Soon-to-be-former UK Prime Minister Liz Truss now holds the record for the shortest-serving Prime Minister in British history.
After an undeniably disastrous roll-out of her “mini-budget”, which sent British financial markets into chaos and triggered a near meltdown of UK pension plans, whose derivative-hedged investments were suddenly the focus of increasing margin calls, forcing a true liquidity crisis, Liz Truss finally bowed to the inevitable and tendered her resignation to King Charles III.
"I recognize that given the situation I cannot deliver the mandate on which I was elected by the Conservative Party," she said Thursday outside No. 10 Downing St.
"I have therefore spoken to his majesty the king to notify him that I am resigning as leader of the Conservative Party."
She ended the brief statement by saying: "I will remain as prime minister until a successor is chosen."
This perhaps underscores Truss’ signature vulnerability as PM: she never gained the necessary credibility on the economy to push her budgetary revisions through the Parliament. When the markets rebelled at her unfunded tax cuts, she was effectively doomed as PM.
Until the past month or so, the Canadian Dollar has more or less held up against its US counterpart. And even with the recent drop, the Canadian Dollar is still doing better than it did in 2020 at the height of the pandemic.
When Truss announced her "mini-budget" on September 23, over the next two days the pound sterling crashed towards parity with the US dollar, and was only rescued by BoE intervention.
Meanwhile back in Canada.....a scandalous cockwomble continues to cling to power.
Cockwomble. 🤣😂🤣😂🤣 I love the names you call "people." (Not sure he's human, that's why the quotation marks.)
Chinada. Geezus, who thought we had enough of our own police here. Now its CPP police too.
There's a chinese pig station in NYC, too. Like we don't have enough corrupt pigs here, we need to import some more.
Arguably, one can look at the forex markets to understand why.
https://www.xe.com/currencycharts/?from=CAD&to=USD&view=5Y
Until the past month or so, the Canadian Dollar has more or less held up against its US counterpart. And even with the recent drop, the Canadian Dollar is still doing better than it did in 2020 at the height of the pandemic.
When Truss announced her "mini-budget" on September 23, over the next two days the pound sterling crashed towards parity with the US dollar, and was only rescued by BoE intervention.
https://www.xe.com/currencycharts/?from=GBP&to=USD&view=1M
As the pound crashed gilt yields soared.
https://www.cnbc.com/quotes/UK10Y-GB
That was about as clear an economic vote of "no confidence" as you can get.