The economic and political turmoil in the U.K. is continuing to unfold, as Prime Minister Liz Truss announced her resignation on October 20, following a tumultuous 44-day tenure.
Truss took office September 6, after her predecessor, Boris Johnson, also left unceremoniously. Truss, however, now takes the title as shortest-serving leader in British history.
In a statement given outside of No. 10 Downing Street, Truss proclaimed, “I recognize that given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to his majesty the king to notify him that I am resigning as leader of the Conservative Party.”
The question of who will succeed her as leader of both the party and the nation is still unsolved— Truss did confirm that she would stay on as prime minister until her replacement was selected.
Former finance minister Rishi Sunak, who was runner-up to Truss before her appointment last month, has emerged as an early favorite. Some speculation has even surfaced that Johnson himself could return in a dramatic comeback, but that appears unlikely as of now.
Prior to taking office, Truss had promised sweeping economic reforms, which came to be known as “Trussonomics.” However, after Finance Minister Kwasi Kwarteng delivered ₤45 billion (US$48 billion) worth of tax cuts, inflation and interest rates went through the roof, to the point that Kwarteng was swiftly fired and the country faced backlash from the International Monetary Fund.
Kwarteng’s successor, Jeremy Hunt, is still working to alleviate the missteps.
With a number of political considerations at play, the nation’s gaming industry now faces further uncertainty, after a reformation of its Gambling Act has already experienced significant delays.
The long-awaited white paper was slated to be published under Johnson, then Truss; now, it’s anyone’s guess as to when the findings will be made public.
Even when Truss was still in office, it was unclear when exactly the review would see the light of day, with some sources suggesting that it could take another year, or even longer.
However, there was also a report just last week in iGaming Business citing anonymous government sources who asserted that publication could be just weeks, or even days away.
