Liz Truss announces her resignation as UK Prime Minister

Liz Truss said on Thursday she would resign as British Prime Minister just six weeks after her appointment, over an economic program that shook financial markets last month and split her Conservative Party.

Speaking outside her office door in 10 Downing Street, Truss accepted that she could not keep the promises she made when she ran for Conservative leader, having lost the faith of her party.

The leadership election to replace Truss, Britain’s shortest prime minister, will be completed next week. The record was previously held by George Canning, serving 119 days in 1827 when he died.

“However, I am aware, given the situation, that I am unable to fulfill the mandate for which I was elected from the Conservative Party. I have therefore spoken to His Majesty to inform him that I am resigning as Tory leader,” she said.

Earlier, Conservative Party officials met in Downing Street as a growing number of lawmakers called for him to resign.

Appointed on September 6, Truss was forced to fire her finance minister and closest political ally, Kwasi Quarting, and abandon her economic program almost entirely after her plans for a massive, unfunded tax cut sent the pound, currencies, and British bonds crashing. Approval ratings for her and her conservative party have collapsed.

On Wednesday he lost the second-largest of the four cabinet ministers, laughed as he tried to defend his record in Parliament and saw his MPs fighting openly over politics, deepening the sense of chaos in Westminster.

New Chancellor of the Exchequer Jeremy Hunt is now racing to find spending cuts of tens of billions of pounds to try to reassure investors and rebuild Britain’s financial reputation as the economy approaches recession. Inflation is at its highest level in 40 years.

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