Truss resigns amid political turmoil

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Liz Truss speaks in Downing Street as she resigns as Prime Minister Of The United Kingdom on October 20, 2022 in London, England. Liz Truss has been the UK Prime Minister for just 44 days and has had a tumultuous time in office. Her mini-budget saw the GBP fall to its lowest-ever level against the dollar, increasing mortgage interest rates and deepening the cost-of-living crisis. She responded by sacking her Chancellor Kwasi Kwarteng, whose replacement announced a near total reversal of the previous policies. Yesterday saw the departure of Home Secretary Suella Braverman and a chaotic vote in the House of Commons chamber. (Photo by Dan Kitwood/Getty Images)

Liz Truss announced her resignation amid a political crisis, making her 45-day tenure, the shortest in Britain’s history.

Truss will step down after a week-long emergency contest to find her successor, she has announced outside Downing Street.

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.

Her statement came after she met Graham Brady, the chair of the 1922 Committee of backbench Tory MPs at Downing Street, followed by her deputy PM, Thérèse Coffey, and the party chair, Jake Berry.

Truss said she had entered office with “a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit”.

She went on: “I recognise that, 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 behalf 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.”