Following Boris Johnson's announcement of his intention to resign as Conservative Party leader and Prime Minister of the United Kingdom on 7 July, Liz Truss won the subsequent Conservative party leadership election and became Prime Minister on 6 September.[1] On 23 September, the Chancellor of the Exchequer Kwasi Kwarteng delivered a financial statement widely referred to as the mini-budget,[2] which prompted significant negative market reaction – including the pound falling to a record low against the US dollar[3] and a sharp increase in the cost of government borrowing.[4][5] This resulted in Truss dismissing Kwarteng as Chancellor on 14 October and appointing Jeremy Hunt as his replacement,[6][7] who reversed most of the measures in the mini-budget.[8]