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read moreIn what would be an extraordinary comeback, Johnson, who was ousted by lawmakers just over three months ago, was running high up the ranks alongside Sunak to be crowned the next prime minister. "Boris Johnson is the character the Labour Party fears, Boris Johnson can win the next general election," he said. But Will Walden, who also worked for Johnson, told Sky News the former prime minister was returning from holiday and was taking soundings. Running in third is Penny Mordaunt, a former defence minister popular with Conservative Party members. 1/5 Boris Johnson and Rishi Sunak walk out of Downing Street, in London, Britain, December 1, 2021.

☆ 3 charts showing the market turmoil wreaked during UK PM Liz Truss’ tenure
▼ + stars: | 2022-10-21 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

Dan Kitwood | Getty Images News | Getty ImagesLONDON — U.K. Prime Minister Liz Truss was in office for just 44 days before she announced her resignation on Thursday. Her time as leader may have been short, but the impact her tenure had on the British economy was huge. Here are three charts showing how markets behaved during Truss' brief time at 10 Downing Street. Soaring gilt yields Yields on U.K. government bonds – known as gilts – soared after the government announced its mini-budget, which means that prices have crashed as bond yields move inversely to prices. Gilt yields fell as Liz Truss delivered her resignation speech but they flattened out later in the day.

LONDON — Her tenure as Britain’s prime minister began in the early days of fall, but it didn’t even last until winter. The plan was criticized not only by the opposing Labour Party, but also President Joe Biden and the International Monetary Fund. Chancellor of the Exchequer Kwasi Kwarteng and British Prime Minister Liz Truss attend the annual Conservative Party conference on Oct. 2. Truss told Parliament on Wednesday, “I am a fighter, not a quitter,” after repeatedly being told she was unfit for office by opposition lawmakers. Under an expedited process, leadership challengers must win the support of 100 fellow Conservative Party lawmakers (out of a total of 357) by Monday afternoon.

☆ Wall St jumps, Treasury yields climb on Truss resignation, solid earnings
▼ + stars: | 2022-10-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. stock indexes overcame initial indecision to surge into positive territory, and 10-year Treasury yields continued to march past 14-year highs. European stocks whipsawed after Truss said she would leave 10 Downing Street, but were last showing solid gains. Emerging market stocks rose 0.03%. Benchmark Treasury yields resumed their rise after economic data appeared to confirm the Fed is unlikely to relent in its aggressive campaign to rein in inflation. The dollar index fell 0.64%, with the euro up 0.48% to $0.9818.

☆ British Prime Minister Liz Truss resigns after economic plan sparked turmoil
▼ + stars: | 2022-10-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Patrick-Smith-Circle-Byline-Template.Jpg | Patrick Smith | ) www.nbcnews.com time to read: +4 min

LONDON — British Prime Minister Liz Truss announced Thursday that she would resign after just six weeks in office, following a disastrous and rapidly reversed economic plan that sent the pound plunging and her government into chaos. Britain's Prime Minister Liz Truss delivers a speech outside No. She ended the brief statement by saying: "I will remain as prime minister until a successor is chosen." Liz Truss is now the shortest-serving prime minister in British history. Her personal approval rating fell to minus 70, according to pollsters at YouGov, making her the most unpopular party leader in British history.

☆ U.K. Prime Minister Liz Truss Resigns After Six Weeks
▼ + stars: | 2022-10-20 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

British Prime Minister Liz Truss said she was stepping down in a statement outside No. 10 Downing Street in London. Prime Minister Liz Truss said she would resign, after a risky plan to cut taxes and boost spending caused turmoil on financial markets, forcing her to backtrack and her political authority to disintegrate. The 47-year-old will become the shortest-serving prime minister in British history and the third Conservative Party leader pushed out of office in as many years. Ms. Truss said that a leadership election would be held within the next week to find her replacement.

☆ Truss and UK market turmoil: What you need to know
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +4 min

Following are latest events, comments and context:POLITICS* Truss is meeting with Graham Brady, the head of the 1922 Committee of Conservative lawmakers, a source in Truss's Downing Street office said. The Guardian's political editor Pippa Crerar said on Twitter that Truss had called the meeting. * Conservative lawmaker Simon Hoare, in parliament for seven years, said Thursday and Friday were crunch days for the government. * Truss has promised disciplinary action against Conservative lawmakers who abstained or failed to support her party in a vote about fracking amid a total breakdown of unity and discipline. * Truss has lost her interior minister, Suella Braverman, who quit on Wednesday, less than a week after she fired her finance minister.

☆ UK PM Liz Truss resigns - text of statement
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Below is the full text of her speech in Downing Street:"I came into office at a time of great economic and international instability. Register now for FREE unlimited access to Reuters.com Register"I was elected by the Conservative Party with a mandate to change this. "I recognise though, 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.

☆ How Liz Truss’ term as British prime minister went from bad to worse
▼ + stars: | 2022-10-20 | by ( Sana Noor Haq | ) edition.cnn.com time to read: +7 min

Here are the lowlights – and lowerlights – of Truss’ term as Britain’s shortest-serving prime minister. Jessica Taylor/UK Parliament/ReutersThe prime minister later defends her government’s controversial tax cuts in an exclusive interview with CNN’s Jake Tapper. October 20: Truss quitsAfter a chaotic six-week spell in Downing Street, Truss announces her resignation. She will remain UK prime minister until her successor is chosen. Her swift exit as prime minister prompts calls for an early general election in Britain.

☆ Our lettuce outlasted Liz Truss, British paper declares, as PM quits
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - To the strains of Britain's national anthem, a national newspaper on Thursday declared a lettuce the victor in a race to see if it could outlast Liz Truss, after the under-fire prime minister resigned. The tabloid Daily Star set up a live feed on Friday showing the unrefrigerated iceberg next to a photo of Truss, asking readers: "Which wet lettuce will last longer?" Moments later, as viewer numbers hit 21,000, "God Save the King" rang out as a hand reached across the table and set Truss's photo on its back and the caption "The lettuce has outlasted Liz Truss" appeared. In a column published last week titled "The Iceberg Lady", the Economist magazine described Truss as having "the shelf-life of a lettuce". Truss's political role model, 1980s prime minister Margaret Thatcher, was widely known as the Iron Lady.

☆ Factbox: How will the contest to replace Liz Truss as UK prime minister work?
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Larry the cat sits outside Number 10 Downing Street following British Prime Minister Liz Truss resignation speech, in London, Britain, October 20, 2022. REUTERS/Toby MelvilleLONDON, Oct 20 (Reuters) - Britain's Liz Truss resigned as Conservative Party Leader on Thursday, with the internal party election to replace her as party leader and the nation's prime minister to be completed next week. The chair of the Conservative Party's 1922 Committee Graham Brady laid out the rules of the contest on Thursday. The result will be announced at 1700 GMT- There will be an indicative vote of lawmakers once there are two candidates- The vote between the final two candidates would then go to around 170,000 Conservative Party members via an online ballot- If a second vote is needed (indicative), this will be held between 1730 and 1930 on Monday The result will be announced at 2000 GMT. - The party members' ballot will close at 1000 GMT on Friday, Oct. 28 and the result will be announced the same dayRegister now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan and Sachin Ravikumar; Editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ With UK leader Liz Truss quitting, here are the top contenders to replace her
▼ + stars: | 2022-10-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

"Given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party," she said in a brief speech Thursday afternoon. Here are the main contenders for the top job:Rishi SunakRishi Sunak, Britain's former finance minister and Truss' main opponent in this year's Conservative Party leadership race, is now seen as a favorite to replace her. Britain's former finance minister Rishi Sunak was Liz Truss's main opponent in this year's Conservative leadership race. Penny MordauntFormer Defense Secretary Penny Mordaunt surged to prominence during the summer's leadership race, before finishing in third place to Truss and Sunak. Leader of the House of Commons Penny Mordaunt is seen as a consensus candidate who could unite a splintered Conservative Party.

"I now expect the language of free markets and libertarianism to be consigned to scrap for quite some time. Truss had spent her summer campaign for the party leadership complaining about Britain's weak economic growth, productivity and low pay since the 2008 global financial crisis. Her solution was to challenge economic "orthodoxy" and demand faster, radical action to shake the economy out of its torpor. The Institute of Economic Affairs said of the economic plan: "This isn't a trickle-down budget – it's a boost-up budget." Register now for FREE unlimited access to Reuters.com RegisterEditing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

"The prime minister is not under a desk," Mordaunt said in parliament, keeping a straight-face despite the jeers and laughter from the opposition Labour Party facing her. Mordaunt now has her second chance to run for the top job, after just missing out on the final two in the contest to become the leader of the ruling Conservative Party earlier this year. She also promoted her patriotism, talking about her memories of the Falkland's conflict that helped to define former prime minister Margaret Thatcher. Her first post came as a local government minister in 2014, followed by armed forces minister and disabilities minister. Truss appointed Mordaunt as the leader of the House of Commons, charged with setting out the government business with her no-nonsense attitude gaining admirers.

☆ Embattled UK PM Liz Truss holds crunch talks as political crisis escalates
▼ + stars: | 2022-10-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — U.K. Prime Minister Liz Truss is reportedly locked in discussions with a key member of the Conservative Party who oversees leadership challenges, as speculation mounts that her tenure is nearing an end. Truss is meeting with Graham Brady, the Conservative politician that is in charge of leadership votes and reshuffles. Brady chairs the 1922 Committee — the group of Conservative MPs without ministerial positions who can submit letters of no confidence in the prime minister. As the meeting went on, Deputy Prime Minister Therese Coffey and Conservative Party Chair Jake Berry both entered Downing Street. "That is also what the Prime Minister wants."

☆ UK's Truss says she will resign as PM
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - Liz Truss said on Thursday she would resign as prime minister, brought down by her economic programme that sent shockwaves through the markets and divided her Conservative Party just six weeks after she was appointed. A leadership election will be completed within the next week to replace Truss, who is the shortest serving prime minister in Britain's history. Register now for FREE unlimited access to Reuters.com Register"I recognise though, 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," she said. "I will remain as prime minister until a successor has been chosen.

☆ UK PM Truss clings to power as chaos in Westminster deepens
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - British Prime Minister Liz Truss struggled to retain a grip on power on Thursday, a day after a second top minister quit and rowing and jostling broke out among her lawmakers in parliament in a dramatic breakdown of unity and discipline. Lawmakers openly argued in parliament on Wednesday amid confusion over whether a vote on fracking was a confidence vote in her administration. In a sign of the chaos, Downing Street issued a statement at 1:33 am (0033 GMT) to say the prime minister had "full confidence" in the chief whip and her deputy. "The whips will now be speaking to Conservative MPs who failed to support the government," a government spokesperson said. A handful of lawmakers have openly called for Truss to quit, and others have discussed who should replace her.

☆ After just 44 days in office, Liz Truss is eligible to collect a £115,000 allowance for the rest of her life
▼ + stars: | 2022-10-20 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +2 min

Liz Truss will receive a yearly £115,000 allowance for the rest of her life despite her short stint as Prime Minister. Enacted in 1991, Truss becomes only the sixth Prime Minister to receive the lifelong allowance. To be eligible for the allowance, you only has to have been a former Prime Minister, meaning Truss qualifies, despite being the shortest-serving Prime Minister in the nation's history. She will receive the allowance yearly for the rest of her life. In addition, Truss is entitled to receive a pension allowance of up to 10% of the £115,000 allowance.

Prime Minister Liz Truss announces her resignation at 10 Downing Street on October 20, 2022 in London, England. Leon Neal | Getty ImagesLONDON — U.K. Prime Minister Liz Truss resigned Thursday following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party. "I recognize though, 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 announce that I am resigning as leader of the Conservative Party." The number who have written letters to Brady expressing no confidence in the prime minister was reported to be over 100 by Thursday.

☆ UK PM Liz Truss resigns after just 6 weeks, rejected by financial markets and her own party
▼ + stars: | 2022-10-20 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +2 min

UK Prime Minister Liz Truss announced her resignation on Thursday. Truss' economic growth plan sparked chaos in the markets and her own party. Truss could become the shortest-serving prime minister in her country's history, if she leaves office before she hits 119 days. Truss became the prime minister on September 6, after she won her party's leadership contest. The leader of the Labour party, the UK's biggest opposition party, said that the country should have a general election instead of another prime minister being appointed by the Conservatives.

☆ Truss resigns: What you need to know
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +3 min

She said she will remain as Prime Minister until a successor had been chosen within a week. Following are latest events, comments and context:Register now for FREE unlimited access to Reuters.com RegisterPOLITICS* The text of Truss' resignation speech at Downing Street. * Truss said the Conservative party she heads would hold a leadership election to be completed within a week. * Truss's resignation came after she lost her interior minister, Suella Braverman, less than a week after she fired her finance minister. Reuters GraphicsRegister now for FREE unlimited access to Reuters.com RegisterCompiled by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

British Prime Minister Liz Truss announces her resignation, as her husband Hugh O'Leary stands nearby, outside Number 10 Downing Street, London, Britain October 20, 2022. REUTERS/Henry NichollsOct 21 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeeverFarewell risk-on rally, we barely knew you. But it couldn't defy gravity - or more specifically, soaring U.S. bond yields and rate expectations - for long. If Japanese inflation figures on Friday come in hotter than expected, it will only intensify. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ UK PM Liz Truss meeting 1922 Committee head Brady
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 20 (Reuters) - British Prime Minister Liz Truss is meeting with Graham Brady, the head of the 1922 Committee of Conservative lawmakers, a source in Truss's Downing Street office said. The Guardian's political editor Pippa Crerar said on Twitter that Truss had called the meeting. Truss is battling to retain her grip on power after a tumultous six weeks in the job that has included financial market chaos in response to her government's economic programme, and the replacement of two of her most senior ministers. read more read moreSeveral of Truss's own Conservative lawmakers have called on her to quit, with some saying they had submitted letters of no confidence in Truss to Brady, whose committee sets the rules for selecting and changing the party's leader. Register now for FREE unlimited access to Reuters.com RegisterReporting by Muvija M and Elizabeth Piper; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Prescient or traitor? Rishi Sunak is the favourite to be next UK PM
▼ + stars: | 2022-10-20 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

LONDON, Oct 20 (Reuters) - To some Conservatives, Rishi Sunak is the minister who got Britain through the COVID pandemic, to others the traitor who knifed Boris Johnson or the rival to Liz Truss who presciently warned her tax plans would bring chaos. Now he has to weigh up whether he can convince Britain's governing party he is the man to save it from chaos. With the Conservatives in turmoil, many in his party think he is the only one who can solve the party's woes. Betting firms have again made Sunak the front-runner to win the new contest although he was also the favourite in the race that Truss eventually won. In 2020, aged 39, Sunak was named finance minister just before the coronavirus pandemic hit Britain.

☆ Sterling rallies as pressure on UK PM Truss mounts
▼ + stars: | 2022-10-20 | by ( Lucy Raitano | ) www.reuters.com time to read: +3 min

British Prime Minister Liz Truss is meeting Graham Brady, the head of the 1922 Committee of Conservative lawmakers, a source in Truss's Downing Street office said. Register now for FREE unlimited access to Reuters.com RegisterAgainst this backdrop, the pound rose 0.5% to $1.1260 , having earlier traded 0.4% down. Analysts said a dialling back of aggressive rate hike bets following comments from the BoE's Ben Broadbent also weighed on sterling. Investors reined in further their bets of a full percentage-point interest rate increase by the BoE next month following the comments. Rating agencies S&P and Moody's review UK sovereign ratings on Friday, another potential headwind for British markets.

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