers. For instance, she sacked experienced government advisers. She seemed to have eroded her resource pull of competent experienced persons without really understanding the damages. The UK must now raise taxes and limit spending to rebuild trust and ensure stability. After the announcement, the pound soared by as much as 2.3%

Future historians would be fair if they described her tenure as brief and multidimensional ruinous. Rishi Sunak is now the present prime minister. One of the wealthiest politicians in Westminster. He replaces Liz Truss who lasted 44 days in office.

Will Sunak be able to restore the economy and bring stability which Truss could not? Time will definitely tell.