Liz Truss stands down as Prime Minister

Liz Truss has announced her resignation as Prime Minister in a short statement outside Number 10 this afternoon.

Truss addressed the nation, saying she came into office at a time of 'great economic and international instability.'

She continued: "I recognise... given the situation I cannot deliver the mandate on which I was elected by the Conservative Party."

After a meeting with the 1922 Committee chairman Sir Graham Brady, it was agreed that a leadership election will take place within the next week. 

Liz Truss was in office for six weeks, or 45 days and will remain in her role until her successor is chosen.