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Truss' announcement follows weeks of criticism from her opponents and members of her own Conservative Party, and the resignation of two of her top Cabinet picks.
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After a bruising first six weeks in office, the prime minister replaced her finance chief and lost her interior secretary. But Truss herself still faces calls to quit.
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Truss, who currently serves as foreign minister, will be the U.K.'s new prime minister, after the Conservative Party named her as its next leader on Monday, replacing the outgoing Boris Johnson.