World

Truss in numbers: What did the prime minister accomplish during her time in office?

Published

2 years ago

October 20, 2022

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Liz Truss is set to be the shortest-serving prime minister in British history.

She said she will remain in office until a successor is chosen.

The results of that leadership election will be announced on Friday next week, so Ms Truss’s tenure will be shorter than previous the record holder George Canning – a record that he held for almost 200 years.

Mr Canning’s 1827 premiership lasted just 118 days, cut short by his death from tuberculosis. When Ms Truss leaves office next Friday she will have lasted 66 days fewer.

Despite being the shortest-serving prime minister, the death of the Queen two days after she started means Ms Truss is the first in 70 years to serve under two different monarchs.

Public opinion

One of the reasons for Ms Truss’s rapid departure is because of her party’s position in the polls since she took office.

Labour’s lead over the Conservatives has not been higher since January 1998, shortly after Tony Blair became prime minister.

If an election was held today, polls suggest that more than half of people in the UK would back Sir Keir Starmer’s party while fewer than a quarter would vote Conservative.

Ms Truss’s personal approval rating became very low, very quickly, reaching -51 on 8 October. Just 16% of people said they were satisfied with her performance, while 67% said they were unsatisfied.

That’s worse than the levels ever reached by Boris Johnson, despite his longer time in power. It’s the lowest rating since Gordon Brown reached the same level in July 2008 during the depths of the financial crisis.

Political instability

The prime minister’s six weeks in office were defined by political turmoil and the resignation of her two most senior ministers.

Kwasi Kwarteng’s resignation after just 38 days in the Treasury makes him the second shortest-serving chancellor since 1945.

And when Suella Braverman resigned on Wednesday she became only the second home secretary to serve for fewer than 50 days since the office was established in 1782.

Changes in personnel during Ms Truss’s short time in office were matched by frequent changes in policy.

Taking office on 6 September, her first day, Liz Truss said that her priorities would be growing the economy through “tax cuts and reform”, dealing “hands on” with the energy crisis, and improving access to the NHS.

Though her premiership was brief, Ms Truss and her first chancellor, Mr Kwarteng, announced a number of significant tax cuts and a major package of support to help households cope with the energy crisis.

Her legacy will be more limited, however, as on Monday Ms Truss’s second chancellor Jeremy Hunt cancelled nearly all of Mr Kwarteng’s tax-cutting measures, as well as his plans to extend the current energy price guarantee beyond April 2023.

What still remains of her policy announcements are a limited energy support package, the cancelled rise to National Insurance, the uplift to the stamp duty threshold, and the ability of bankers to receive bonuses more than double their salary.

Economic turmoil

Another big reason that Ms Truss was forced to resign was her impact on the economy.

Markets reacted negatively to the agenda she and Mr Kwarteng revealed on 23 September – to the policies themselves and the government’s decision not to submit it for scrutiny to the Office for Budget Responsibility, the UK’s independent fiscal watchdog.

The mini-budget’s negative reception among international investors led to a sharp fall in the value of the pound against the US dollar.

The exchange rate reached an all-time low of $1.03 to the pound on 26 September, three days after the mini-budget, before rallying over subsequent weeks thanks in part to a response by the Bank of England.

Market volatility and the possibility of a sharp increase in central bank interest rates also led to a surge in predicted interest rates.

Hundreds of mortgage products were withdrawn altogether by lenders, and borrowers on variable rates are facing the prospect of mortgage repayment rises of potentially hundreds or thousands of pounds a month.

Since Jeremy Hunt became chancellor, the predictions for next year have lowered slightly but are still higher than had been expected when Ms Truss became prime minister.

We’ve mentioned many issues caused by Ms Truss’s policies, but it is worth remembering that there are other problems in dire need of attention.

Given the chaos at Westminster in the weeks before Boris Johnson’s resignation three months ago, it’s difficult to argue that there has been an effective government in place in Britain since the summer.

The NHS treatment waiting list reached another record high in figures announced last week – one in eight people are now waiting for treatment.

People are waiting longer than ever for cancer care, for ambulances and in A&E, even before we get to the winter period when effective healthcare typically becomes even more difficult.

What have people been saying on social media?

One of the reasons some MPs were said to be reluctant to remove Liz Truss was that more political instability would mean more delays.

But some members of the public expressing their views on social media on Thursday didn’t seem too sorry to see her go.

The following mind maps were generated using data gathered by Talkwalker, a social listening company, based on Twitter, Tik Tok and YouTube posts from users in the UK.

In the past 24 hours (up to 4pm today), some of the most popular main phrases being posted about Liz Truss include “economic strain”, “desperate attempt”, “ordinary people” and “anti-democratic disgrace”.

Other slightly less frequent phrases include: “cold homes” (referring to concerns over heating costs), “utter chaos” and “dark days”.

“Compassionate Conservatives” is also trending, but when looking at the posts in context they are overwhelmingly using this phrase with either sarcasm or to say the Conservatives are not compassionate.

It is a similar case with the phrase “huge congratulations”, with posters appearing to give sarcastic well-wishes to Ms Truss.

But how does this compare to Liz Truss’s first day in office?

Phrases on 6 September are much more varied and reflect a number of other issues in the news at the time, such as migrants crossing the channel in “small boats” and concerns around the energy crisis, the economic situation and poverty.

Phrases referring directly to Mrs Truss’s appointment as prime minister include both “bleak start” and “fresh start” (mostly people saying they believe Ms Truss is not a fresh start), as well as “low expectations”.

Some posts are positive, with some praising the prime minister’s handling of the media that day as a sign the country was in “safe hands”.

The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News.

We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.

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World

Court confirms sacking of South Korean president who declared martial law

Published

10 hours ago

April 4, 2025

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Court confirms sacking of South Korean president who declared martial law

South Korea’s constitutional court has confirmed the dismissal of President Yoon Suk Yeol, who was impeached in December after declaring martial law.

His decision to send troops onto the streets led to the country’s worst political crisis in decades.

The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.

The president was also said to have taken actions “beyond the powers provided in the constitution”.

Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.

The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.

After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.

He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.

His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.

The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.

South Korea must hold a national election within two months to find a new leader.

Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.

World

Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

Published

12 hours ago

April 4, 2025

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

Stock markets around the world fell on Thursday after Donald Trump announced sweeping tariffs – with some economists now fearing a recession.

The US president announced tariffs for almost every country – including 10% rates on imports from the UK – on Wednesday evening, sending financial markets reeling.

While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.

Trump tariffs latest: US stock markets tumble

All three of the US’s major markets opened to sharp losses on Thursday morning.

By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.

Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.

Worst one-day losses since COVID

As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.

The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.

It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.

‘Trust in President Trump’

White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.

“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”

Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”

He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.

Economist warns of ‘spiral of doom’

The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.

He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.

Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.

He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”

It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.

Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.

Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.

It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.

He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”

World

Donald Trump announces sweeping global trade tariffs – including 10% on UK imports

Published

1 day ago

April 3, 2025

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Donald Trump announces sweeping global trade tariffs - including 10% on UK imports

Donald Trump has announced a 10% trade tariff on all imports from the UK – as he unleashed sweeping tariffs across the globe.

Speaking at a White House event entitled “Make America Wealthy Again”, the president held up a chart detailing the worst offenders – which also showed the new tariffs the US would be imposing.

“This is Liberation Day,” he told a cheering audience of supporters, while hitting out at foreign “cheaters”.

Follow live: Trump tariffs latest

He claimed “trillions” of dollars from the “reciprocal” levies he was imposing on others’ trade barriers would provide relief for the US taxpayer and restore US jobs and factories.

Mr Trump said the US has been “looted, pillaged, raped, plundered” by other nations.

His first tariff announcement was a 25% duty on all car imports from midnight – 5am on Thursday, UK time.

Mr Trump confirmed the European Union would face a 20% reciprocal tariff on all other imports. China’s rate was set at 34%.

The UK’s rate of 10% was perhaps a shot across the bows over the country’s 20% VAT rate, though the president’s board suggested a 10% tariff imbalance between the two nations.

It was also confirmed that further US tariffs were planned on some individual sectors including semiconductors, pharmaceuticals and critical mineral imports.

The ramping up of duties promises to be painful for the global economy. Tariffs on steel and aluminium are already in effect.

The UK government signalled there would be no immediate retaliation.

Business and Trade Secretary Jonathan Reynolds said: “We will always act in the best interests of UK businesses and consumers. That’s why, throughout the last few weeks, the government has been fully focused on negotiating an economic deal with the United States that strengthens our existing fair and balanced trading relationship.

“The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today.

“We have a range of tools at our disposal and we will not hesitate to act. We will continue to engage with UK businesses including on their assessment of the impact of any further steps we take.

“Nobody wants a trade war and our intention remains to secure a deal. But nothing is off the table and the government will do everything necessary to defend the UK’s national interest.”

The EU has pledged to retaliate, which is a problem for Northern Ireland.

Should that scenario play out, the region faces the prospect of rising prices because all its imports are tied to EU rules under post-Brexit trading arrangements.

It means US goods shipped to Northern Ireland would be subject to the EU’s reprisals.

The impact of a trade war would be expected to be widely negative, with tit-for-tat tariffs risking job losses, a ramping up of prices and cooling of global trade.

Research for the Institute for Public Policy Research has suggested more than 25,000 direct jobs in the UK car manufacturing industry alone could be at risk from the tariffs on car exports to the US.

The Society of Motor Manufacturers and Traders (SMMT) had said the tariff costs could not be absorbed by manufacturers and may lead to a review of output.

The tariffs now on UK exports pose a big risk to growth and the so-called headroom Chancellor Rachel Reeves was forced to restore to the public finances at the spring statement, risking further spending cuts or tax rises ahead to meet her fiscal rules.

A member of the Office for Budget Responsibility (OBR), David Miles, told MPs on Tuesday that US tariffs at 20% or 25% maintained on the UK for five years would “knock out all the headroom the government currently has”.

But he added that a “very limited tariff war” that the UK stays out of could be “mildly positive”.

He said: “There’s a bit of trade that will get diverted to the UK, and some of the exports from China, for example, that would have gone to the US, they’ll be looking for a home for them in the rest of the world.

“And stuff would be available in the UK a bit cheaper than otherwise would have been. So there is one, not central scenario at all, which is very, very mildly potentially positive to the UK. All the other ones which involve the UK facing tariffs are negative, and they’re negative to very different extents.”