Just In: British Prime Minister Resigns

British Prime Minister, Liz Truss has announced her resignation after just 45 days in the office.

This development came after series of economic controversies and agenda.

The PM said her successor will be elected in a Tory leadership contest, to be completed in the next week.

According to BBC News report, Tory MPs urged Ms Truss to go after her government was engulfed by political turmoil, following the ditching of most of her economic policies.

Ms Truss was elected by the Tory membership in September, but she lost authority after a series of U-turns.

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, Ms Truss said: “I recognise that I cannot deliver the mandate on which I was elected by the Conservative Party.”

Ms Truss said she would remain in post until a successor formally takes over as party leader and is appointed prime minister by King Charles III.

Jeremy Hunt – who was appointed chancellor last week – has said he will not stand in the leadership contest to be the next prime minister.

Ms Truss – who took office 44 days ago – will become the shortest-serving PM in British history when she stands down.

This development came after series of economic controversies and agenda.

Details Later…