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Liz Truss resigns as British Prime Minister after just 45 days in office 

Liz Truss resigns as British Prime Minister after just 45 days in office after taking over from Boris Johnson.

Liz Truss was forced to resign as UK prime minister on Thursday, bringing to a dramatic climax 44 days in power during which she presided over economic chaos and irreparable harm to the dominant Conservative party.

Senior party members persuaded Liz Truss to resign in the morning, leaving deeply split Tory MPs with the prospect of electing a third prime minister in the coming months.

At 1:35 p.m., Truss made a brief statement in Downing Street announcing that she had informed King Charles she was resigning as leader of the Conservative Party and that a new party leader and prime minister will be selected the following week.

The failure of her government’s “mini” Budget last month, which included £45 billion in unfunded tax cuts and caused havoc in the sterling and gilt markets, will go down in history as Britain’s shortest-serving prime minister.

Truss said she had been elected Tory leader to deliver a “low tax, high growth” economy, taking advantage of the “freedoms of Brexit”. 

But she conceded defeat: “Given the situation, I cannot deliver the mandate on which I was elected by the Conservative party.” 

Sir Graham Brady, chair of the 1922 committee of backbench Tory MPs, met Truss on Thursday morning and later announced he expected to see a new leader and prime minister elected by Friday, October 28.

Liz Truss resigns; Who could be the next PM?

According to BBC publication, Her former leadership rival Rishi Sunak is the bookmakers’ favourite to take over at No 10, followed by Penny Mordaunt and Defence Secretary Ben Wallace.

Chancellor Jeremy Hunt has already ruled himself out of the race, while former PM Boris Johnson is the fourth favourite to return to Downing Street.

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