Liz Truss has resigned as prime minister and confirmed a leadership election to decide the UK’s next prime minister will be completed within a week.
Liz Truss has resigned as prime minister after 45 days in office marked by turmoil, triggering the second Tory leadership election in four months.
Ms. Truss said her successor would be elected by next week after a rebellion by Tory MPs forced her to quit.
Chancellor Jeremy Hunt said he would not run in the contest but other senior Tories are considering bids.
Tory MPs revolted against Ms. Truss after a series of U-turns on her economic plan sapped her of authority.
In a brief speech outside Downing Street, Ms. Truss said the Conservative Party had elected her on a mandate to cut taxes and boost economic growth.
But given the situation, Ms. Truss said: “I recognise that I cannot deliver the mandate on which I was elected by the Conservative Party.”
Labour leader Sir Keir Starmer and other opposition parties called for an immediate general election following Ms. Truss’s resignation speech.
Ms. Truss said she would remain in post until a successor formally takes over as party leader and is appointed prime minister by King Charles III.
Rishi Sunak bookies’ favourite to be the new PM
With the news Liz Truss is resigning, bookmakers are already offering odds on who will be next.
According to Betfair, former chancellor Rishi Sunak is the favourite at 11/10.
He is followed by Penny Mordaunt at 7/2 and Ben Wallace at 8/1.
Jeremy Hunt’s odds are 9/1 – but he will not be standing for the role.
Former prime ministers Boris Johnson and Theresa May sit at 13/1 and 16/1 respectively.
They are followed by Michael Gove at 31/1, Grant Shapps at 35/1 and Suella Braverman at 55/1.