Tuesday 6 September: taking office in a cloudburst
Liz Truss’ premiership begins on September 6 with a cloudburst. Shortly before she is wheeled into Downing Street, the rain begins to pour down from the sky. It looks like Truss will have to address her colleagues and the press inside, but it’s dry just in time for her to make her speech in front of the official residence. This wasn’t the only omen of a heady premiership: In her candidacy, Truss accidentally tweeted “I’m ready to hit the ground,” instead of using the phrase “I’m ready to hit the ground.” ‘m ready to hit the ground running’.
Thursday 8 September: the other Elizabeth dies
Two days after taking office, Truss looks up in awe during a House of Commons debate when a piece of paper is pressed into her hands. This is when the Prime Minister learns that Queen Elizabeth is dying. A few hours later, the queen is dead and the ten-day period of national mourning begins. In addition to the various ceremonies, such as a first meeting with King Charles and a Bible reading during the funeral service, this offers Truss and her Minister of Finance Kwasi Kwarteng the opportunity to work on a revolutionary mini-budget in the shadows.
Friday September 23: ‘Kamikwasi’ budget presentation
In the House of Commons, Kwarteng presents the interim budget that he and Truss have drawn up in a South London pub. It is a radical document. Kwarteng promises his compatriots tax cuts of the equivalent of 50 billion euros, which mainly benefit the rich. This growth plan is not accompanied by budget cuts, so the government has to borrow heavily. The financial markets smell danger and the pound is falling hard. Later that day, Kwarteng toasts with friends from the world of hedge funds.
Wednesday, September 28: The Bank of England saves the economy
After Minister Kwarteng announced further tax cuts during a television interview, interest rates on British bonds rose. Warning words from the International Monetary Fund are coming from Washington about the direction the Truss administration has taken. The Bank of England is eventually forced to buy tens of billions in government bonds, to prevent pension funds from going bankrupt. Despite everything, Truss and Kwarteng stand their ground.
Monday 3 October: the first U-turn
After a tumultuous party congress, which discussed an imminent coup against Truss, the prime minister reports that the highest tax rate of 45 percent, ever introduced by Gordon Brown, remains in place. ‘We’ve figured it out, and we’ve listened,’ says Kwarteng. It’s the first time that part of the mini-budget has been cut, despite Truss’ promise never to change course. It later turns out that Kwarteng was against the abolition of the tariff, but was forced to do so by Truss.
Tuesday 11 October: dispute over migration from India
During the party leadership campaign, Truss has highlighted her successes as Secretary of State in negotiating trade deals. After US President Joe Biden had already extinguished British hopes for a transatlantic trade deal, a deal with India now also seems a long way off. Home Secretary Suella Braverman does not intend to relax visa policy for Indians. Indian Prime Minister Modi is angry, and in London Truss is also not happy with her minister.
Wednesday 12 October: another untenable promise
At the weekly question time, Truss is tempted to make a new promise that seems unfulfilled. Challenged by opposition leader Keir Starmer, she promises that there will be no cuts in government spending under her rule. It’s not the kind of news the financial markets want to hear. There is still the question of where the money should come from for the remaining tax presents.
Thursday, October 13: mocked by the king
Buckingham Palace releases a video showing Truss being welcomed by the king for their weekly meeting. Charles can be heard greeting her with the words ‘Back again? Dear oh dear.’ It suggests that the king is not happy with his prime minister. A week earlier, the Charles, a climate activist, had been told that he is not welcome at the upcoming climate summit as far as Truss is concerned. The relationship between the two doesn’t seem right.
Friday, October 14: Quarteng is sacrificed
Truss summons Kwarteng, who is in the US for an International Monetary Fund summit, to return to London as soon as possible. In the taxi from Heathrow to Downing Street, the Chancellor of the Exchequer reads in the times that he was fired. Later in the day, Truss declares that corporate taxes are going up anyway – a new twist. She appoints Jeremy Hunt as Secretary of the Treasury. Truss is accused of using Kwarteng as a scapegoat and should also resign herself.
Monday, October 17: Hunt takes power
New minister Jeremy Hunt takes charge and throws the controversial budget in the trash, including some of the energy compensation. In the House of Commons, Truss sits next to Hunt like a dead bird, laying out a financial policy at odds with what she would have wanted. The new minister also says that painful budget cuts are coming, which goes against the things Truss had said in the House of Commons five days earlier. ‘In office, not in power’, reports the Daily Mail in chocolate letters.
Wednesday, October 19: The Tories fight each other out of the House of Commons
Prime Minister Truss loses another top minister: Home Affairs Suella Braverman leaves – officially because she sent a government document via private email, but in the background there is a fight over migration policy. In the evening there are chaotic scenes in the House of Commons, where Conservative MPs are forced to vote on the extraction of shale gas (fracking), which is labeled by Truss as a vote on her position.
Thursday 20 October: Truss leaves
After 45 days, Prime Minister Liz Truss will be back on the doorstep of the official residence on Thursday afternoon. After many party members have lost confidence in the prime minister, she announces her departure. She will remain as prime minister until a successor is named.