After having informed the King earlier today, the prime minister has this afternoon announced her resignation from Downing Street.
Liz Truss became the UK’s youngest ever serving prime minister. Since her appointment on 6 September, she has been in the post for 44 days. She is expected out of Downing Street by the middle of next week.
George Canning, the previous UK prime minister who served the shortest time was George Canning, who served just 119 days in 1827.
Modern times have Sir Alec Douglas Hume, who lived in Downing Street for one year and one day between 1963-64, was the longest serving prime minister.
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Speaking on the steps of Downing Streets, Liz Truss said, “I recognize though that given the situation, I cannot deliver the mandate on which I was elected by the Conservative party”.
Truss also confirmed that a new Conservative leadership race will be held at Westminster next Wednesday.
Truss’ resignation comes after a month long period of political and economic turmoil, one which has seen huge volatility in the value of the pound, a rise in the cost of government borrowing, a full blown U-Turn on an earlier mini-budget, and the resignation of the Chancellor and the Home Secretary.
These events have seen Labour rise to the top in opinion polls, from 11% in August to 30% by mid-October.