Speaking outside the door of her Number 10 Downing Street office, Truss accepted that she had lost the faith of her party and said she would step down next week, becoming the shortest-serving prime minister in British history.
Truss, who had said on Wednesday she was a "fighter and not a quitter", told the mass of journalists gathered in Downing Street that she realised she could no longer deliver on the promises that won her the Conservative leadership.
"I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party," said Truss, who was supported only by her husband with her aides and loyal ministers noticeably absent.
Britons in the midlands welcomed the news that Liz Truss would resign as British prime minister.
Those in Knutsford, part of the traditionally conservative constituency of Tatton, were in favour of Truss's resignation, though were at a loss as to who was fit to replace her. Tatton has delivered a conservative MP in all but one election since 1983.