British Prime Minister Liz Truss announced that she will be resigning. After just 44 days in office, Truss will be the shortest-serving prime minister in UK history.
“I came into office at a time of great economic and international instability,” she said. “Families and businesses were worried about how to pay their bills.”
Truss added that she was elected “with a mandate to change this” – saying: “We delivered on energy bills.”
She says she recognises she “cannot deliver the mandate” on which she was elected.
Truss said she had spoken to King Charles to tender her resignation, she said.
There will be a leadership election “to be completed within the next week.”
Britain’s finance minister Jeremy Hunt will not stand in the Conservative Party leadership contest to succeed outgoing Prime Minister Liz Truss, multiple media outlets including the BBC reported on Thursday.
Labour and Lib Dems call for immediate general election.
The leader of the Labour party, Sir Keir Starmer, and Lib Dem leader, Sir Ed Davey, have called for an The leader of the Labour party, Sir Keir Starmer, and Lib Dem leader, Sir Ed Davey, have called for an immediate general election..
It comes after “crisis talks” in Downing Street – with Sir Graham Brady, deputy prime minister Therese Coffey and Tory party chairman Jake Berry inside.
Her time in office has been dominated by market chaos prompted by the mini-budget that was announced by former chancellor Kwasi Kwarteng last month.
Despite sacking Mr Kwarteng last week and reversing almost all the unfunded tax cuts that had been proposed, the prime minister’s position had continued to come under pressure.
In just six weeks as prime minister, Truss has been forced to abandon almost all her policy programme after it triggered a bond market rout and a collapse of her approval ratings and those of her Conservative Party.
Since last Friday she has lost two of the four most senior ministers in government, sat expressionless in parliament as her new finance minister ripped up her economic plans and faced howls of laughter as she tried to defend her record.
“We can’t go on like this,” one Conservative lawmaker told Reuters late on Wednesday, of the chaotic scenes in parliament.
Below is the full text of her speech in Downing Street:
“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 and our country has been held back for too long by low economic growth.
“I was elected by the Conservative Party with a mandate to change this. 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. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.
“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. Thank you.”