Liz Truss has resigned as prime minister after just 44 days in office.
The announcement, made by Truss outside Downing Street, follows the near-complete evaporation of her political authority which has seen her crash the markets, lose two key ministers and shed the confidence of almost all her own MPs.
Truss will be the shortest-serving prime minister in UK history.
Her resignation Speech
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 had 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 Chair of the 1922 Committee Sir Graham Brady.
We have agreed 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.
Thank you .
The leader of the Labour party, Sir Keir Starmer, has called for an immediate general election.
Jeremy Hunt will not stand for the leadership contest, according to reports.
The BBC reports that Hunt has confirmed he will not stand to be the next Conservative leader and UK prime minister.