After six weeks in office, Liz Truss announced her resignation. What occurs next?

The cuts, a manifestation of the libertarian ideology of Truss and Kwarteng, were intended to reduce government and empower large business and entrepreneurs to create jobs and share prosperity through better pay.

Investors and fund managers were confused by the scheme and questioned how Britain would repay the loan. The pound fell to record lows against the dollar, driving up the cost of borrowing for the United Kingdom. This spooked the pension market and forced the Bank of England to intervene by purchasing government bonds.

The Bank of England said in a statement states that “dysfunction in this market and the possibility of self-reinforcing ‘fire sale’ dynamics pose a serious risk to U.K. financial stability.”

Jeremy Hunt replaced Kwarteng last week when the markets revolted and despite his close friendship with Truss. Hunt revoked nearly all of the economic measures in an embarrassing climbdown.

Later, in a television interview, the prime minister apologized.

WHERE WERE YOU ON WEDNESDAY?

After being informed repeatedly by opposition MPs that she was unsuited for leadership, Truss told Parliament on Wednesday, “I am a fighter, not a quitter.”

Hours later, the Home Secretary Suella Braverman, the second prominent government minister to depart Truss’ team in a week, would resign, putting that assertion to the test.

Just hours earlier, Grant Shapps, the seasoned politician who would succeed Braverman, had been one of Truss’ loudest detractors, signaling the loss of Truss’ power.
According to experts, Wednesday’s events demonstrated that Truss lacked the support necessary to continue.

At some point, you must be able to control a majority in Parliament. Tim Bale, a professor at Queen Mary University of London and an authority on British politics and the Conservative Party, said that for her to stay would be against protocol. “It’s a vehicle crash in slow motion that became a head-on collision.”

In Britain, newspapers continue to have significant political influence and frequently support the Conservatives, also known as the Tories. However, this week, formerly friendly outlets have ruthlessly turned against Truss, echoing the surveys’ dismal ratings. For Thursday’s front page, The Sun chose just one word: BROKEN.

Sir Charles Walker, a distinguished Conservative lawmaker who was visibly upset, encapsulated the sentiments of many of his colleagues when he declared that Truss had no chance of becoming prime minister.

“This is a complete shame. I believe it’s a disaster and a disgrace as a Tory MP of 17 years who has never served as a minister and who has generally carried on faithfully,” he told the BBC. “I find that to be completely abhorrent. I’m furious.

WHAT DOES THIS MANHANDLING THING MEAN?

Later on Wednesday, Labour parliamentarians claimed to have witnessed Conservative MPs being “jostled” and “manhandled” in the House of Commons in an alleged effort to persuade them to support the government in a vote on hydraulic fracturing, or fracking.

Chris Bryant, a Labour MP, reported seeing MPs being “intimidated and bullied,” with some of them crying, to Sky News on Thursday morning. Conservative Business Secretary Jacob Rees-Mogg claimed there was no proof of this and that the conversation was just “regular.”

A Labour MP informed the House that there were “strong reports” that the chief whip for the government, who was in charge of upholding party discipline, had left, adding to the confusion. The government was ultimately obliged to make it clear that this was not the case, but the confusion that followed left parliamentarians unsure of whether they needed to support the government or not.

Downing Street staff members texted after 1:30 a.m. (7:30 p.m. ET) Thursday morning journalists to clarify that the vote was imposed using a three-line whip, which is Westminster lingo for anyone who disobeyed the group and voted against the government.

According to voting records, the government prevailed although at least 40 Conservative MPs voted with them, including Truss.

WHY DID THIS HAPPEN?

By October 28, there will be a vote among Conservative lawmakers to choose the party’s new leader. Until then, Truss will serve as prime minister.

As part of a hurried procedure, candidates for the leadership must secure the support of 100 of the party’s 357 lawmakers by Monday afternoon. There can only be a maximum of three contestants. The contender with the fewest supporters withdraws, and the top two advance to a party member online vote.

King Charles III will then extend an invitation to the winner to take office as prime minister.

The Conservatives will probably come under fire for appointing a leader in a quasi-coronation without soliciting the public’s input. There was no general election for Truss or Theresa May.

A general election, however, can only be called by the prime minister and is not need to be called until 2024. It would be extremely risky for a Conservative prime minister to call one right now, with Labour leading by as many as 35 points in one poll.

Nevertheless, calls for a new election will persist, with opposition politicians claiming that the Conservatives’ victory in 2019 under Boris Johnson is now illegitimate.

“The British people deserve so much better than this never-ending cycle of upheaval after 12 years of Tory incompetence. A general election is urgently needed, according to Labour leader Keir Starmer on Thursday.

WHO COULD WIN?

Conservatives are already expressing their preferences for the winner even though no one has officially entered the race.

The former finance minister Rishi Sunak is the current front-runner, according to bookmakers and political commentators. Sunak resigned from Boris Johnson’s administration in protest in July, and he later ran unsuccessfully for the leadership against Truss.

He correctly foresaw that Truss’ economic principles would result in significant issues in the real world during that leadership battle, but he was outmanoeuvred by the pro-Brexit right wing of the party, who favoured Truss’ libertarian philosophy.

The current minister and former candidate for the leadership, Penny Mordaunt, is also expected to run because some MPs have already stated that they will back her.

The thing that stands out the most is that at least eight lawmakers are openly calling for Johnson to run again for the top political position in Britain.

“I hope your holiday was enjoyable, boss. It’s time to return. There aren’t many problems at work that need fixing. One MP, James Duddridge, tweeted the phrase “#bringbackboris.” Johnson might be in the Caribbean on vacation.

However, the economic unrest that brought down Truss will continue to affect the victor.