Liz Truss has announced she is resigning as Prime Minister.
She said: "I recognise though that given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.
"I have therefore spoken to His Majesty The King to notify him that I am resigning as leader of the Conservative Party.
"This morning I met the chairman of the 1922 Committee Sir Graham Brady. We have 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 countries economic stability and national security. I will remain as Prime Minister until a successor has been chosen."
Screenshot: BBC
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