British Prime Minister Liz Truss has announced her resignation just a month and a half after taking office.
The development came on Thursday after her new Chancellor of the Exchequer, Jeremy Hunt, had rolled back virtually all of her economic agenda.
Truss has faced mounting criticism after a tax-cutting mini budget unraveled spectacularly last month, sending markets and the pound sterling into freefall.
Truss said she had come into office at a time of great economic and international instability, adding: “I recognize, given the situation I cannot deliver the mandate on which I was elected by the Conservative Party.”
The head of the 1922 Committee of Conservative Party lawmakers Graham Brady visited the prime minister at her 10 Downing Street residence and office on Thursday. The committee arranges contests for a change of leader, and Brady’s role is to gauge whether or not the prime minister still has the support of Tory members of parliament.
A number of Conservative lawmakers say they have submitted letters of no confidence in Truss to Brady, whose committee sets the rules for selecting and changing the party’s leader. An unnamed member of the committee on Thursday told UK broadcaster ITV that the odds were against Truss lasting the day as prime minister.
Conservative lawmaker Simon Hoare had told the BBC that Truss had only a short time to turn the situation around.
“Nobody has a route plan. It’s all sort of hand-to-hand fighting on a day-to-day basis,” Hoare told the BBC on Thursday.