United Kingdom’s Prime Minister Liz Truss resigned after a short tenure that saw her announce a massive package of unfunded tax cuts before unwinding most of it in the face of a market rout.

Truss announced her resignation on October 20 following the near-complete evaporation of her political authority, a process begun by last month’s mini-budget reading.

Truss is expected to issue a statement about her resignation.

After being formally appointed by the late Queen Elizabeth II on September 6, Truss entered office with an ambitious economic plan of ‘tax-cutting’ but it turned out to be disastrous and denounced by British lawmakers.

In her public announcement earlier Thursday, October 20, Truss said she cannot deliver the mandate on which she was elected by the Conservative Party.

As per reports, she said: "I have therefore spoken to his majesty the king to notify him that I am resigning as leader of the Conservative Party.”

She added that she would continue to serve as the premier until a successor is chosen.

Truss has taken over from George Canning as the shortest-serving prime minister in UK’s history. Canning died in office in 1827 after serving for 119 days.

Truss succeeded Boris Johnson after winning a leadership contest with 57.4 percent of the parliament’s vote against Rishi Sunak, who obtained 42.6 percent.