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" "We need to look like we're enjoying ourselves because no one wants to go to a party where everyone is looking miserable.
Mary Elizabeth Truss (born 26 July 1975), known as Liz Truss, is a former Prime Minister of the United Kingdom and Leader of the Conservative Party. She resigned from these posts on 20 October 2022, after only six weeks. Before her appointment as the British PM on 6 September 2022, in succession to Boris Johnson, she served as Secretary of State for Foreign, Commonwealth and Development Affairs from September 2021. Earlier in her career, she held posts as Secretary of State for International Trade and President of the Board of Trade from July 2019 in Boris Johnson's cabinet. Following the resignation of Amber Rudd, she gained the additional position as the Minister for Women and Equalities in September 2019. Truss was the Member of Parliament (MP) for South West Norfolk from 2010 to the 2024 general election, when she was defeated. Truss was Secretary of State for Environment, Food and Rural Affairs from 2014 to 2016, Secretary of State for Justice and Lord Chancellor from 2016 to 2017 and Chief Secretary to the Treasury from 2017 to 2019.
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However, brewing in the background there was an issue relating to pension funds, which neither of us had been made aware of – a problem that would ultimately bring my premiership to an abrupt and premature end because of the panic it induced.
At no point during any of the preparations for the mini-Budget had any concerns about liability-driven investments (LDIs) and the risk they posed to bond markets been mentioned at all to me, the chancellor or any of our teams by officials at the Treasury. But then, late on the Sunday night, came the jitters from the Asian markets as they opened. I was alerted to this on the Monday morning, at which point the Bank of England governor was wanting to make a statement on LDIs.
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Liz Truss is already a historical figure. However long she now lasts in office, she is set to be remembered as the prime minister whose grip on power was the shortest in British political history. Ms Truss entered Downing Street on September 6th. She blew up her own government with a package of unfunded tax cuts and energy-price guarantees on September 23rd. Take away the ten days of mourning after the death of the queen, and she had seven days in control. That is the shelf-life of a lettuce.