British Prime Minister Liz Truss has announced her resignation after admitting she could not “deliver the mandate on which I was elected.”
Truss will cease to be a Conservative leader immediately but will remain prime minister for another week whilst her party selects her replacement.
Note that the Prime Minister had been on the job for just seven weeks, one of the shortest spells in British political history.
She came under intense pressure after a mini-budget was announced on September 23, introducing billions of pounds worth of unfunded tax cuts.
This led to a loss of market confidence in the U.K. economy and the value of the pound plummeting.
In response, Truss fired Chancellor Kwasi Kwarteng and reversed most of his tax cuts.
