Surprised this thread hasn't been resurrected earlier. For anyone not following, Liz Truss was elected by Conservative members 45 days ago but she didn't receive the backing of conservatives in parliament. Seen to be on the libertarian wing of the party, on 23rd of September she announced the biggest tax cuts in half a century.
The markets reacted negatively as the Bank of England had raised interest rates a week earlier and Truss's move was seen as antagonistic and would mean rates would quickly go even higher, leaving government bonds bought by investors over the past few years effectively worthless as nobody wants them at such low interest. This meant pension funds who are the main purchaser of government bonds were dangerously exposed.
In addition, they signalled there would be borrowing to fill the deficit caused by their tax cuts, and the plan to pay it back was a vague promise about growth - the Laffer Curve argument. The markets didn't believe it would have such as an effect and pulled investment out of the UK fearing it would default which caused the £sterling to crash pushing costs up for importers.
In an embarrassing episode, the free marketeers didn't understand the free market.
To calm things, the chancellor Kwasi Kwarteng was fired, they were forced to U turn on the tax cuts and the support program given to help with the spiralling energy costs has been curtailed as borrowing is now predicted to be higher because of the carnage. The new chancellor has said further reductions in spending are required, sounding the starting pistol for the second successive decade of government cuts.
Conservatives get most of their votes from homeowners, pensioners and business people and to have screwed all three over in a single sitting by fuelling mortgage rate rises, imperilling pension funds and increasing import costs in an effort to create a low-tax low-regulation fantasy is absolutely spectacular.
As a result of all this, Truss has no authority and nobody is in charge.
Polls are not looking for and a possible total wipeout of conservatives is increasingly so they can't call an early election but they can't agree on who should take over now she's resigned.
At one of the most crucial and difficult times for Britain in decades, it basically doesn't have a government.