Liz Truss resigns: Prime Minister quits after six weeks in Downing Street

In a statement outside No 10, Ms Truss said she had informed the King she was resigning and that a leadership election would take place within the next week.

Her resignation means the UK will have its third Prime Minister this year, and comes the day after the Home Secretary resigned and six days after she sacked her Chancellor of five weeks, Kwasi Kwarteng, was sacked following last month's mini-budget.

Ms Truss, who was accompanied outside by her husband, Hugh O'Leary, said she was voted in by members of the Conservative Party with a mandate to change low economic growth that's 'held the country back', and delivered the energy bills and cutting National Insurance.

"I cannot deliver the mandate by which I was elected by the Conservative Party," he said. "I have therefore spoken to His Majesty The King and notified him that I'm resigning as leader of the Conservative Party.

"This morning I met with the Chairman of the 1922 Committee, Sir Graham Brady,. We have agreed 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. Thank you."

Conservative MPs have been more vocal in their criticism and demands for Ms Truss to go, especially after a chaotic vote on a Labour motion in the House of Commons on Tuesday evening.

Labour had introduced a vote seeking to ban fracking, which became treated as a “confidence motion” in the Government. The Government won the vote, although there were allegations of senior ministers bullying Tory MPs into voting with the government.

More to follow.