Liz Truss has announced her resignation after just 44 days as UK Prime Minister.
Ms Truss announced the decision outside 10 Downing Street this afternoon, noting that it had become clear she “cannot deliver the mandate on which I was elected”.
It comes after 17 of her own MPs called for her to go.
A chaotic six weeks in office came to a head in recent days after she sacked her Chancellor Kwasi Kwarteng three weeks after their mini-budget unleashed chaos in the British economy.
That was quickly followed by his successor Jeremy Hunt ripping up almost all of the economic measures less than a month after they were announced.
Liz Truss has resigned. Becomes the shortest serving British Prime Minister in history
— Seán Defoe (@SeanDefoe) October 20, 2022
In her statement, Ms Truss said she had set out a vision for her premiership that was aimed at achieving a “low tax, high growth economy that would take advantage of the freedoms of Brexit”.
She said she was resigning her position as it had become clear she could not deliver upon that mandate.
She said the Conservative Party would now embark upon a leadership election that would be completed within one week - and said she would officially remain on as Prime Minister until her successor was chosen.
We delivered on energy bills and on cutting national insurance.
We have continued to stand with Ukraine and to protect our own security.
And we set out a vision for a low tax, high growth economy – that would take advantage of the freedoms of Brexit. pic.twitter.com/fi6rtdBRAf
— Liz Truss (@trussliz) October 20, 2022
“We delivered on energy bills and on cutting national insurance,” she said.
“We have continued to stand with Ukraine and to protect our own security and we set out a vision for a low tax, high growth economy that would take advantage of the freedoms of Brexit.
“I recognise however that, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.
“There will be a leadership election to be completed in the next week. This will ensure we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security. I will remain as Prime Minister until a successor has been chosen.”
On Monday, Ms Truss apologised for the mistakes made with the mini-budget but insisted she still intended to lead the Conservative Party into the next election.
Things took a turn for the worse yesterday, however - after Suella Braverman resigned as home secretary and criticised Ms Truss over her leadership.
Later on Wednesday, confusion over the handling of a House of Commons vote on fracking put her position further in doubt.
She will become the shortest-serving British Prime Minister in history when her successor is chosen in the coming days.