LIZ Truss has dramatically RESIGNED as Prime Minister after just 44 days in office.

The embattled PM made a solemn speech outside Downing Street this afternoon confirming the astonishing turn of events.

Her six weeks in office make her the shortest serving premier the UK has ever had.

A Tory leadership race will now begin and a new PM will be chosen in the next WEEK.

Standing outside No10, Ms Truss said: "I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin’s illegal war in Ukraine threatens the security of our whole continent. 

"I was elected by the Conservative Party with a mandate to change this.

"I recognise though, 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."

The PM added: "This morning I met the chairman of the 1922 Committee, Sir Graham Brady.

"We've agreed that there will 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."

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Ms Truss’ downfall began just days into her premiership, when the disastrous mini budget was announced.

The 45bn tax bonfire sent mortgages soaring and the pound plummeting.

It caused uproar among Tory MPs who questioned why the PM was cutting taxes for the rich as hard up Brits suffer in a crippling cost of living crisis.

Ms Truss tried to save her career by bringing in the more moderate Jeremy Hunt to replace ally Kwasi Kwarteng as Chancellor.

Mr Hunt tore the mini budget to shreds, a move that calmed down markets.

But the damage had been done and restless MPs began calling for the PM’s head.

Fifteen Conservative backbenchers publicly called for the PM to go by this morning, with dozens more saying they want her out in private.

And this morning head honcho of the 1922 backbench committee Sir Graham Brady went to visit the PM in Downing Street.

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It falls to Sir Graham to inform the PM if and when she's lost the confidence of most of her MPs.

The Sun understands Ms Truss requested the meeting to be updated on the party mood.

But just hours ago a spokesperson for the PM admitted "yesterday was a difficult day" but added there are "no plans for any change" and "the Prime Minister will continue beyond the 31st".

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