Truss will be Britain's third female prime minister after Margaret Thatcher and Theresa Mayhew

Britain's newly elected Prime Minister Liz Truss pledged to work on a range of issues after being named as the new leader of the Conservative Party on Monday.

London – Britain's Conservative Party has announced its new leader Liz Truss, who has served as foreign minister for the past 12 months.

She will be formally appointed as the next Prime Minister by Queen Elizabeth

I will present a bold plan to cut taxes and develop our economy," Truss said.

She said she would also face challenges ranging from high energy bills to the National Health Service.

The result follows a nationwide vote by grassroots members of the party that lasted several weeks this summer.

Truss will become the country's fourth leader in a politically turbulent six-year period.

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