She said she was elected “with a mandate to change this”, adding: “We delivered on energy bills.”
“I recognise, though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party,” she added.
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“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’ve agreed that there will be a leadership election to be completed within the next week.”
Ms Truss will remain as prime minister until her successor has been chosen.
Image: Liz Truss’s husband Hugh O’Leary stood nearby as she resigned as PM
Sir Graham said the committee expects to conclude a leadership election by Friday 28 October with a new PM in place in time for the 31 October fiscal statement.
He said Tory members are expected to be able to vote but the candidates could be whittled down to just one.
A senior Tory source suggested MPs will have to put their nominations in by Monday.
Ms Truss’s resignation came just a little over 24 hours after she told MPs she was a “fighter, not a quitter”.
Who will be the next PM?
There has been much speculation about who could replace Ms Truss, with new chancellor Jeremy Hunt one of the main names being suggested.
However, Sky News’ deputy political editor Sam Coates said he has been told Mr Hunt will not stand.
Other Tory MPs being suggested as running are Penny Mordaunt, Rishi Sunak, Kemi Badenoch, and even ex-PM Boris Johnson.
Former leadership candidate Tom Tugendhat has ruled himself out.
Sky News understands Commons leader Ms Mordaunt and Justice Secretary Brandon Lewis are taking soundings from Tory MPs over whether to put their hats in the ring.
Loyal Johnson supporter Tory MP James Duddridge tweeted his support for the former PM, who is currently on holiday in the Caribbean.
“I hope you enjoyed your holiday boss,” he said.
“Time to come back. Few issues at the office that need addressing. #bringbackboris.”
Image: Sir Graham Brady said the leadership campaign will be concluded by next Friday
Labour leader Sir Keir Starmer called for a general election “now” as he said the British public “must have a chance at a fresh start”.
He added: “The Tories cannot respond to their latest shambles by yet again simply clicking their fingers and shuffling the people at the top without the consent of the British people.
“They do not have a mandate to put the country through yet another experiment; Britain is not their personal fiefdom to run how they wish.”
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1:06
Labour leader calls for general election now
The start of Truss’s downfall
Ms Truss’ downfall began when her former chancellor Kwasi Kwarteng announced his mini-budget on 23 September, which prompted weeks of economic turmoil and eventually led to him being sacked last Friday.
Mr Hunt, who voted for Rishi Sunak during the leadership campaign, then took over as chancellor and U-turned on the majority of the unfunded mini-budget tax cuts on Monday – further undercutting Ms Truss’s authority.
On Wednesday afternoon, her home secretary, Suella Braverman, then quit after saying she had breached security rules by sending a policy message to a colleague over her personal email by mistake.
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1:49
PM: ‘I’m a fighter, not a quitter’
It only got worse on Wednesday evening after confusion over whether Labour’s opposition day vote on fracking was actually a confidence vote in the government or not – which resulted in allegations of physical “manhandling” of Tory MPs by colleagues.
Some Tory MPs had publicly called for Ms Truss’s resignation before that but in the hours before she quit, a flurry of Tory MPs revealed they wanted her to go.
Conservative Party rules prevent a leader from facing a confidence vote in the first 12 months of their tenure.
But it is understood that after a significant number of MPs wrote to Sir Graham Brady, chair of the 1922 Committee of backbench Tory MPs, calling for her to go, a decision was made that she could not stay.
At least 36 people have been killed after a fire engulfed several buildings at a high-rise residential complex in Hong Kong.
Hong Kong leader John Lee said another 279 people were reported missing. He said 29 people remained in hospital.
About 900 people have been evacuated to temporary shelters after the blaze – Hong Kong’s deadliest fire in years – broke out at the Wang Fuk Court housing complex in the city’s Tai Po district.
Three men have since been arrested on suspicion of manslaughter, broadcaster RTHK reported.
Image: Pics: AP
Meanwhile, fire chiefs said the high temperatures were making it challenging for crews to mount rescue operations.
Mr Lee said the fire was “coming under control” shortly after midnight.
The blaze was upgraded to a level 5 alarm, the highest level of severity, as night fell.
Image: Pics: AP
The dead included one firefighter, officials said earlier.
A number of other firefighters were said to have been hurt while trying to tackle the flames as they ripped through the 31-storey towers.
Image: Pic: Reuters
Image: Pic: AP
Records show the Wang Fuk Court site consists of eight blocks, with almost 2,000 apartments housing around 4,800 residents, including many elderly people. It was built in the 1980s and has recently been undergoing a major renovation.
Image: Pic: Reuters
Image: Pic: Reuters
The fire, which broke out at 2.51pm local time, had spread on bamboo scaffolding and construction netting set up around the exterior of the complex.
It was not known how the fire started, but officials said it began on the external scaffolding of one of the buildings before spreading inside and to nearby buildings, likely aided by windy conditions.
Image: Pic: Reuters
Image: Pic: Reuters
Flames and smoke were still pouring out of many windows as night fell.
Chinese President Xi Jinping expressed condolences to the firefighter who died, and extended his sympathies to the families of the victims, according to state broadcaster CCTV. He also urged an “all-out” effort to minimise casualties and losses.
The UK’s foreign secretary described the fire as “truly devastating and deeply depressing”. Yvette Cooper said: “The UK sends heartfelt condolences to all the families affected and to the people of Hong Kong.”
Tai Po is in the northern part of Hong Kong, and close to the border with the mainland Chinese city of Shenzhen.
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Bamboo scaffolding is a common sight in Hong Kong at building construction and renovation projects.
However, the government said earlier this year it would start phasing it out for public projects because of safety concerns.
The blaze is the deadliest fire in Hong Kong since the deaths of 41 people in a commercial building in Kowloon in November 1996.
That fire was later found to have been caused by welding during internal renovations, with a public inquiry yielding sweeping updates to building standards and fire safety regulations in the city’s high-rise offices, shops and homes.
Mr Trump initially posted on his Truth Social platform to say the two National Guardsmen had been “critically wounded”, adding that the “animal” that shot them “is also severely wounded, but regardless, will pay a very steep price”.
But West Virginia’s governor said both victims were members of his state’s National Guard and had died from their injuries.
Patrick Morrisey added: “These brave West Virginians lost their lives in the service of their country. … Our entire state grieves with their families, their loved ones, and the Guard community. West Virginia will never forget their service or their sacrifice, and we will demand full accountability for this horrific act.”
Image: Pic: AP
Police tape cordoned off the scene, while agents from the US Secret Service and Bureau of Alcohol, Tobacco, Firearms and Explosives were on the scene, as National Guard troops stood sentry nearby.
Image: Emergency personnel cordon off an area near where National Guard soldiers were shot. Pics: AP
The Joint DC Task Force confirmed it was responding to an incident in the vicinity of the White House.
The DC Police Department posted on X: “Critical Incident: MPD is on the scene of a shooting at 17th and I Street, NW. Please avoid the area.”
In an update, the force said: “The scene is secured. One suspect is in custody.”
White House press secretary Karoline Leavitt said: “The White House is aware and actively monitoring this tragic situation.
“The president has been briefed.”
Mr Trump was at his resort in Palm Beach ahead of the Thanksgiving holiday, while US vice president JD Vance was in Kentucky.
Flights arriving at Ronald Reagan Washington National Airport were temporarily halted due to its proximity to the scene of the shooting, the US Federal Aviation Administration said.
Hundreds of National Guard members have been patrolling the nation’s capital after Mr Trump issued an emergency order in August, which federalised the local police force and sent in the guard from eight states and the District of Columbia.
This breaking news story is being updated and more details will be published shortly.
A woman has been jailed for life in New Zealand for murdering her two children, whose bodies were found in suitcases in an abandoned storage unit more than three years ago.
Hakyung Lee, born in South Korea, was convicted in September after admitting using anti-depressant medication to kill her children, aged six and eight, in 2018.
Their bodies were discovered in the storage unit when its new owners were sorting through its contents after buying it in an online auction in August 2022.
Lee – a New Zealand citizen – had money troubles and stopped paying rent on the Auckland storage unit.
The 45-year-old was extradited to New Zealand in late 2022, after fleeing to South Korea shortly after the murders and changing her name.
Her lawyers claimed the killings happened after she “descended into madness” following the death of her husband in 2017, and on Wednesday, argued that a life sentence would be unjust given her mental health issues.
But prosecutors said there was no evidence Lee was suicidal at the time of the killings, according to the New Zealand Herald.
Judge Geoffrey Venning rejected calls for a lesser penalty, but he did approve compulsory treatment at a secure psychiatric facility on the condition that Lee would return to prison once deemed mentally fit, the newspaper reported.
The judge told Lee: “You knew your actions were morally wrong… perhaps you could not bear to have your children around you as a constant reminder of your previous happy life.”
Lee was sentenced to life imprisonment and must serve a minimum non-parole period of 17 years.