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Why are you still Prime Minister, Liz Truss?

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In a speech lasting just under four minutes, Liz Truss announced the resignation of Kwasi Kwarteng (39 days after taking office) and the arrival of Jeremy Hunt as the new UK Chancellor of the Exchequer.

During the speech, Truss explained that Hunt is expected to present a new package of measures by the end of the month, with revisions to some of the cuts. As soon as the questions are opened, journalists put pressure on the prime minister to stay in his post.

The next few minutes were harsh demands for explanations. Truss sought reassurance from the audience, but everyone who was allowed to ask repeated questions about his resignation. Harry Cole, editor of The Sun tabloid and author of a book on the prime minister, recalls that he and Kwarteng designed the package together and sometimes in secret meetings. “He has to go because the pack will never be the same again. How can you stay?” he asked.

Investors in the market are waiting for new plans for the British economy, with or without Liz Truss.

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