Liz Truss has resigned after only 45 days in the job to become the UK’s shortest serving Prime Minister with nominations for her replacement now open.
The PM addressed media outside10 Downing Street, where she delivered her resignation speech.
“I recognize however that, given the situation, I cannot deliver that mandate on which I was elected by the Conservative Party,” she said.
“I have therefore spoken to His Majesty The King to notify him that I am resigning as Leader of the Conservative Party.”
She noted that there will be a leadership election within the Conservative Party this coming week but until then will remain Prime Minister.
"I cannot deliver the mandate on which I was elected by the Conservative Party"
— BBC Breaking News (@BBCBreaking) October 20, 2022
Public opinion of Truss began to plummet in the past several weeks among stress on the financial markets after the reveal of the mini-budget.
Former Finance Minister Kwasi Kwarteng had unveiled a £45 billion package worth of tax cuts, but according to the BBC, this was a major reason for the fall of the British pound.
He was sacked as a result of this, despite having initial support from Truss with the package having since been reversed, because as she said in her speech, she could not adequately deliver on this promise.
There were also calls for her to resign from within her own party, most prominently and recently from Home Secretary Suella Braverman who had to resign over a small breach of the ministerial code.
“Not only have we broken key pledges that were promised to our voters, but I have had serious concerns about this government’s commitment to honouring manifesto commitments, such as reducing overall migration numbers and stopping illegal migration, particularly the dangerous small boats crossings,” she said.
Nominations for the next UK PM are now open with MPs having until 2pm on Monday to decide, with the election over on Friday October 28.
Some of the MPs likely to run for PM include Rishi Sunak, Penny Mordaunt, Jeremy Hunt, Ben Wallace and former Prime Minister Boris Johnson.