Treasury chief Kwasi Kwarteng announced a U-turn over an unfunded tax cut unveiled just days ago that proved unpopular even with his Conservative Party.
Truss defeated former Chancellor Rishi Sunak in the race for Conservative Party leader and prime minister.
The U.K. has seen the highest inflation rate among the Group of Seven nations.
On Sept. 5, either Rishi Sunak or Liz Truss will be announced as the U.K.'s new prime minister.
Boris Johnson says he is stepping down as the U.K.’s prime minister after facing mounting political scandals.
The Conservative Party needs a new leader and the country a new prime minister.
Johnson weathered a no-confidence vote earlier this year but was ultimately brought down after years of scandal.
Is this the beginning of the end for the British prime minister's leadership?
MP Jamie Wallis — who is a member of Johnson's Conservative Party — came out as trans in an emotional post.
Revelations that the prime minister partied while Britain was under coronavirus restrictions has prompted many in the Conservative Party to consider dumping their leader.