Liz Truss is continuing her statement outside Number 10.
In front of dozens of reporters she says she came into office at a time of “great economic and international instability”.
She says she cannot deliver the mandate she was elected on by Tory members and is resigning.
Liz Truss goes on to say that she met with 1922 Committee chairman Sir Graham Brady today.
They agreed there will be a leadership election within the next week, adding that she will remain as prime minister until a successor is chosen.