Liz Truss has revealed what she has learned during her short stint as Prime Minister in her final speech outside Downing Street.

As Rishi Sunak prepares to takeover, Truss said that leaders must be “bold” as she spoke of cutting taxes before handing over the keys to no.10.

Speaking from Downing Street before heading to Buckingham Palace to resign, Ms Truss celebrated reversing the national insurance increase imposed by Rishi Sunak when chancellor.

“From my time as Prime Minister I’m more convinced than ever that we need to be bold and confront the challenges we face,” she said.

“We simply cannot afford to be a low growth country where the Government takes up an increasing share of our national wealth and where there are huge divides between different parts of our country. We need to take advantage of our Brexit freedoms to do things differently.”

Everything you need to know about Rishi Sunak

Rishi Sunak will be appointed as the country’s next prime minister by the King and look to build a new Cabinet that might unite a fractious Tory party.

He took up the reins as leader of the Conservative Party without a vote after rivals Penny Mordaunt and Boris Johnson dropped out of the race for No 10, and will replace Liz Truss in the top job on Tuesday.