LIZ Truss has officially resigned to King Charles after delivering her farewell speech to the nation as Prime Minister, vowing that “brighter days lie ahead”.
Ms Truss remained defiant following her disastrous mini budget, which sent mortgages soaring and the pound plummeting.
Liz Truss delivers her last ever speech as PM outside No10, with her daughters and husband Hugh O’Leary by her side
Liz Truss announced there are “brighter days ahead”
Liz Truss arrives at Buckingham Palace to tell the King she wants to resign
Liz Truss’ wife Hugh O’Leary is greeted at Buckingham Palace
Rishi Sunak will make his debut speech as PM outside of Downing Street at 11am
The ex-PM warned that the UK “continues to battle through the storm”.
However, she added: “I believe in Britain, I believe in the British people.”
In the three minute address Ms Truss claimed that her government “acted urgently and decisively on the side of hard working families and businesses”.
She said: “From my time as Prime Minister, I am more convinced than ever that we need to be bold and confront the challenges that we face.
“As the Roman philosopher Seneca wrote, it’s not because things are difficult, that we do not dare, it is because we do not dare that they are difficult.
“We simply cannot afford to be a low growth country where the government takes up an increasing share of our national wealth, and where there a huge divides between different parts of our country.”
This morning the former PM chaired her final Cabinet just 50 days since entering No10.
Keep up with today’s developments on our politics live blog.
At the meeting Ms Truss thanked ministers for their support and said that her government “secured some significant achievements”.
The Deputy Prime Minister Therese Coffey and Business Secretary Jacob rRees-Mogg thanked the ex-PM for her “commitment to the country at a difficult time”.
They said she had delivered on the three priorities: protecting hard-up Brits from soaring energy bills, slashing taxes and putting in place a plan for patients.
Following her final speech, Ms Truss scooted over to Buckingham Palace for an audience with the King.
There, she informed him she will stand down as PM – and he accepted her resignation.
New Tory leader Mr Sunak will now sweep in for his own audience where he will be invited by the King to form the next government.
At around 11am the new PM will then deliver his debut address to the country outside his new home of No10.
Mr Sunak will waste no time getting on with the job at hand and start appointing his new Cabinet “of all the talents”.
The new PM will have to weigh up who to fire and who hire, knowing that all wings of the divided Tory party will want to see a member of their faction represented at the top table.
Confirmation of big Cabinet roles should begin in the afternoon but may run late into the evening.
Close allies like Dominic Raab, Oliver Dowden and Robert Jenrick are tipped to a return to senior ministerial posts.
Ms Mordaunt is courting the job of Foreign Secretary – while Michael Gove could even make a return.
Jacob Rees-Mogg – who was highly critical of Mr Sunak – is expected to be sacked as Business Secretary, along with Chief Whip Wendy Morton.
‘Unite or die’
Yesterday Mr Sunak vowed to his MPs: “We must unite or die, and deliver for our country.”
The new PM warned it was time for the Tory Party to get real or get wiped out as “this is an existential moment”.
With Britain facing a crippling cost of living crisis, inflation soaring at 10.1 per cent and a £40bn black hole in public finances, he pledged to do whatever it takes to get a grip on the economy.
The former Chancellor said: “We’ve got an economic crisis and a political crisis; the public will hold us accountable for it — unless we fix it now and we can.”
He insisted: “We’ve got time before the next election, we’ve got the talent, the energy and the ideas but we get one shot and no second chances.”
Later, in his first address to the nation, Mr Sunak said it was the “greatest privilege of my life” to become PM and pledged to serve with “integrity and humility”.
He warned that the country faces “profound economic challenge” but said he was the man to deliver a brighter future for our children and grandchildren.
He received a hero’s welcome from supporting MPs who greeted him at Conservative HQ in Westminster for his victory speech.
Yet viewers were left baffled after Mr Sunak spoke for just 86 seconds before awkwardly shuffling off the stage.
At just 42 he will be the youngest PM for 200 years and the first British-Asian to hold the top job.
Mr Sunak will also be the UK’s first Hindu leader, with his victory coming on religious festival Diwali.
Second time lucky
The former Chancellor’s path to No10 was cleared yesterday after remaining rival Penny Mordaunt failed to get the 100 backers needed to take the latest leadership contest to the party members.
After a morning hammering the phones to court undecided MPs, she withdrew minutes before the 2pm deadline, declaring that “Rishi has my full support”.
In his first rallying cry as Tory leader Mr Sunak insisted they could beat Sir Keir Starmer but warned the party faced an “existential” crisis and must “unite or die”.
His attempt to draw a line under months of squabbling was welcomed by colleagues, with former leadership foe Liz Truss giving her blessing.
But there was a deafening silence from Boris Johnson who last night had still not congratulated his former Downing St neighbour.
The ex-PM abandoned a shock comeback bid late on Sunday night despite gathering enough supporters to launch a second tilt at the job.
Bob Blackman, the 1922 secretary, confirmed to HOAR that Mr Johnson had reached the 102 backers needed to mount a leadership attempt.
Mr Johnson’s glaring refusal to wish Mr Sunak well fuelled speculation the men had failed to bury the hatchet during peace talks over the weekend.
Insisting he could be a winner like BoJo, the new Tory leader said: “We’ve got time before the next election.
“We’ve got the talent, the energy and the ideas. But we get one shot. No second chances – this is an existential moment.”
Anne-Marie Trevelyan arrives in Downing Street for Liz Truss’ final Cabinet meeting as PM
Ministers Ed Argar, Michael Ellis and Brandon Lewis arrive in Downing Street for Liz Truss’ final Cabinet meeting as PM