UK set for another leadership contest after Liz Truss quits as Prime Minister

Liz Truss announced on Thursday that she will be stepping down as the Prime Minister of the United Kingdom amid concerns regarding her leadership and the economy. Truss will be the shortest-serving prime minister in UK history.

Truss said that a leadership race will take place in the Conservative Party to decide her successor and she will be PM till the results are announced. Rishi Sunak is the current favourite along with Penny Mordaunt. 

Also read | LIVE UK crisis | Liz Truss resigns, becomes shortest-serving PM in UK history

"We delivered on energy bill and upon cutting taxes. But I recognise that given the situation, I cannot deliver the mandate. I am resigning as the leader of the Conservative Party," Truss said during the press briefing.

Truss had a tricky start to her tenure after succeeding Boris Johnson and her economic measures were met with harsh criticism from all directions. The mini budget presented by former finance minister Kwasi Kwarteng included unfunded tax cuts worth nearly $45 million and it resulted in the pound dropping to its lowest against the United States dollar.

The criticism resulted in Kwarteng losing his position as finance minister and his successor - Jeremy Hunt - announced that the government will not be going forward with the economic measures previously announced.

Also read | Russian fighter jet 'released missile' near British aircraft over Black Sea

Hunt also announced on Thursday that he will not be taking part in the leadership race of the Conservative Party.

In the aftermath of the resignation, Labour Party leader Keir Starmer said that the Conservative Party are unable to provide the public with a stable government and asked for emergency elections.