Liz Truss, U.K.'s Next Prime Minister

Britain's Conservative Party 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 PM by Queen Elizabeth.

"I will deliver a bold plan to cut taxes & grow our economy," Truss said in her speech, adding that she will also take on challenges from high energy bills to the National Health Service.

The result follows a nationwide vote by the party's grassroots members that lasted several weeks this summer. Truss will become the country's 4th leader in a politically turbulent 6-year period.

It marks only the 3rd time in history that a woman will assume power in 10 Downing Street, but the 3rd time in recent years that a change of PM has occurred without a national general election.

"We will deliver, we will deliver, & we will deliver," Truss said. "And we will deliver a great victory for the Conservative Party in 2024" — when the next national elections are slated to be held.

Truss replaces Boris Johnson, who was laid low by a succession of scandals that crescendoed in the first half of this year.

After losing support of not only the majority of his fellow Conservative legislators, but also many of his own ministers, he was forced to resign.