BREAKING NEWS: Liz Truss resigns as Prime Minister and leader of Conservative Party

Britain’s Prime Minister Liz Truss delivers a speech outside of 10 Downing Street in central London on October 20, 2022 to announce her resignation. (Photo by Daniel LEAL / AFP) (Photo by DANIEL LEAL/AFP via Getty Images)

Speaking in a speech outside Downing Street this afternoon (Thursday), Ms Truss confirmed her resignation after only 44 days of being in power, and the country’s third prime minister this year.

In her speech, she said: “I came into office at a time of great economical and international instability. Families and businesses are worried about how to pay their bills, Putin’s illegal war Ukraine threatens the security of our whole continent.

"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 cutting national insurance.

"We set out a vision for a low tax high growth economy they would take advantage of the freedoms of Brexit.”

Ms Truss acknowledged that, given the situation, she could not deliver the mandate on which she was elected by the Conservative party, and confirmed that she has spoken to His Majesty King Charles to tender her resignation as Leader of the Conservative party.

She also confirmed that after a meeting with chairman of the 1922 committee, Sir Graham Brady, there will be a leadership election to be completed within the next week, and she will remain as Prime Minister until a new PM is elected.

This came after a chaotic few days in Downing Street, and the day after Home Secretary Suella Braverman resigned.