JUST IN: Liz Truss resigns as British prime minister

Liz Truss has announced she will resign as British prime minister.

Truss said she has told King Charles III she is resigning as leader of the Conservative Party.

In a statement from Downing Street in London she said: "I recognise … given the situation I cannot deliver the mandate on which I was elected by the Conservative Party."

Truss said there would be a leadership election to replace her "to be delivered within the next week."