BREAKING: Liz Truss Resigns as British PM

Liz Truss has announced her resignation as prime minister.

Speaking outside Downing Street, she says she has told King Charles she is resigning as leader of the Conservative Party.

In front of dozens of reporters she says she came into office at a time of “great economic and international instability”.

She added: “I recognise… given the situation I cannot deliver the mandate on which I was elected by the Conservative Party.”

Liz Truss goes on to say that she met with 1922 Committee chairman Sir Graham Brady today.

They agreed there will be a leadership election within the next week, adding that she will remain as prime minister until a successor is chosen.

Liz Truss has been in office for just 45 days – the shortest tenure of any UK prime minister. The second shortest serving PM was George Canning, who served for 119 days after dying in 1827.

Trouble began when her first Chancellor, Kwasi Kwarteng, spooked the financial markets with his mini-budget on 23 September.

Since then, Conservative disquiet has morphed into widespread anger within the parliamentary party.

Her stepping down today follows dramatic scenes in the House of Commons last night over a vote on fracking. Calls for her to go kept growing in the hours afterwards.