In a brief statement delivered outside the Prime Minister’s residence in Downing St. in London, Truss said:
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 along with 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 this 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 leader 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.
A Conservative Party leadership election will now take place. Prior to Truss’ resignation, the shortest serving PM was George Canning, who died in 1827 after 119 days in office.