Liz Truss resigns as Prime Minister - what she said

Ms Truss has stepped down from the position after just 44 days in post.

Announcing her resignation, the Prime Minister said: "I recognise I cannot deliver the mandate on which I was elected by the Conservative Party.

"I am resigning as leader of the Conservative Party. There will be a leadership election to be completed within the next week.

"I will remain as Prime Minister until a successor has been chosen."

Her resignation comes after weeks of chaos following a disastrous mini-budget which plunged the economy into turmoil.

The financial plans, announced by then Chancellor Kwasi Kwarteng, including £45m of unfunded tax cuts, causing the value of Sterling to plunge in comparison to the US Dollar.

U-turns followed with Truss and Kwarteng ditching plans for tax cuts for the richest, before Mr Kwarteng was forced to resign as Chancellor.

He was replaced by Jeremy Hunt, who continued to abandon Truss’ plans, including reversing the decision to scrap the planned corporation tax rise and scrapping plans to reduce the basic rate of income tax from 20% to 19%.

Then on Wednesday, Home Secretary Suella Braverman resigned, leaving what appeared to be a pointed message at Ms Truss in her resignation letter.

Ms Braverman said: “Pretending we haven’t made mistakes, carrying on as if everyone can’t see that we have made them, and hoping that things will magically come right is not serious politics.

“I have made a mistake; I accept responsibility; I resign.”

Confusion ensued on the same day over whether a vote on fracking was a confidence vote or not, with more than 30 Tory MPs not voting with the Government.

All the while reports continued that Graham Brady, chair of the 1922 committee, was receiving letters of no confidence in Ms Truss from Tory backbenchers.

Following a meeting with Mr Brady at lunchtime, Ms Truss announced her resignation this afternoon.