The United Kingdom Prime Minister, Liz Truss, on Thursday, stepped down from her role.
Her resignation is coming barely two months after she assumed office.
Truss, who spent 45 days in office, said she would step down after a week-long emergency contest to find her successor
She announced her decision to step down on Thursday outside Downing Street.
“I entered office with a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit,” Truss said.
She added, “I recognise that, 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 behalf 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.
“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 plan and maintain our country’s economic stability and national security.
“I will remain as prime minister until a successor has been chosen,” she said.
The embattled British PM had earlier acknowledged a “difficult day” after a key minister resigned and MPs rebelled, AFP reports.
More than a dozen Conservative MPs have publicly urged Truss to resign just six weeks into office, after her tax-cutting plans caused a market meltdown during an already severe cost-of-living crisis.
Many more are reported to have submitted letters calling for her to be removed, although party rules currently forbid another leadership campaign for 12 months.