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Following the resignation of Liz Truss as Britain's fourth prime minister in a little over six years, her Conservative Party — in power since 2010 — is racing to select a replacement.
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Truss beats George Canning, who was prime minister for 119 days in 1827.
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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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The tax cut was part of a package of unfunded cuts unveiled only days ago that sent the pound to record lows and was widely seen as politically toxic.
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For the first time in British history, none of the four most senior Cabinet posts — prime minister, chancellor of the exchequer, foreign secretary and home secretary — are taken up by a white male.
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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.
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The voting process now pits former finance minister Rishi Sunak against current foreign minister Liz Truss to replace Boris Johnson.