The last prime minister to serve under the late Queen Elizabeth II, who passed away on the eighth of the same month, was Tarras, who assumed the position on September 6.
Following this departure, Liz Terras became the British Prime Minister for the least amount of time.
When the terrace government announced its “mini budget,” the British pound fell to its lowest levels ever. Today, however, it increased by around 0.5% to about 1.1271 USD.
On September 23, Kawasi Quarting, the Terrace government’s former minister of finance, announced an economic plan that included historical tax discounts at a cost of 45 billion pounds, which would be funded by government borrowing, raising the market’s concern over the country’s inflation and escalating debts.
As the opposite of the Bank of England came to tighten monetary conditions in order to combat inflation, the plan raised significant doubts about the British economy. As a result, the British pound fell to its lowest point in history last month, and the government bond market was severely damaged, forcing the Central Bank to intervene and temporarily buy bonds in order to calm the market.
A terrace to dismiss Quarting was forced last Friday, and instead was appointed Jeremy Hunt, who announced the cancellation of most tax cuts and reduced the period of energy support for British families to 6 months instead of two years, in a final attempt to keep her position.
The opposition attacked Taras harshly despite her apology and acknowledgement of her government’s error during yesterday’s storm session in the House of Commons.
Tarras stated in a statement in front of Downing Street on Thursday that she would continue in her role until a new leader of the Conservative Party was chosen to lead the government.
urgent economic plan removes British Prime Minister
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