Truss will continue as Prime Minister until a new Tory leader is appointed by Friday 28th October.
After just six weeks into her Premiership Liz Truss is stepping down as Tory leader and Prime Minister. It makes her the shortest reigning PM in UK history.
Liz Truss has spent fewer days as Prime Minister than the leadership contest that got her the job but this new leadership contest set to last only one week.
Sir Graham Brady has confirmed that Tory party members will have a say in the new Conservative leadership race - if it comes down to two candidates.
Portsmouth North MP and former Conservative party leadership contender Penny Mordaunt says she will "keep calm and carry on" whilst encouraging others to do the same.
Meanwhile; Labour, Lib Dems, and the SNP are all calling for an immediate general election.
There is already speculation as to who will be the next Prime Minister
Rishi Sunak, who Truss beat in the last leadership contest, is the bookmakers' favourite to take over in No 10, followed by Portsmouth North MP and Leader of the Commons Penny Mordaunt and Defence Secretary Ben Wallace.
Chancellor Jeremy Hunt has already ruled himself out of the race whilst former PM Boris Johnson is supposedly considering standing in the contest. According to The Times, Johnson believes it's a matter of "national interest".
Here's some reaction from opposition leaders
After 12 years of Tory failure, the British people deserve so much better than this revolving door of chaos.
— Keir Starmer (@Keir_Starmer) October 20, 2022
We need a general election, now.
My full statement: pic.twitter.com/NAQz70eVke
We don't need another Conservative Prime Minister lurching from crisis to crisis.
— Ed Davey (@EdwardJDavey) October 20, 2022
We need a General Election now and the Conservatives out of power.
There are no words to describe this utter shambles adequately. It’s beyond hyperbole - & parody.
— Nicola Sturgeon (@NicolaSturgeon) October 20, 2022
Reality tho is that ordinary people are paying the price.
The interests of the Tory party should concern no-one right now.
A General Election is now a democratic imperative.
This story is breaking and may have more updates soon.
