Liz Truss has resigned as the UK Prime Minister.
Ms Truss was elected by the Tory membership in September.
In a speech outside Downing Street, Ms Truss said the Conservative Party had elected her on a mandate to cut taxes and boost economic growth but given the situation, she said she is unable to deliver on the mandate.
Ms Truss said she entered “office at a time of great economic and international instability”.
This is as war rages in Ukraine and living costs skyrocket.
She said she would remain in post until a successor formally takes over as party leader and is appointed prime minister by King Charles III.
How Liz Truss lost her authority to govern
It was only six weeks ago that Liz Truss met Queen Elizabeth II and was appointed the new prime minister of the U.K
Truss, who remained loyal to her predecessor Boris Johnson before his resignation this summer, won the Conservative leadership contest with the promise of a low tax, high growth economy.
Spending plans criticized
Her spending plans were criticized by her leadership rival, former finance minister Rishi Sunak.
Kwasi Kwarteng, the new Chancellor of the Exchequer, announced the government’s first major policy plan to advance Truss’s economic vision in the House of Commons on Sept. 23.
Their package included measures to cut the rate of tax for the highest earners, cancel a planned corporation tax increase, remove a cap on bankers’ bonuses.
They were also promising billions to tackle the looming threat of rising energy bills ahead of the winter, attributed by the government to the war in Ukraine.
The plan was criticized by opposition politicians and economists, and the International Monetary Fund issued a sharp rebuke to their plans.