Liz Truss has resigned as prime minister just 44 days after taking over from Boris Johnson.

She will be the shortest-serving PM in British history. A new Conservative leader, who will get the keys to Number 10, is set to be elected next Friday.

In a statement read outside Downing Street, Ms. Truss admitted she could not deliver her mandate.

She said: “I came into office at a time of great economic and international instability.

Ms. Truss will remain as prime minister until her successor has been chosen.

Sir Graham Brady, Chairman of the 1922 Committee, said the committee expects to conclude a leadership election by Friday 28 October with a new PM in place in time for the 31 October fiscal statement.

He said Tory members are expected to be able to vote but the candidates could be whittled down to just one.

Ms. Truss’s resignation came just a little over 24 hours after she told MPs she was a “fighter, not a quitter”.

Reacting to the resignation of the Prime Minister, Dr. Liz Cameron CBE, Director & Chief Executive of the Scottish Chambers of Commerce, said:

“After weeks of turmoil, the Prime Minister’s resignation has exacerbated levels of uncertainty in the UK. 

“The Conservative Party must now quickly agree on a new leader and that leader must deliver much-needed stability for businesses and the country.

“The next Prime Minister must immediately set out how they will support firms with energy bills and reduce the rising costs facing businesses and households.

“Beyond the emergency support, their priorities must also set out clearly what their long-term economic plan will be. That plan must align with the priorities of the business community: increasing the flow of international skills and labour, fast-tracking infrastructure investment, and boosting exports. 

“We need business and government pulling in the same direction if we are to create economic growth that is badly needed across the whole of the UK. This is how the next Prime Minister will be assessed by the business community.”  

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