Brokers have been unanimous in their response to the resignation of Liz Truss but many think the Government should have gone further.
Truss resigned earlier today after just 44 days in office – making her the shortest-serving UK Prime Minister in history.
With her economic agenda having rocked the economy and mortgage market the overwhelming response of brokers was one of relief.
However, many believe that Truss does not hold the responsibility alone and the whole Government should shoulder the blame and call a General Election.
With Bonfire Night on the horizon, one broker even tongue in cheek called for Guy Fawkes to “get rid of the lot of them, and start again”. Here’s what they had to say.
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Emma Jones, managing director at When The Bank Says No:
“Stability, please! The country needs someone who has the integrity and the ability to put their own ego aside and do what is right for the UK economy.
“We need mortgage fixed rates to reduce to allow people in more complex lending situations to afford their payments.”
Suzanne Wishart, managing director and mortgage broker at Wishart Financial Solutions:
“After 44 long days of turmoil whoever Truss’ successor is must focus on rebuilding stability and confidence.
“Every mortgage holder in the country is holding their breath waiting to see how this plays out.
“Whatever the Conservative’s next move the short-term focus has to be on working hand in glove with the Bank of England, and bringing about a stabilisation of interest rates.”
Amit Patel, adviser at Trinity Finance:
“Finally, Liz Truss has made the correct decision to resign as PM. We need a general election now, for the sake of the economy.
“The longer this merry-go-round of prime ministerial mediocrity continues, the greater the damage to our country that will be done.”
Riz Malik, director at R3 Mortgages:
“The country fought back and won. I cannot express how happy I am. If my wife asked me to go to Ikea, I would probably say yes.”
Mike Staton, director at Staton Mortgages:
“It’s hard to imagine it but it’s pretty safe to say Liz Truss is leaving the country in a worse position than she found it. If ever there was going to be a definition of the grass isn’t always greener, Liz Truss has owned it.
“Liz Truss has made one correct decision in her role of Prime Minister, and she made that today by handing in her resignation.
“However, the fine print needs to be checked so that there is no possibility that she can perform another U-turn on this decision.
“How she ever got voted in shows how much of a farce the current system is. Under no circumstances should another Prime Minister be allowed to have this sort of power without being voted in by the public. Ladies and Gentlemen, Liz Truss has left the building, and Thank God.”
Anil Mistry, director and mortgage broker at RNR Mortgage Solutions:
“You have to give her credit here, as she has finally made the correct choice. However, too much damage has already been done since she became PM.
“There is now a massive job to fix this for the new PM. The Tories now need to unite and work together for the sake of the country.”
Craig Fish, founder & director at Lodestone Mortgages & Protection:
“This Government has no mandate to run our country. They think that they can continue to jump from leader to leader whilst they cling on to power. It’s not acceptable.
“The British public deserves better. I think we need to put a call out to Guy Fawkes, get rid of the lot of them, and start again. Bring on an election.”
Samuel Mather-Holgate, independent financial advisor at Mather and Murray Financial:
“Truss has done the right thing, considering she had no authority left whatsoever. Notwithstanding that, this is a total embarrassment for the Tories.
“They now go into a leadership election that only MPs have a say on. The new PM will have no legitimacy at all.
“I fully expect that they will call a General Election for the early spring and use the next six months to stabilise the economy and do a PR campaign on the electorate to salvage some seats for next term.”
Graham Cox, director at Self Employed Mortgage Hub:
“She had to go. She was not up to the job and had lost the trust of her MPs, the markets and the electorate. Really, the lot of them should go, we need a General Election.
Ranald Mitchell, director at Charwin Private Clients:
“She has finally fallen on her sword following a disastrous 44 days that will go down in history. This is the best thing she could have done with her Party, the cabinet, the markets, Bank of England, and the rest of the country having lost all confidence in her leadership. Bring back Boris and say sorry.”
Marcus Wright, MD of independent mortgage broker Bolton Business Finance:Â
“Never in all my life have I witnessed such a political mess. Downing Street is officially now a disaster movie.
“I’m waiting for Bruce Willis to appear at the podium for the next press conference.”
