On Thursday, UK Prime Minister Liz Truss resigned, ending a controversial reign amid fallout over her tax cut policy. She said she could not deliver on the mandate she was elected. She added that she had spoken to King Charles to notify the same.

To survive the political crisis, Liz Truss ripped up the mini-budget, causing disruption in financial markets and replaced Kwasi Kwarteng as chancellor with Jeremy Hunt, Conservative leader. Consequently, the cost of government borrowing increased, and the pound plunged further following her press conference announcing the said changes.

The estimated GBP 45 billion worth of tax cuts without a clear funding plan to back them up was considered disastrous for the UK economy when inflation was soaring.