Liz Truss has announced she will be stepping down as prime minister just 44 days after defeating Rishi Sunak in the Conservative Party leadership election.
Truss succeeded Boris Johnson on September 6 and was immediately tasked with tackling rising inflation, increasing energy costs and general market chaos.
In a press conference outside Downing Street, Truss said she was unable to deliver the mandate on which she was elected as Tory leader.
Her statement read: “We delivered on energy bills and on cutting national insurance. And we set out a vision for a low tax, high growth economy – that would take advantage of the freedoms of Brexit.
“I recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.”
Truss added that she has notified His Majesty The King of her resignation and that there will be a leadership election to be completed within the next week.
“I cannot deliver the mandate on which I was elected…”
She continued: “This will ensure we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security.”
Her resignation follows a choppy period for Truss, who is now the shortest-serving prime minister in history.
During her time, Truss faced increasing scrutiny particularly over the mini-budget, which was announced last month by former chancellor Kwasi Kwarteng.
Since its publication, Truss reversed on almost all aspects of the financial plan, including plans to cancel the 25 percent rise in corporation tax and the return of VAT-free shopping for overseas visitors.
Last week, after firing Kwarteng, Truss appointed the new chancellor Jeremy Hunt, who announced on Monday that the government would be cutting the energy price guarantee back to six months, from the two years previously promised.
Hunt’s statement was seen to have gone against Truss’ initial pledges that came as part of her leadership bid.
Suella Braverman also later resigned as home secretary after sending an official document from her home email. In a resignation letter to Truss, Braverman stated that “resignation is the right thing to do” and expressed concern about the “direction of this government”.
Truss will remain as prime minister until a successor has been appointed.