Liz Truss has resigned as prime minister, following a meeting this morning with the 1922 Committee chairman Sir Graham Brady in Downing Street.

In an announcement outside Downing Street, Truss stated: “Our country has 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.”

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

“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 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.”

“This will ensure that we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security,” she added.

Truss, who has spent just 44 days in office, says she will remain prime minister until a successor has been chosen.

Last week, Truss sacked Kwasi Kwarteng as chancellor after 38 days in the position and replaced him with former health secretary Jeremy Hunt.

On 23 September, the former chancellor announced a flurry of new stamp duty thresholds on a permanent basis as part of his mini-budget. 

The budget included a host of other tax cuts that were announced with the aim of boosting UK economic growth.

After a storm of criticism, the government then reversed plans to cut the top 45p income tax rate on 3 October.

Following the Kwarteng’s sacking, the new chancellor Hunt confirmed the reversal of nearly every tax cut announced in the September mini-budget. However, the stamp duty cut for house purchases remained.