NICOLA Sturgeon has called on Liz Truss to resign as she accused her of crashing the UK economy.

The First Minister said the Prime Minister's decisions had "heaped misery on people already struggling with a cost of living crisis".

Sturgeon took aim at the Tories after Kwasi Kwarteng was sacked by Truss and replaced with Jeremy Hunt.

Kwarteng, one of the shortest-serving Chancellors in British political history, was asked to step aside by the Prime Minister after his mini-budget was followed by economic chaos.

LIVE: Kwasi Kwarteng SACKED - Liz Truss hosts press conference

After the sacking, Truss dodged a question on whether she had any “credibility” to continue as Prime Minister during a short press conference from Downing Street.

Asked why she should remain PM, Truss said: “What I’ve done today is made sure that we have economic stability in this country.

“Jeremy Hunt as Chancellor is somebody who shares my desire for a high-growth, low-tax economy, but we recognise because of current market issues we have to deliver the mission in a different way.

“And that’s what we are absolutely committed to do – achieving that stability at what is a very difficult time globally.”

Sturgeon said the best thing for economic stability in the UK would be for Truss to stand down.

The FM said: "The best thing Liz Truss could do for economic stability now is resign.

"Her decisions have crashed the economy and heaped misery on people already struggling with a cost of living crisis.

"The only decent thing for Tory MPs to do now is call time on her govt and allow an election."

Later, speaking to the BBC, Sturgeon said the "sooner Truss goes the better", calling her a "lame duck Prime Minister".

Sturgeon told the broadcaster: “Today [Truss] has forced her chancellor to carry the can for her decisions.

“She had already shown herself to be completely out of her depth as Prime Minister, and as of today she is also a lame duck Prime Minister.

“The sooner she goes and the sooner people get the chance to get rid of this Tory Government that is doing so much damage, once and for all, the better.”

The First Minister also took a dig at the politicians who demanded Holyrood follow in Westminster's footsteps and announce a dramatic package of unfunded tax cuts.

Tweeting a picture of new Chancellor Hunt, Sturgeon said: "Is it really only 3 weeks since demands were being made of @scotgov to copy the policies in the ‘mini-budget’?"

In September, Scottish Tory leader Douglas Ross joined a number of politicians from the party in urging Sturgeon to replicate the UK Government's tax cuts for the most wealthy in Scotland.

The National: Douglas Ross previously called on Nicola Sturgeon to replicate Liz Truss's tax cutsDouglas Ross previously called on Nicola Sturgeon to replicate Liz Truss's tax cuts (Image: PA)

The Moray MP said, "the UK Government has delivered tax cuts to turbo-charge our economy,” as she shared a graphic reading “Sturgeon must cut tax for 2.4 million Scots".

“The SNP must match these bold plans,” he went on, “and pass on the UK tax cuts to 2.4 million Scottish people.”

That comment was backed up by Stephen Kerr, the party's chief whip at Holyrood, who said: "We already pay more income tax, if the gap gets wider we’ll find it very difficult to attract people and businesses to Scotland."

Less than a month later though, Kwarteng was sacked and reports are mounting that Truss is set to U-turn on major policy announcements in the mini-budget.

The SNP's Westminster leader, Ian Blackford, suggested Truss bear part of the responsibility for the Kwarteng's tax cuts.

Speaking of the former chancellor, Blackford said: "Your actions and those of @trussliz  have crashed the financial markets resulting in a Truss premium as investors downgrade UK assets.

"Mortgage holders are now paying a price for the fanaticism of your joint approach to financial management, simply put economic illiteracy."

The Scottish Greens echoed Blackford's statement, with the party's co-leader joining opposition parties in calling for Truss to quit.

The National: Jeremy Hunt was announced the new UK ChancellorJeremy Hunt was announced the new UK Chancellor (Image: PA)

Lorna Slater said: "It's not just the Chancellor who needs to go. It is also the Prime Minister who appointed him and the Cabinet who cheered on his disastrous mini-budget."

The Scottish LibDems also called for a General Election, with party leader Alex Cole-Hamilton tweeting: "I only want to hear one thing from Truss this afternoon: 'I’ve just asked his majesty to dissolve parliament. A General Election will now take place'."

READ MORE: Who is Jeremy Hunt? The UK's new Chancellor of the Exchequer

In his mini-budget last month, Kwarteng brought forward a cut to the basic rate of income tax in England to 19p in the pound as part of tax cuts costing up to £45 billion by 2026/2027.

Soon after the pound nose-dived in value, UK pension funds almost collapsed and interest rates surged.

Kwarteng later U-turned on that policy and on Friday was replaced by Hunt, a more centrist figure in the party who is unlikely to share Kwarteng and Truss’s ideological free market commitment to tax cuts.