London: UK Prime Minister Liz Truss resigned on Thursday due to the financial crisis in the country and the downfall of Pound due to her announcement of a massive package of unfunded tax cuts.

She became the shortest ruling Prime Minister in the history of Britain, she served as Prime Minister for 45 days. She came to power in early September promising an all-out push for growth, but her program proved unpalatable to financial markets as both the pound and gilts tanked amid concerns about how she’d pay for her economic plans.

Liz Truss has resigned as UK prime minister after 44 days in office https://t.co/VwcQxFTnu4 pic.twitter.com/TftXxcJOdE

— Bloomberg (@business) October 20, 2022

Liz Truss departure leaves the ruling Conservative Party badly damaged, languishing more than 30 points behind Labour in the polls after 12 1/2 years in power. Her successor will become the party’s fifth premier in less than seven years since the 2016 Brexit referendum ushered in a period of unprecedented chaos in British politics.

Truss said the party aims to choose her successor within a week and that she will stay on as prime minister until then. Whoever it is will face a formidable task in repairing the Tory party’s reputation and the economy in time for a general election which must take place in January 2025. Truss’s tenure has all but guaranteed post-Brexit Britain’s immediate future is one of higher borrowing costs, weak growth, tax hikes and spending cuts.