Liz Truss is out as UK Prime Minister and leader of the Conservative Party following weeks of political chaos in Westminster.
Truss and her beleaguered government have faced severe pressure from opposition parties as well as her colleagues since the publication of a ‘mini-budget’ by former chancellor Kwasi Kwarteng in September, which resulted in the British pound falling to an all-time low against the dollar.
Under the plans, which Kwarteng described as a “new era” for the UK economy, a planned rise in corporation taxes was scrapped.
Income tax and stamp duty on home purchases were also cut, and the top rate of income tax of 45% for people earning over £150,000 a year was binned.
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