The Latest Breaking News from Liz Truss

From soaring mortgage costs to a sterling slump, the fiscal event set off a chain of chaos that led to PM’s downfall

After weeks of plummeting opinion polls and economic turmoil, Liz Truss bows to pressure from her own MPs to step down from the leadership.

Boris Johnson is 13/1 to make a sensational comeback at No.10

Liz Truss said she had spoken to the King and was resigning from office

Truss' announcement follows weeks of criticism from her opponents and members of her own Conservative Party, and the resignation of two of her top Cabinet picks.

Liz Truss announced on Thursday she was quitting after just 44 days in No10, becoming Britain’s shortest serving Prime Minister. Speaking in Downing Street shortly after 1.30pm, she told the nation she was resigning after an open revolt by Tory MPs against her chaotic and crisis-hit premiership.

Liz Truss said on Thursday she would resign as prime minister, brought down by her economic programme that sent shockwaves through the markets and divided her Conservative Party just six weeks after she was appointed.

Truss says she will stand down as leader of the Conservative Party, triggering a contest to elect her successor.

Though she insisted on Wednesday she is a ‘fighter, not a quitter’, a growing number of her MPs had said it was time for Ms Truss to go.

The U.K. will have its fifth prime minister in six years.

Truss, heavily criticised for her economic agenda, to leave Downing Street just weeks after being appointed.