Liz Truss resigns as UK Prime Minister

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UK Prime Minister Liz Truss resigned on Thursday, less than two months after being appointed as Conservative Party leader and head of the UK government.

"I recognize though, given the situation, I cannot deliver the mandate, on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party," Truss told reporters, as broadcast by Sky News.

Truss went on to say that she would stay in office until her replacement was picked, noting that a new party leader would be voted next week.

UK opposition leaders call for immediate general election

The leaders of the UK's opposition parties, the Labour Party and the Liberal Democrats, have called for an emergency general election following Prime Minister Liz Truss' resignation, according to Sky News.

Labour Party leader Keir Starmer stated that a general election is needed "now now," while Liberal Democrat leader Ed Davey said that "the Conservatives [need to be] out of power and... [Britains] need real change."

Sky News reported on Thursday that UK Finance Minister Jeremy Hunt will not run for prime minister after Liz Truss resigns.

Read next: Liz Truss has 17 days to save her job

The election to succeed outgoing UK Prime Minister Liz Truss as Conservative Party leader should take place by October 28, according to the official in charge.

"It will be possible to conduct a ballot and conclude a leadership election by Friday the 28th of October. So we should have a new leader in place before the fiscal statement which will take place on (October) the 31st," Graham Brady, chairman of the influential 1922 Committee of backbench MPs, told reporters.

Read next: Truss resignation won't solve anything: UK Foreign Secretary

Liz Truss was elected Prime Minister of the United Kingdom on September 6 and had only been in office for 44 days when she announced her resignation.

Earlier this month, Truss faced criticisms that were expected to lead to her removal by Christmas, according to The Independent. 

Tory MPs warned that Truss has only days to backtrack on the £45 billion of unfunded tax cuts in her "mini-budget" as part of the Growth Plan announced on September 23 by Chancellor of the Exchequer Kwasi Kwarteng. This plan led to a plunge in the British pound and negative ratings of the PM.