Liz Truss has resigned as prime minister and leader of the Conservative party after just 44 days in office – the shortest term on record at Westminster.
A Conservative party leadership election will be completed within the next week to appoint the third Tory prime minister within six months.
Following the announcement calls for a national general election have grown significantly and are likely to persist when a new prime minister is in place.
Current chancellor Jeremy Hunt has told BBC News he will not be standing in the leadership contest.
Truss made a brief statement in Downing Street confirming her resignation after weeks of turmoil triggered by the mini budget she produced with then-chancellor Kwasi Kwarteng which has subsequently been largely overturned.
She will remain as prime minister until a replacement has been found.
The previous shortest serving prime minister was George Canning who lasted 119 days in 1827 before he died aged 57.
Liz Truss’ statement in full:
I came into office at a time of great economic and international instability.
Families and businesses were worried about how to pay their bills.
Putin’s illegal war in Ukraine threatens the security of our whole continent.
And our country had been held back for too long by low economic growth.
I was elected by the Conservative Party with a mandate to change this.
We delivered on energy bills and on cutting national insurance.
And we set out a vision for a low tax, high growth economy – that would take advantage of the freedoms of Brexit.
I recognise 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 notify him that I am resigning as Leader of the Conservative Party.
This morning I met the Chair of the 1922 Committee Sir Graham Brady.
We have agreed there will be a leadership election to be completed in the next week.
This will ensure we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security.
I will remain as Prime Minister until a successor has been chosen.