Liz Truss has resigned as Prime Minister after just 44 days in office.
The announcement, made by Truss outside Downing Street, follows an extraordinary turbulent six weeks which has seen her lose two cabinet officers, and destroy the confidence of many of her MPs.
She is the shortest-serving prime minister in UK history.
Truss said she had entered office with “a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit”.
She went on: “I recognise that, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.
“This morning, I met the chairman of the 1922 Committee, Sir Graham Brady. We’ve agreed that there will be a leadership election to be completed within the next week. This will ensure that we remain to deliver our fiscal plans and maintain our country’s economic stability and national security. I will remain as prime minister until a successor has been chosen.”
What will happen next?
The process will be concluded by October 28 so the new leader is in place in time for a crucial financial statement on October 31, which is intended to reassure the markets that the Government has a plan to repair the nation’s finances.
On Thursday afternoon, Sir Graham declared the parliamentary stage of the contest had begun, with nominations open.
Candidates will need a minimum of 100 colleagues nominating them by 2pm on Monday to proceed to the ballot.
“We fixed a high threshold but a threshold that should be achievable by any serious candidate who has a prospect of going through,” Sir Graham said.
He said it would mean a maximum of three candidates on the ballot paper for MPs to vote on.If there are three, the candidate with the fewest number of votes after the first ballot will be eliminated.
That first round is to be held between 3.30pm and 5.30pm on Monday with the result announced at 6pm.
Then, in a change in procedure since the last leadership contest, there will be an “indicative” vote once only two candidates are left.
Who is likely to succeed Truss?
There has been much speculation about who could replace Truss.
As of Friday morning no MP had officially put their name forward.
However Truss’ leadership rival Rishi Sunak, as well as leader of the House of Commons Penny Mourdant and former PM Boris Johnson were the frontrunners.
The new chancellor, Jeremy Hunt, was one of the main names being suggested, but he has confirmed that he will not stand.
Will there be a general election?
Keir Starmer has called for an immediate general election after Liz Truss’s shock resignation, saying: “The Conservative Party has shown it no longer has a mandate to govern.”
Following the Prime Minister’s abrupt Downing Street statement, Starmer attacked what he called, “this revolving door of chaos”.
“The Tories cannot respond to their latest shambles by yet again simply clicking their fingers and shuffling the people at the top without the consent of the British people,” he said. “They do not have a mandate to put the country through yet another experiment; Britain is not their personal fiefdom, to run how they wish.”
A call for a general election is also trending on Twitter.
A general election is not due to take place until 2024, however, an early election could be triggered by the next prime minister.
