Embattled British Prime Minister Liz Truss announced she would step down from officer Thursday after serving just six weeks in office.

Truss’ perilous stint on Downing Street was marked by fiscal fiasco and hostile opposition form her own conservative party over her proposal to cut taxes on corporations and the wealthy, which sent financial markets into a weeks-long slide.

Truss, 47, replaced Boris Johnson who resigned over the summer following a ethics scandal that 50 members of the government to quit in protest.

Liz Truss has dramatically resigned as prime minister after just 45 days in the job.

The PM said her successor will be elected in a Tory leadership contest, to be completed in the next week.

Tory MPs urged Ms Truss to go after her government was engulfed by political turmoil, following the ditching of most of her economic policies.

Ms Truss was elected by the Tory membership in September, but she lost authority after a series of U-turns.

Liz Truss has resigned as prime minister and will step down after a week-long emergency contest to find her successor, she has announced outside Downing Street.

It follows a turbulent 45 days in office during which Truss’s mini-budget crashed the markets, she lost two key ministers and shed the confidence of almost all her own MPs.

Her statement came after she met Graham Brady, the chair of the 1922 Committee of backbench Tory MPs at Downing Street, followed by her deputy PM, Thérèse Coffey, and the party chair, Jake Berry.

British Prime Minister Liz Truss may be ousted six weeks into her tenure after she and fellow ministers caved on most portions of an aggressive economic reform package.

The U.K.’s new Treasury chief ripped up the government’s economic plan on Monday, dramatically reversing most of the tax cuts and spending plans that new Prime Minister Liz Truss announced less than a month ago. The move raises more questions about how long the beleaguered British leader can stay in office, though Truss insisted she has no plans to quit.

U.K. Prime Minister Liz Truss is facing calls to resign from within her own Conservative Party just six weeks after entering Downing Street.

Truss and her former Finance Minister Kwasi Kwarteng announced a fiscal package – a so-called mini-budget – on Sept. 23. The measures triggered market turmoil, from a plunging pound to pension panic, and a rare public rebuke by the International Monetary Fund.

Having sacked her chancellor and U-turned on a series of key measures in her government's mini-budget, a number of Conservative MPs have called for the removal of Liz Truss as party leader.

New chancellor Jeremy Hunt has warned against ousting the PM, but what are the ways Tory MPs could force Ms Truss to step down?

Either the Cabinet - made up of senior members of the government - or a large group of Tory MPs could apply political pressure by telling the PM she has lost their confidence and needs to go.

President Biden on Saturday criticized a tax cut plan that British Prime Minister Liz Truss has now largely backed away from as a “mistake.”

“Well, it’s predictable.  I mean, I wasn’t the only one that thought it was a mistake,” Biden said during a trip to Portland, Ore.

Truss announced plans last month to cut taxes by the equivalent of roughly $50 billion without detailing how it would be paid for, spooking investors. 

The plan sent the price of gilts, which are British government bonds, tumbling, as the pound plunged to a record low against the dollar.

Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on a major part of her tax-cutting economic plan Friday as she struggled to hang on to her job after weeks of turmoil on financial markets. But the market response was muted and the political reaction to what many saw as panicked moves left Truss’ credibility in tatters after only six weeks in office.

British Prime Minister Liz Truss on Monday ditched her signature plan to cut taxes for the country's top earners after it triggered market turmoil and a huge domestic outcry.

Truss, who is less than a month into the job, proposed removing the top tier of income tax — meaning a saving for people who earn more than 150,000 pounds ($168,000) a year — as part of a set of unfunded economic reforms that caused the pound to fall to historic lows and damaged Britain's economic standing globally.