Liz Truss has resigned as Prime Minister after just 44 days in charge of the nation.
Truss succeeded Boris Johnson on September 6 after defeating Rishi Sunak in the Conservative Party leadership contest.
She will now go down as the shortest serving Prime Minister in UK history.
In a statement read outside Downing Street, 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.”
She said she was elected “with a mandate to change this”, adding: “We delivered on energy bills.”
“I recognise, though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party,” she said.
“I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.”
“This morning, I met the chairman of the 1922 committee, Sir Graham Brady. We’ve agreed that there will be a leadership election to be completed within the next week.”
Ms Truss will stay on as PM until her successor is chosen.
As the fallout continued, Labour were insisting the country doesn’t need “yet need” another Conservative leader. Sir Keir Starmer has called for an “immediate general election” to stop the “revolving door of chaos”.
According to The Telegraph, Rishi Sunak is almost certain to stand. The Times, meanwhile, was speculating that Boris Johnson would seek a swift return to power.