UK politics: Liz Truss wishes Rishi Sunak 'every success', says 'we need to be bold and confront challenges'

Outgoing UK Prime Minister Liz Truss congratulated Rishi Sunak on his victory in the recent battle for the prime ministerial post and said her time in office has left "her more convinced than ever we need to be bold and confront the challenges that we face".

"We simply cannot afford to be a low-growth country where the government takes up an increasing share of our national wealth...and where there are huge divides between different parts of our country," Truss said before she left to meet King Charles III to formally tender her resignation.

She emphasised taking advantage of the UK's "Brexit freedoms". "This means delivering more freedom for our own citizens and restoring power in democratic institutions. It means lower taxes, so people keep more of the money they earn," she said in her farewell speech.

Reiterating her support for Ukraine, Truss said, "...we must support Ukraine in their brave fight against Putin’s aggression."

Speaking about her future plans, Truss said she looks forward to spending more time in her constituency, "and continuing to serve South West Norfolk from the backbenches".

Ending her speech, Truss wished Sunak 'every success'.

Liz Truss announced her resignation last week and summited a formal resignation on Tuesday to King Charles III.

According to BBC, the Buckingham Palace confirmed: "The Right Honourable Elizabeth Truss MP had an Audience of The King this morning and tendered her resignation as Prime Minister and First Lord of the Treasury, which His Majesty was graciously pleased to accept."

She became UK's shortest-serving prime minister with just 45 in office.

Addressing reporters outside Downing Street on October 20, she admitted that she had lost the trust of her party by failing to deliver on the pledges she made while vying for Conservative leader.

Her statements came after days of political and economical upheaval in the country. Moreover, many Tory MPs had raised their voices against Truss and her new economic policies.

Tensions had escalated in the UK after the finance minister announced 'mini-budget'.

The budget had included 45 billion pounds ($50 billion) of unfunded tax cuts and huge increases in government borrowing. Following the announcement, the pound plummeted and bond yields rose amid fear of the consequences of inflation and government debt.

This was followed by a U-turn on the new economic policies and the sacking of UK Finance Minister Kwasi Kwarteng. Later, Interior minister Suella Braverman resigned after she allegedly sent an official document from her personal email.