British Prime Minister Liz Truss has announced she is resigning from her post after admitting she couldn’t “deliver the mandate on which I was elected.”
Truss will stand down as Conservative leader immediately, but will remain prime minister for another week whilst her party selects her replacement.
Truss had been in the job for just seven weeks, one of the shortest spells in British political history.
She came under intense pressure after a mini-budget was announced on September 23, introducing billions of pounds worth of unfunded tax cuts. This led to a loss of market confidence in the U.K. economy, and the value of the pound plummeting.
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