London: British Prime Minister Liz Truss has resigned after just 45 days after she was appointed to the position, ending the shortest stint in Downing Street history.

Speaking outside 10 Downing Street, Truss said: “I recognise though that given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty The King to notify him that I am resigning as leader of the Conservative Party.”

British Prime Minister Liz Truss has resigned.Credit:Getty Images

She said she had met the chairman of the 1922 Committee, Sir Graham Brady, on Thursday morning local time and agreed there would be a leadership election to be completed within the next week.

“This will ensure that 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,” Truss said.

Truss’ six-weeks has been engulfed in financial chaos following a disastrous growth-focussed mini-Budget which including borrowing billions of pounds to subsidise energy bills and massive tax cuts which sent the pound to record lows against the US dollar.

The Bank of England was forced to take emergency action to calm turmoil in financial markets amid the collapse in the pound and the increase in government borrowing costs.

She sacked her Chancellor Kwasi Kwarteng after just 38 days however Truss’ authority was stripped when she was forced to abandon all her promised weeks later.

Truss had won support of 57 per cent of Conservative members in September following the resignation of Boris Johnson after just three years, following months of scandal.

More to come

Most Viewed in World

Source: Read Full Article