Liz Truss has announced her resignation as Prime Minister.

In a statement given at Downing Street, Liz Truss said: “I cannot deliver the mandate on which I was elected by the Conservative Party.

“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. And our country had been held back for too long by low economic growth.

“I was elected by the Conservative Party with a mandate to change this. We delivered on energy bills and on cutting national insurance.”

She said she had spoken to King Charles about her decision.

The statement comes after a growing number of Conservative Party MPs called for resignation.

The pressure was mounting on Liz Truss after a chaotic vote yesterday on a Labour Party’s motion to ban fracking in the UK.

Before the announcement, Truss met 1922 Chairman Sir Graham Brady to discuss the details of the new leadership process after her decision.

Liz Truss said: “This morning, I met the Chairman of the 1922 Committee Sir Graham Brady.

“We have agreed that there will be a leadership election to be completed within the next week.”

Early names that could be seen as candidates for the role of Prime Minister are former Chancellor Rishi Sunak, Defence Minister Ben Wallace and the new Chancellor Jeremy Hunt.