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In a statement given outside Downing Street, Ms Truss announced that she will step down once a new leader is appointed.

It comes after 24 hours of turmoil inside Westminster, with calls for the prime minister to resign and rumours of a general election – and that’s just from Tory MPs.

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Liz Truss with News reporter David George on her leadership campaign trail at Queens Hotel, Portsmouth.

Picture: Habibur Rahman — Liz Truss with News reporter David George on her leadership campaign trail at Queens Hotel, Portsmouth. Picture: Habibur Rahman

Speaking outside Downing Street, she said: ‘Given the situation I cannot deliver the mandate on which I was elected.

‘I have spoken to His Majesty the King to resign as leader of the Conservative Party.’

Ms Truss’ premiership has faced u-turns over the mini-budget and departure of key players, including former chancellor Kwasi Kwarteng and home secretary Suella Braverman.

The Fareham MP handed her notice in yesterday after sending a government email from her personal address.

Penny Mordaunt, Conservative MP for Portsmouth North and leader of the House of Commons, also took to the stand earlier this week, filling in for Ms Truss.

Liz Truss: Prime minister announces resignation after 24 hours of chaos in Westminster