British Prime Minister Liz Truss has resigned after 44 days in office amid a loss in investor confidence and political turmoil in the governing Conservative Party over her much-maligned tax cuts.

In a statement monitored on CNN, she said she had set out a vision for a low tax and high growth economy that would take advantage of the freedoms of Brexit.

Truss: I cannot deliver the mandate

Truss, who succeeded former premier Boris Johnson, said: “I recognise that given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.”

She further said she would remain in office until the Conservatives elect a new leader.

Her resignation made her the shortest-serving premier in the history of the United Kingdom. It also comes a few days after she announced her intention to stay on and lead the governing party during the forthcoming general election.

BBC reported that the Premier lost the confidence of investors and the public after her proposed plan to reduce taxes in the mini-budget announced by former finance minister Kwasi Kwarteng prompted bond investors to raise their lending rates and lenders to withdraw mortgage offers.

The Guardian newspaper of the UK quoted senior Conservative Party official Graham Brady as having said party chairperson Jake Berry confirmed that it will be possible to conduct a ballot and conclude a leadership election by Friday, October 28.

Th i s me a n s t h e Conservatives might have a new Premier in place by the time the fiscal statement is presented on October 31.

I n h i s r e a c t i o n , opposition Labour Party leader Keir Starmer called for a general election to usher in a new government to give the British public a fresh start after a purported loss of confidence in the Conservative Party-led administration.

BBC quoted him as having said: “They [Conservatives] do not have the mandate to put the country through yet another experiment; Britain is not their personal fiefdom to run how they wish. We must have a chance at a fresh start. We need a general election now.”

On her part, Scottish National Party leader Nicola Sturgeon said on Twitter: “There are no words to describe this utter shamble adequately. It’s beyond hyperbole and parody.

“The reality, though, is that ordinary people are paying the price. The interests of the Conservative Party should concern no one right now. A general election is now a democratic imperative.”

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