Liz Truss will be stepping aside as UK Prime Minister.
Speaking outside Downing Street, she claimed that she had informed King Charles of her resignation as Conservative Party leader.
In front of dozens of reporters, she says she came into office at a time of “great economic and international instability”.
She added: “I recognise… given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.”
Liz Truss continues by saying that she met with Sir Graham Brady, the head of the 1922 Committee, today.
They also decided that she would continue in office as prime minister until a replacement was chosen. The leadership election will take place within the coming week.