UK Prime Minister, Liz Truss has resigned after only 45 days in office following a failed tax-cutting budget that rocked the British financial markets and led to a revolt within her own Conservative Party.

Truss who has had perhaps the most fractious reign as the British PM, announced her resignation on Thursday in a statement she issued
outside 10 Downing Street.

“We set out a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit,” the embattled Truss said.

“I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party.

“I have, therefore, spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.

“This morning, I met the chairman of the 1922 committee, Sir Graham Brady. We’ve agreed that there will be a leadership election to be completed within the next week.”

Truss will, however, remain as PM until her successor has been chosen.

Her resignation which came after she fired her close ally, African-born Finance Minister, Kwasi Kwarteng, follows a meeting with Graham Brady, the Conservative politician who chairs the 1922 Committee in charge of leadership votes and reshuffles.

The 1922 Committee which is a group of Conservative MPs without ministerial positions, have the mandate of passing a vote of no confidence in the Prime Minister.

According to a Downing Street reporter, during the meeting, the number of MPs publicly calling for Truss to step down has climbed up to 17, which meant the number of members who have written letters to Brady expressing no confidence in Truss.

Truss’ resignation has also placed her as the PM with the shortest reign. The previous shortest tenure for a British leader was held by Sir Alec Douglas-Home, who served for one year and one day, from 1963 to 1964.