British Prime Minister Liz Truss announced her resignation on Thursday following weeks of criticism from both political opponents and members of her own Conservative Party.
Serving just six weeks in office, Truss is the shortest-serving prime minister in British history. That title was previously held by George Canning, who served for about five months before his death in office.
Truss said in a statement Thursday, "We set out a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit... I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party."
Truss will remain as prime minister until a successor is chosen by the Conservative Party. A leadership election will be completed next week, much faster than the two-month period following the resignation of former Prime Minister Boris Johnson.
Truss entered office promising to cut taxes and boost the nation's economy, with her then Finance Minister Kwasi Kwarteng announcing major tax cuts, alongside new spending plans focused on mitigating rising household energy prices and supporting the pound's value.
However, the tax-cuts sparked a turbulent period for U.K. bond markets, with many analysts expecting British mortgage rates to increase, while import costs soared for businesses as the U.S. dollar strengthened against the pound. This caused Truss to reverse her economic plans, with her eventually replacing Kwarteng with Jeremy Hunt.
Within days of taking his new position, Hunt had canceled almost all of Truss' economic plans, leading to political rivals within her Conservative Party to begin calling for her resignation.
The pound rose 1% on the data against the U.S. dollar on Thursday, trading at $1.1214.
In her statement, Truss suggested that she has delivered on supporting households amid rising energy bills and cutting the cost of national insurance. She added that the Conservative Party will "remain on a path to deliver our fiscal plans and maintain our country's economic stability and national security."