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: Liz Truss resigns as U.K. prime minister

On Wednesday, U.K. Prime Minister Liz Truss said she’s a fighter, not a quitter.

On Thursday, she quit.

“I cannot deliver the mandate on which I was elected by the Conservative Party,” said Truss outside of 10 Downing Street.

Truss said she will exit as soon as a hastily drawn contest to replace her is held, by next week. The shortest-serving prime minister in history resigned after just six weeks into her premiership.

Truss’s position became untenable after the financial market rejection of the mini budget of her and Kwasi Kwarteng, her chancellor of the exchequer who she quickly fired. Wednesday’s chaotic vote on fracking was the last straw.

Rishi Sunak, the former chancellor who finished second in the last leadership contest, is the front-runner in betting markets to replace her. Sunak had warned that Truss’s financial policies would create a crisis in financial markets.

They did, though his prediction of an International Monetary Fund rescue did not come to fruition.

New Chancellor of the Exchequer Jeremy Hunt withdrew nearly all of the ill-fated £45 billion worth of tax cuts. He also pared back the duration of energy support, to six months, and said more spending cuts will be announced at the end of October.

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