British PM Liz Truss resigns UPDATE

The British Prime Minister, Liz Truss, has announced her resignation. 

As the BBC reports, Truss has issued her resignation statement in front of Downing Street, the formal office of the Prime Minister.

She has told the public that she has informed King Charles of her decision and is resigning as the leader of the Conservative Party.

Liz Truss said during her resignation speech, that, "I met the chairman of the 1922 Committee, Sir Graham Brady. We've agreed that there will be a leadership election to be completed within the next week. This will ensure that we remain on a path to deliver our fiscal plans and maintain our country's economic stability and national security. I will remain as prime minister until a successor has been chosen". 

Shortly after the PM's resignation, Chancellor Jeremy Hunt announced that "he will not stand to be the next Conservative leader and UK prime minister". 

The drama surrounding the new British PM started already back in September, according to Euronews, when she launched an economic program including an immense unfunded tax cut in the amount of £45 billion, which caused the immediate weakening of the British pound and widespread distrust in the government.

The PM made her then-Chancellor, Kwasi Kwarteng, take the blame for the disastrous economic implementation by sacking him on October 14, even though the mini-budget was widely regarded as a joint program of the two.

She replaced him with the former Foreign Secretary, Jeremy Hunt, who ripped up almost all of her mini-budget in an attempt to restore economic stability. According to the BBC, this greatly weakened the PM’s political authority as people recognized Hunt, a strict opposer of economic forms, to be in charge of the country.

As the Guardian wrote, the recent pressure from her own Conservative Party to step down had intensified after the forced resignation of Home Secretary Suella Braverman on October 19, plunging the party into chaos.

The final blow for many Conservative MPs appeared to be the chaotic voting session on October 19 over fracking, ending in shouting and fighting. 

Truss served in this office for 45 days, making her the shortest-serving PM in UK history.