Liz Truss

British Prime Minister Liz Truss announced Thursday afternoon that she will resign as premier, sending the mandate for leading the country back to the Conservative Party.

In an address outside of 10 Downing Street Thursday, Truss said she will be stepping down as prime minister, lamenting that she "cannot deliver the mandate on which I was elected by the Conservative Party."

Truss said she has already notified the King of her resignation, adding that she will remain as premier until her party selects a new leader to replace her as prime minister.

"I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party."

"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."

"This will ensure that we remain on a path to deliver our fiscal plans and maintain our countries economic stability and national security. I will remain as Prime Minister until a successor has been chosen."

Truss was elected by the Conservative Party as party chairwoman in September, positioning her to replace outgoing premier Boris Johnson, who was forced to resign following a revolt by Conservative lawmakers.

After serving less than two months, however, Truss faced another revolt by Tory MPs, following pushback against her government's mini-budget.

Markets tanked following the rollout of the budget, which included a 45 billion-pound increase to the state deficit, created by planned tax cuts aimed at boosting the economy.