Politics LIVE: Liz Truss resigns as Prime Minister triggering leadership contest
Liz Truss has stood down and a leadership election will be triggered – with a new PM to be in power next week.
She is set to become the shortest serving Prime Minister in history after she battled an open revolt from Conservatives demanding her departure.
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Hide AdSpeaking from a lectern in Downing Street, Ms Truss said she had told the King she was resigning as the leader of the Conservative Party as she recognised she “cannot deliver the mandate” which Tory members gave her little over six weeks ago.
She 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”.
We’ll bring you live updates following a day of crisis for the government in Westminster in our live blog throughout the day.
Politics LIVE: Liz Truss resigns as Prime Minister triggering leadership contest
The UK’s top business group, which represents 190,000 firms, has said the next prime minister must restore confidence and stability following Liz Truss’s resignation after 44 days in office.
Tony Danker, director-general of the CBI, said: “The politics of recent weeks have undermined the confidence of people, businesses, markets and global investors in Britain. That must now come to an end if we are to avoid yet more harm to households and firms.
“Stability is key. The next prime minister will need to act to restore confidence from day one.
“They will need to deliver a credible fiscal plan for the medium term as soon as possible, and a plan for the long-term growth of our economy.”
Sir Graham Brady has set out the rules as to how the Tory Party will choose its next leader. He confirms two candidates will stand in the leadership contest.
1922 Committee chairman Sir Graham Brady has said he expects Tory members to be involved in choosing a new party leader.
Asked if the party faithful will be included in the process, he told reporters: “Well, that is the expectation.
“So the reason I’ve spoken to the party chairman and I discussed the parameters of a process is to look at how we can make the whole thing happen, including the party being consulted, by Friday next week.”
Sir Graham added: “I think we’re deeply conscious of the imperative in the national interest of resolving this clearly and quickly.”
Cherilyn Mackrory, the Conservative MP for Truro and Falmouth, backed Liz Truss in the recent leadership election but said it was right that she quit.
“During the leadership campaign I gave Liz Truss my support publicly because I thought she was the best candidate to solve the unique issues facing Cornwall,” she said.
“Unfortunately, we did not get the chance to tackle these issues in depth during her short premiership.
“Clearly some policies were not implemented in a way that secured the confidence of the markets and the British people.
“That is why, with regret, I feel the Prime Minister was right to resign.”
Ms Mackrory added: “I will be spending my morning tomorrow at a local food bank, providing support and advice to my constituents that need it the most.”
Could Boris be back?
He alluded to it in his final speech, but could Boris Johnson return?
Both the Times and the Daily Telegraph are reporting that Johnson - who was forced to resign as Conservative leader in July following a string of scandals - is preparing to run again for the top job.
Liberal Democrat leader Sir Ed Davey told the PA news agency: “Liz Truss trashed our economy and before her Boris Johnson failed our country.
“The Conservatives have shown time and time again that they are not fit to govern our great country.
“We don’t need another Conservative prime minister lurching from crisis to crisis, letting the British people down, increasing their mortgages, not tackling the economic problems.
“The only way we are going to sort this out is if the Conservative MPs for once do their patriotic duty and work with the opposition to get the general election our country needs to let the British people have their say.”