After a 44-day tenure, Prime Minister and leader of Britain’s Conservative Party Liz Truss has announced she is resigning the post.

The conservative leader’s time in office has been fraught with controversial policy and mounting pressure building against her.

Her time in office has been dominated by market chaos prompted by the mini-budget that was announced by former chancellor Kwasi Kwarteng last month.

Despite sacking Mr Kwartenglast week and reversing almost all the unfunded tax cuts that had been proposed, the prime minister’s position had continued to come under pressure.

Some Tory MPs had publicly called for her resignation, but many others had privately suggested her time was up.

While Conservative Party rules prevent a challenge in the first 12 months of a new leader’s tenure, it was reported that a significant number of MPs had written to Sir Graham Brady, chair of the 1922 committee, to make clear they had lost confidence in the PM.

Here is the video of her announcement. She announced that she is resigning as leader of the Conservative Party and will stay on as prime minister until her successor has been chosen, at which time she will step down.

LIVE: Prime Minister Liz Truss makes a statement in Downing Street, as she faces mounting pressure to resign as UK leader https://t.co/knJGGJt2Sv

— Bloomberg UK (@BloombergUK) October 20, 2022