Liz Truss dramatically QUITS as Prime Minister after just 44 days in No10 marred by mini-budget fiasco & Tory infighting

LIZ Truss has dramatically RESIGNED as Prime Minister today after just 44 days in office.

The embattled PM made a solemn speech outside Downing Street this afternoon confirming the astonishing turn of events.

Ms Truss' six weeks in office make her the shortest serving premier the UK has ever had.

A Tory leadership race will now begin and a new PM will be chosen by next Friday.

Card carrying Conservatives are expected to have a say in who gets the keys to No10, alongside Tory MPs.

Standing outside No10 this afternoon, Ms Truss said: "I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin’s illegal war in Ukraine threatens the security of our whole continent. 

"I was elected by the Conservative Party with a mandate to change this.

"I recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. 

"I have therefore spoken to His Majesty The King to notify him that I am resigning as Leader of the Conservative Party."

The PM added: "This morning I met the chairman of the 1922 Committee, Sir Graham Brady.

In a day of political chaos...

• Liz Truss dramatically RESIGNS as Prime Minister after just 44 days in office;
• Top contenders to take over from Liz Truss are revealed;
• Truss's 44-day stint as PM is set to be the shortest in British history;
• The previous record-holder for shortest term was Tory statesman George Canning, who spent 118 days as prime minister in 1827 before dying in office from ill-health;
• Truss said she had spoken to the King on Thursday to notify him of her resignation;A new Prime Minister will be elected in days as today's resignation sparks a leadership election
• Allies of Chancellor Jeremy Hunt said he would not be standing for the Tory leadership;Truss faces a dramatic week ahead as she remains in her post until a successor is chosen;
• Labour call for a general election.
• The pound has rallied following the dramatic resignation;
• Rishi Sunak, Penny Mordaunt and Ben Wallace are the top frontrunners to be the next PM.

"We've agreed that there will be a leadership election to be completed within the next week.

"This will ensure that we remain on a path to deliver our fiscal plans and maintain our country's economic stability and national security.

"I will remain as Prime Minister until a successor has been chosen."

Tory heavyweights Jeremy Hunt and Michael Gove have ruled themselves out of standing to be PM.

The current frontrunners to takeover from Ms Truss are Rishi Sunak, Penny Mordaunt and Defence Secretary Ben Wallace.

Mr Sunak and Ms Mordaunt came second and third in the last Tory readership race respectively.

In a shocking twist this afternoon Boris Johnson began taking soundings as to whether he should go for the top job again.

Already six MPs have come out to back their old boss - who is yet to confirm he's definitely up for the challenge.

Four MPs are urging Mr Sunak to run, while three say they're team Penny.

Responding to today's bombshell announcement, former minister and Red Wall poster boy Neil O'Brien tweeted: "The next PM must return to the national conservatism represented by our election winning 2019 manifesto and put us back on the side of normal working people."

And minister Greg Hands said: "A dignified exit as Prime Minister from Liz Truss. A difficult day for the country, the Party and for Liz personally.

"She wasn’t long as PM, but served at the Cabinet table longer than any of her three predecessors. She has long served the country - and I wish her very well."

Brexit hardman Steve Baker urged colleagues that whatever the result, "we must accept and back the new Prime Minister".

Ms Truss’ downfall began just days into her premiership, when the disastrous mini budget was announced.

The £45bn tax bonfire sent mortgages soaring and the pound plummeting.

It caused uproar among Tory MPs who questioned why the PM was cutting taxes for the rich as hard up Brits suffer in a crippling cost of living crisis.

Ms Truss tried to save her failing career by bringing in the more moderate Mr Hunt to replace friend and ally Kwasi Kwarteng as Chancellor.

Mr Hunt tore the mini budget to shreds in a move that calmed down markets.

But the damage had been done and restless MPs began calling for the PM’s head.

Yesterday Westminster descended into chaos yesterday after Ms Truss sacked her Home Secretary and her Chief Whip tried to quit.

Ousted Suella Braverman hit back to brand the PM “not serious” and accuse her of living in political la la land.

Ms Truss’s authority was draining away last night amid an astonishing Commons dust-up over fracking and another U-turn over scrapping the pension triple lock.

Onlookers told how an ashen-faced PM scuttled through the Commons as her MPs heckled “It’s a disgrace” and “Shambles” as they passed her.

Fifteen Conservative backbenchers had publicly called for the PM to go by this morning, with dozens more saying they want her out in private.

And this morning head honcho of the 1922 backbench committee Sir Graham Brady went to visit the PM in Downing Street.

It falls to Sir Graham to inform the PM if and when she's lost the confidence of most of her MPs.

The Sun understands Ms Truss requested the meeting to be updated on the party mood.

But just hours ago a spokesperson for the PM admitted "yesterday was a difficult day" but added there are "no plans for any change" and "the Prime Minister will continue beyond the 31st".