London

UK's beleaguered Prime Minister Liz Truss, facing opposition from within the party over her handling of the economy and exit of key ministers, resigned on Thursday.

She was PM for 45 days and has stepped down amid fallout of her ambitious tax cut policy. The estimated 45 billion pounds worth of tax cuts without a detailed funding plan to back them were seen as disastrous for the UK economy.

Addressing reporters outside 10 Downing Street, Truss, noting that she came into office at a time of "great economic and international instability", said: "I recognise given the situation I cannot deliver the mandate on which I was elected by the Conservative Party."

#WATCH | Liz Truss resigns as the Prime Minister of the United Kingdom

I am resigning as the leader of the Conservative party. I will remain as Prime Minister until a successor has been chosen: Liz Truss

(Source: Reuters) pic.twitter.com/nR2t0yOP30

— ANI (@ANI) October 20, 2022

Truss had succeeded Boris Johnson in early September, after emerging triumphant in the Conservative Party leadership contest over former Chancellor of the Exchequer, Rishi Sunak.

Incidentally, her resignation comes on the same day as Suella Braverman's resignation as Home Minister.

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She will continue to remain PM till a successor is chosen.