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UK's Liz Truss quits after turmoil obliterated her authority

Liz Truss delivering her speech. [AP]

British Prime Minister Liz Truss quit on Thursday - bowing to the inevitable after a tumultuous term in which her policies triggered turmoil in financial markets and a rebellion in her party that obliterated her authority.

Making a hastily scheduled statement outside her 10 Downing Street office, Truss acknowledged that "I cannot deliver the mandate on which I was elected by the Conservative Party."

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