Liz Truss has resigned as Prime Minister after less than 50 days in office.
The PM made a statement outside 10 Downing Street where she confirmed that she would leave office after just six weeks in the top job.
It was announced that a new Conservative Party leadership election will be completed next week, and a new Prime Minister also in place next week.
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In her statement, the Prime Minister said: "I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin's illegal war in Ukraine threatens security of the whole continent.
"I was elected by the Conservative Party with a mandate to change this. We delivered on energy bills and cutting national insurance."
She then continued: "I recognise given the situation I cannot deliver the mandate on which I was elected.
"I have spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party. This morning I met with the Chairman of the 1922 Committee Sir Graham Brady.
"A leadership election is to be completed in the next week."
She finished her speech, saying: "I will remain as Prime Minister until a successor has been chosen."
It came after weeks of chaos, including the resignation of Chancellor Kwasi Kwarteng. In the last 24 hours, home secretary Suella Braverman stood down from her position and there was speculation chief whip Wendy Morton and her deputy Craig Whittaker had resigned in fury at the handling of a vote on a Labour motion over fracking.
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