Liz Truss has resigned as prime minister.
Here is her full statement:
“I took office at a time of great economic and international uncertainty. Families and businesses worry about how to pay their bills.
“Putin’s illegal war in Ukraine threatens the security of our whole continent, and our country has been held back for too long by low economic growth.
“I was elected by the Conservative Party with a mandate to change this. We introduced energy bills and cut National Insurance, and we set our sights on a high-growth economy. , low taxes will take advantage of the freedoms of Brexit.
“However, I admit that in the situation I am unable to deliver on the mandate that I have been elected by the Conservative Party.
“Therefore, I spoke to His Majesty to inform him that I would be stepping down as leader of the Conservative Party.
“This morning I met with 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 we continue to execute on our fiscal plans and maintain our country’s economic stability and national security.
“I will continue to be prime minister until a successor is chosen. Thank you.”