Liz Truss has announced she will resign as Prime Minister.
Ms Truss said there would be a leadership election to replace her “to be delivered within the next week”.
She said she will stay on as Prime Minister until a successor is chosen via a leadership election to be held within the next week.
Speaking in Downing Street, with her husband Hugh O’Leary alongside her, Liz Truss said: “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 have agreed that 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. Thank you.”
Sir Keir Starmer has called for an immediate general election in the wake of Liz Truss’s resignation.
The Labour leader said: “The Conservative Party has shown it no longer has a mandate to govern.
“After 12 years of Tory failure, the British people deserve so much better than this revolving door of chaos. In the last few years, the Tories have set record-high taxation, trashed our institutions and created a cost-of-living crisis. Now, they have crashed the economy so badly that people are facing £500 a month extra on their mortgages. The damage they have done will take years to fix.
“Each one of these crises was made in Downing Street but paid for by the British public. Each one has left our country weaker and worse off.
“The Tories cannot respond to their latest shambles by yet again simply clicking their fingers and shuffling the people at the top without the consent of the British people. They do not have a mandate to put the country through yet another experiment; Britain is not their personal fiefdom to run how they wish.
“The British public deserve a proper say on the country’s future. They must have the chance to compare the Tories’ chaos with Labour’s plans to sort out their mess, grow the economy for working people and rebuild the country for a fairer, greener future. We must have a chance at a fresh start. We need a general election – now.”
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