Prime Minister Liz Truss has officially declared her resignation as United Kingdom prime minister and leader of the Conservative Party
Speaking outside Downing Street, she said she could not deliver the mandate on which she was elected
It kickstarts a contest to find the next Tory leader and PM – which should produce a result by next Friday.
The newly-appointed Chancellor Jeremy Hunt has ruled himself out. But Rishi Sunak and Penny Mordaunt are seen as contenders.A shorter contest should produce a result by next Friday, chairman of the committee which organises it, Graham Brady, says
Truss’s departure after 45 days in office makes her the shortest-serving PM in UK history
Her premiership has been in turmoil since her mini-budget last month, which rocked markets and was later scrapped by Hun.t
The resignation of her home secretary on Wednesday and a chaotic vote in the Commons sealed her fate.
Prime Minister 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 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 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.