Announcing her resignation, the Prime Minister said: "I recognise I cannot deliver the mandate on which I was elected by the Conservative Party.

"I am resigning as leader of the Conservative Party. There will be a leadership election to be completed within the next week.

"I will remain as Prime Minister until a successor has been chosen."

Her resignation comes after weeks of chaos, with the government's mini-budget plunging the economy into turmoil.

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Reaction from the local Labour party

Labour candidate for Leigh, Jo Platt (Image: Jo Platt)

Following Truss' resignation, Labour candidate for Leigh, Jo Platt, who will contest the seat in the next general election, has offered strong opinions on how the country should move forward.

She said: "This is beyond a farce. This Tory Government has shown itself up for what it is; incompetent and incapable of running this country. At this point, the only option is to take it to the polls and ask the electorate who they want representing them. 

"The damage this Tory Government has inflicted on working people has been colossal. The crash in the market, the increased mortgage rates and the spiraling energy bills, will be felt for years to come. 

"Even when faced with a public outcry, this Tory Government continued to in-fight without a care on how people would pay their bills or heat their homes.

"Liz Truss was right to go, I am struggling to contain my anger at the damage she has done.

"But the Tory Party who chose her – and our own MP, James Grundy supported her leadership campaign throughout. These people need to take responsibility for their choice.

"The country needs a General Election now. In such bleak economic times, the country has a right to decide their future.

"We need to end the Tory chaos with a Labour Government that will sensibly grow the economy and rebuild this country for a fairer future."

Liz Truss has become the country's shortest serving Prime Minister (Image: PA)

The Conservatives are expected to conclude another leadership election by Friday, October 28, in time for the proposed fiscal statement on October 31.

Conservative MP for Leigh James Grundy was contacted for his reaction to the Prime Minister's resignation, but has not yet responded.