Liz Truss has resigned as the British Prime Minister. She quit following 44 days after forming the government. Her tenure is so far the shortest of any UK prime minister.
The UK is expected to get its new prime minister within a week. Reports claimed that former Chancellor of Exchequer Rishi Sunak is the favorite to be the new prime minister.
UK Will Get New Prime Minister Within A Week
"I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. I recognize, though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party," said Truss.
She spoke to King Charles III to notify him that she is 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."
Boris Johnson Likely to Stand For Tory Leadership Race
A day earlier, Truss told parliamentarians that she was a fighter, not a quitter. Until Truss' successor is finalized, she will remain prime minister.
"We delivered on energy bills and on cutting national insurance. We have continued to stand with Ukraine and to protect our own security. And we set out a vision for a low tax, high growth economy â that would take advantage of the freedoms of Brexit.," tweeted Truss.
Some unverified reports also stated that Boris Johnson could contest for the Tory leadership.
Steven Swinford, The Times political editor, stated that "I'm told that Boris Johnson is expected to stand in the Tory leadership contest. He's taking soundings but is said to believe it is a matter of national interest."
UK Currency Almost A Cent Up After Truss' Resignation
News that the prime minister was to make a Downing Street statement sparked a rally for sterling versus the dollar - leaving the UK currency almost a cent up on the day at one stage at $1.13. It remained half a cent higher following confirmation she was to leave office. Shares also moved higher initially on the FTSE 100 and government borrowing costs fell, according to Sky News.