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U.K. Prime Minister Liz Truss resigned Thursday following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party, CNBC reported.

Truss said in a statement outside Downing Street: “We set out a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit.”

“I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party.”

The party is now due to complete a leadership election within the next week, faster than the usual two-month period.

Truss has been in office for just 44 days, on 10 of which government business was paused following the death of Queen Elizabeth II.

Her resignation follows a meeting with Graham Brady, the Conservative politician that is in charge of leadership votes and reshuffles. Brady chairs the 1922 Committee — the group of Conservative MPs without ministerial positions who can submit letters of no confidence in the prime minister.