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Liz Truss resigns as prime minister after Tory revolt Liz Truss resigns as prime minister after Tory revolt
(32 minutes later)
Watch: Watch Liz Truss step down as PMWatch: Watch Liz Truss step down as PM
Watch: Watch Liz Truss step down as PMWatch: Watch Liz Truss step down as PM
Liz Truss has dramatically resigned as prime minister after just 45 days in the job.Liz Truss has dramatically resigned as prime minister after just 45 days in the job.
The PM said her successor will be elected in a Tory leadership contest, to be completed in the next week.The PM said her successor will be elected in a Tory leadership contest, to be completed in the next week.
Tory MPs urged Ms Truss to go after her government was engulfed by political turmoil, following the ditching of most of her economic policies.Tory MPs urged Ms Truss to go after her government was engulfed by political turmoil, following the ditching of most of her economic policies.
Ms Truss was elected by the Tory membership in September, but she lost authority after a series of U-turns.Ms Truss was elected by the Tory membership in September, but she lost authority after a series of U-turns.
In a speech outside Downing Street, Ms Truss said the Conservative Party had elected her on a mandate to cut taxes and boost economic growth. In a brief speech outside Downing Street, Ms Truss said the Conservative Party had elected her on a mandate to cut taxes and boost economic growth.
But given the situation, Ms Truss said: "I recognise that I cannot deliver the mandate on which I was elected by the Conservative Party."But given the situation, Ms Truss said: "I recognise that I cannot deliver the mandate on which I was elected by the Conservative Party."
Labour leader Sir Keir Starmer and other opposition parties called for an immediate general election following Ms Truss's resignation speech.
Ms Truss said she would remain in post until a successor formally takes over as party leader and is appointed prime minister by King Charles III.Ms Truss said she would remain in post until a successor formally takes over as party leader and is appointed prime minister by King Charles III.
Jeremy Hunt - who was appointed chancellor last week - has said he will not stand in the leadership contest to be the next prime minister.Jeremy Hunt - who was appointed chancellor last week - has said he will not stand in the leadership contest to be the next prime minister.
A quick guide to Liz TrussA quick guide to Liz Truss
Ms Truss - who took office 44 days ago - will become the shortest-serving PM in British history when she stands down. Liz Truss's resignation speech in full
Labour leader Sir Keir Starmer called for an immediate general election following Ms Truss's resignation speech. Sir Graham Brady, the chairman of the 1922 backbench committee of Conservative MPs, said it would be possible to conclude a leadership ballot by Friday next week.
He said he expected Conservative members to be given a say on who succeeds Ms Truss, but would set out further details later.
Ms Truss will become the shortest-serving PM in British history when she stands down.
In her speech, Ms Truss said she entered "office at a time of great economic and international instability", as war rages in Ukraine and living costs skyrocket.In her speech, Ms Truss said she entered "office at a time of great economic and international instability", as war rages in Ukraine and living costs skyrocket.
But her resignation comes after a key minister, former home secretary Suella Braverman, quit and Tory MPs rebelled in a chaotic parliamentary vote. The prime minister said her government delivered on providing support for energy bills and reversing a rise in National Insurance, a tax on workers and companies.
But Ms Truss's resignation comes after a period of political and economic turbulence, which forced her government to ditch tax cuts that sent financial markets into a tailspin.
The prime minister sacked close political ally Kwasi Kwarteng as chancellor and appointed Mr Hunt as his successor as she attempted to calm the markets.
At Prime Minister's Questions on Wednesday, Ms Truss insisted she was a "fighter, not a quitter" after Labour's leader asked her why she had not resigned.
But more instability followed, when Suella Braverman quit as home secretary and a vote on fracking fell into disarray, with some Tory MPs accused of bullying.