Liz Truss resigns as British PM after just 45 days in office, says 'I cannot deliver'

Liz Truss: Britain's Prime Minister Liz Truss on Thursday resigned after a brief and chaotic tenure of 45 days. With her resignation Truss became the shortest-ruling prime minister in British history. During her short tenure Truss announced a massive package of unfunded tax cuts before unwinding most of it in the face of a market rout.

When she took office in September, she had promised an all-out push for growth. However, nothing went right for Truss. The financial markets could not agree with her and both the pound and gilts tanked amid doubts over her economic plans.

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Resignation letter

"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 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."

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Tough times

Her resignation has dealt a severe blow to the ruling Conservative Party which fell more than 30 points behind Labour in the polls after 12.5  years in power. Whoever her successor is, will wear a crown of thorns.

Truss said the party will choose her successor within a week and that she will stay on as prime minister until then.

"It's a shambles and a disgrace," veteran Tory MP Charles Walker told the BBC on Oct. 19. "The damage they have done to our party is extraordinary."

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