Prime Minister Liz Truss has resigned as UK prime minister and leader of the Conservative Party.
Speaking outside Downing Street, she stated that her resignation followed her failure to deliver the mandate on which she was elected.
Thursday’s announcement kickstarts a contest to find the next Tory leader and PM – which should produce a result by next Friday.
The newly-appointed Chancellor Jeremy Hunt has ruled himself out. But Rishi Sunak and Penny Mordaunt are seen as contenders.
A shorter contest should produce a result by next Friday, chairman of the committee which organises it, Graham Brady, says.
Truss’s departure after 45 days in office makes her the shortest-serving PM in UK history.
Her premiership has been in turmoil since her mini-budget last month, which rocked markets and was later scrapped by her new chancellor.
The resignation of her home secretary on Wednesday and a chaotic vote in the Commons sealed her fate.
US President Joe Biden has put out a statement on the PM’s resignation. It reads:
“The US and the UK are strong allies and enduring friends – and that fact will never change. I thank Prime Minister Liz Truss for her partnership on a range of issues including holding Russia accountable for its war against Ukraine.
“We will continue our close cooperation with the UK government as we work together to meet the global challenges our nations face.”