Liz Truss has resigned as Prime Minister after just 44 days in 10 Downing Street.
She lasted just 44 days as leader of the United Kingdom, the shortest term a Prime Minister has ever served, breaking a record held since George Canning died 119 days into his premiership back in 1827.
There will be a leadership election that the Tories hope to complete within the next week to pick the third Conservative Party leader to hold office this year, and the fifth Prime Minister in six years.
Read more: Liz Truss resigns - live updates
Ms Truss held talks with the chairman of the 1922 Committee of backbench Conservatives Sir Graham Brady and agreed to a fresh leadership election “to be completed within the next week”.
“This will ensure that we remain on a path to deliver our fiscal plan and maintain our country’s economic stability and national security,” she added, as she was accompanied by husband Hugh O’Leary.
“I will remain as Prime Minister until a successor has been chosen.”
Labour leader Sir Keir Starmer demanded a general election “now” so that the nation can have “a chance at a fresh start”. But that does not have to happen if the Conservatives can agree on a new leader. But who could it be?
Likely candidates inclde former Chancellor Rishi Sunak, who contested the party leadership with Ms Truss over the summer. This morning, Ladbrokes had the Richmond MP as favourite to replace Ms Truss, in the event that she resigned. After she resigned, he became an odds-on favourite to succeed her.
Jeremy Hunt was also tipped as a potential successor, but the chancellor has already reportedly ruled himself out, his allies told Press Association.
Portsmouth North MP Penny Mordaunt is another potential candidate, who also took part in this summer's leadership contest before being knocked out and backing Ms Truss' bid. Kemi Badenoch, who came fourth in the leadership contest earlier this year, is another candidate who could put themselves forward.
Wyre and Preston North MP Ben Wallace is also tipped to have ambitions to move into Number 10.
Grant Shapps and Michael Gove are other names that the bookies are throwing into the hat, although reports are saying Michael Gove is not intending to stand.
And, there could even be a dramatic return for Boris Johnson, who Ladbrokes had at 20/1 this afternoon to success Liz Truss, before dropping to 10/1, and who has the vocal support of some loyal MPs such as Nadine Dorries.
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