Liz Truss steps down after 45 miserable days at Britain's helm

UK prime minister Liz Truss has resigned after just 45 miserable days in office, in what is the quickest leadership turnover in British history

Speaking in front of 10 Downing Street on Thursday afternoon, Truss said she was resigning from leader of the Conservative Party and will relinquish the premiership post once a successor is elected.

Truss’s leadership lasted less than the summer campaign that saw her win the Conservative Party’s leadership race.

Truss’s short tenure in Downing Street was characterised by economic turmoil after a plan to cut taxes was shot down by the markets that went into panic over the unsustainability of government finances.

Truss was forced to sack her finance minister, reverse most of the measures implemented in a mini-budget and eventually resign after major dissent within the party.

“I was elected on a promise to deliver a low tax, high growth economy… I cannot deliver the mandate on which I was elected by the Conservative Party and I informed the King that I have resigned from the Conservative Party leadership,” she said in a short statement outside the prime minister’s residence in Downing Street.

She said that in agreement with the party, her replacement will be voted in by the end of next week.

Truss replaced Boris Johnson who faced a rebellion of his own.