British Prime Minister Liz Truss in crisis

British PM Liz Truss sacked the chancellor and removed part of an unpopular economic package in a desperate bid for political survival, less than 40 days as prime minister.

British Prime Minister Liz Truss has sacked her finance minister Kwasi Kwarteng and scrapped part of their unpopular economic package in a desperate bid for political survival, less than 40 days to prime minister. With financial markets in turmoil, a rebuked Truss said on Friday he accepted his government's plans for unfunded tax cuts had gone "further and faster" than investors had hoped.

Here's everything that's happened since Truss became prime minister of the UK:

Truss wins the leadership contest

On September 5, then-Secretary of State Liz Truss was appointed leader of the ruling Conservative Party, taking power as Britain's next prime minister at a time when the country is facing a cost of living crisis, industrial unrest and recession. Long at the forefront of the race to replace Boris Johnson, Truss became the Conservative's fourth prime minister since the 2015 election.

Truss, 47, vowed to act quickly to tackle the UK's cost of living crisis, saying that within a week he would come up with a plan to tackle rising energy bills and secure future fuel supplies.

Truss signaled during his leadership campaign that he would challenge economic conventions by scrapping tax increases and cutting other levies that some economists say will increase inflation.

That, plus a promise to review the Bank of England's powers while protecting its independence, would then prompt some investors to dump the pound and government bonds.

Truss appoints the cabinet

On September 7, hours after taking the top job, Truss appointed a new cabinet at Queen Elizabeth II's formal request.

The sweeping reshuffle saw 15 new faces in top government positions, while 16 members from the previous cabinet remained in the newly formed cabinet.

Among the most senior members is Kwasi Kwarteng as rector treasurer. He replaces Nadhim Zahawi, who took the job in July.

Kwarteng previously served as business secretary since January 2021, when he became the first Black Conservative Party cabinet minister.

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