Speaking outside Downing Street, Lizz Truss says she has told King Charles she is resigning as leader of the Conservative Party.
Truss says she cannot deliver mandate.
The country had been held back by low economic growth for too long, she says, and she was elected by her party with a “mandate to change this”.
She says her government delivered on energy bills and cutting national insurance, and had set out a vision for a “low tax high growth economy”.
She adds: “I recognize… given the situation I cannot deliver the mandate on which I was elected by the Conservative Party.”
Liz Truss goes on to say that she met with 1922 Committee chairman Sir Graham Brady today.
They agreed there would be a leadership election within the next week.
She says this will ensure “that we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security”.
Truss says she will remain as prime minister until a successor is been chosen.