By Anita
Liz Truss, the British Prime Minister, has announced her resignation after admitting she was unable to “deliver the mandate on which I was elected.”
Truss will resign as Conservative leader immediately, but she will remain Prime Minister for another week while her party chooses her replacement.
Truss had only been in office for seven weeks, one of the shortest tenures in British political history.
She came under intense scrutiny after a mini-budget was announced on September 23, which included billions of pounds in unfunded tax cuts.
This resulted in a loss of market confidence in the UK economy and a drop in the value of the pound.
Truss fired Chancellor Kwasi Kwarteng and reversed most of his tax cuts in response.
