Liz Truss Quits As UK PM After 45 Days In Office, Becomes Britain's Shortest-Serving Premier

UK PM Resigns: Liz Truss has become the shortest serving Prime Minister in British history -- less than 50 days -- as Britain looks to get its fourth PM in three years.

Liz Truss

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Liz Truss resigned as the Prime Minister Of UK after just 45 days of taking over following economic turmoil and resignation of two key ministers. Truss has become the shortest serving Prime Minister in British history -- less than 50 days -- as Britain looks to get its fourth PM in three years.

A leadership election will be completed within the next week, with all eyes now on Indian-origin Rishi Sunak, who lost to Truss in the PM race after Boris Johnson resigned earlier this year.

In a statement outside Downing Street, Liz Truss said she came into office "at a time of great economic and international instability". "Britain has been held back for too long by low economic growth," she said.

Truss said she had entered office with "a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit".

"Given the situation, I realised I cannot deliver on the mandate given to me...I spoke with His Majesty the King and informed him about my decision...I will remain as Prime Minister until a successor has been chosen," Truss told reporters.

Just a day earlier Truss had vowed to stay in power, saying she was "a fighter and not a quitter".

Truss's resignation comes following a botched economic plan. A slew of tax cuts announced by PM Truss and his previous chancellor led to the pound crashing and hundreds of billions being wiped off the markets.

Earlier this week, Truss apologised for "mistakes" made in the first few weeks in office, which saw her entire tax-cutting economic agenda reversed by new Chancellor Jeremy Hunt and a clamour from different sections of the Tory parliamentary party to find ways to replace her.

READ | UK PM Liz Truss Says Sorry For Economic 'Mistakes' But Vows To Stick Around

The economic turmoil saw a growing number of Conservative members of Parliament demanding Truss to step down and end the chaos.  Labour leader Sir Keir Starmer called for an immediate general election following Truss's resignation, BBC reported.

On Wednesday, Suella Braverman resigned as Home Secretary after admitting a breach of the ministerial code by discussing government policy in private emails and a scathing parting attack on Truss.

Among potential replacements of Truss are Sunak, House of Commons leader Penny Mordaunt and newly appointed Treasury chief Jeremy Hunt. A national election in UK is due in 2024.

(With inputs from agencies)