Biggest Political News of the Year: Liz Truss exit as British PM within 45 days

British prime minister Liz Truss stepped down as British Prime Minister within 45 days of coming into power. Discounting 10 days of mourning for the late Queen Elizabeth II, Liz Truss had only a week before her political programme imploded, which led to the sacking of her finance minister Kwasi Kwarteng.Liz Truss won a vote by Conservative party members by 81,326, against 60,399 for Indian-origin Rishi Sunak, who had served as finance minister under previous prime minister Boris Johnson.

She replaced former prime minister Boris Johnson on September 6.Resigning from her position, Liz Truss said, "I recognise... given the situation I cannot deliver the mandate on which I was elected by the Conservative Party."Liz Truss' resignation comes just a day after she had vowed to stay in power, saying she was “a fighter and not a quitter.” Her withdrawal from the top post also stemmed from dissatisfaction among her ministers over her 'mini-budget' policy.The policy, which was aimed to "break the cycle of stagnation in the British economy", was introduced by former finance minister Kwasi Kwarteng on September 23. It included 45 billion pounds in tax cuts -- including an income tax reduction for the highest earners.The Bank of England had to step in and buy government debt worth £65 billion to stop some of the pension funds in the country from collapsing.