Liz Truss, Prime Minister of the United Kingdom, resigned on Thursday following a failed tax-cutting budget that shook financial markets and sparked a revolt within her own Conservative Party.
Truss was only in power for 44 days, making her the UK's shortest-serving prime minister. Following Queen Elizabeth II's death, government action was halted for ten days during her premiership.
"We set forth a vision for a low-tax, high-growth economy that will take advantage of the freedoms of Brexit," she said outside 10 Downing Street.
"I understand, however, that given the circumstances, I am unable to fulfil the mandate for which I was elected by the Conservative Party." As a result, I have informed His Majesty the King that I am retiring as Conservative Party leader."
The party is now expected to hold a leadership election within the next week, significantly faster than the two-month span that existed this summer.
Truss resigned after meeting with Brady, who chairs the 1922 Committee, a group of Conservative MPs who do not hold ministerial positions and can submit letters of no confidence in the prime minister. A Downing Street spokeswoman informed reporters just before the meeting that Truss wanted to stay in office.
During the hour-long meeting, the number of Conservative MPs publicly calling for Truss' resignation rose to 17. By Thursday, more than 100 people had written letters to Brady expressing their dissatisfaction with the prime minister.
On Thursday afternoon, opposition parties Labour, the Scottish National Party, and the Liberal Democrats called for an emergency general election. "The Conservative Party has demonstrated that it no longer has the mandate to rule," Labour leader Keir Starmer said.
In response to the announcement, US President Joe Biden stated, "The United States and the United Kingdom are strong Allies and enduring friends – and that fact will never change."