Liz Truss has resigned, making her the shortest-serving prime minister in British political history. In a statement given outside Downing Street, she said she had assumed office at a time of “great economic and international instability” and, given the political situation, was unable to deliver on her electoral mandate, saying “I cannot deliver the mandate on which I was elected by the Conservative Party”.

Truss will remain prime minister until a new leader is selected within the next week.

The pound climbed ahead of the news, and gilt yields are down slightly as markets position for a more fiscally-responsible administration – but measures of market stress remain elevated as the country plunges into the fifth leadership struggle in less than seven years. The Conservatives are running more than 30 points behind their Labour Party opponents as global uncertainty rises, stagflationary conditions set in, and Brexit-related contradictions continue to plague the economic and financial landscape.

We’d join the Economist in drawing parallels with Italy, but let’s face it: Italy has better weather, food, and style.