Liz Truss has resigned as Prime Minister – what happens next?

No one has officially announced they are putting their names forward just yet (Picture: AP)

In eight days, we will have our third Prime Minister of the year.

Liz Truss’s resignation has left a power vacuum in Westminster and, understandably, a lot of unanswered questions.

Here’s what we know so far…

When will we have a new prime minister?

During Ms Truss’s short resignation speech, she said: ‘There will be a leadership election to be completed within the next week.

‘This will ensure that we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security.’

This short time frame for the leadership election suggests it could be decided by the parliamentary party, but Sir Graham Brady, leader of the 1922 Committee, said he expects Tory members to be involved.

When 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.’

Who will the next prime minister be?

Speculation is rife about who has their eyes on Number 10.

Some thought the new chancellor, Jeremy Hunt, would put his name forward but he quickly confirmed he has no plans to do so.

Although it has not been officially confirmed, next week’s election could be a showdown between Boris Johnson and Rishi Sunak.

The Telegraph has reported Rishi Sunak is ‘certain to stand’, quoting ‘senior allies’ close to the former chancellor, who lost the leadership contest to Ms Truss last month.

Reports say the former PM wants to make an unexpected comeback and may come back early from his Caribbean holiday.

There is speculation Boris Johnson and Rishi Sunak may go head-to-head (Picture: PA)

Sources told BBC political editor Chris Mason that Mr Johnson is ‘not saying anything either way at the moment’.

Tory MPs have already started throwing their support behind those believed to be considering a bid – with more names currently behind Mr Johnson than anyone else.

Penny Mordaunt, who also went up against Ms Truss, is another strongly tipped contender.

Penny Mordaunt told the House of Commons she would ‘keep calm and carry on’ (Picture: Getty)

When asked in Parliament what she plans to do earlier today, she said: ‘I am going to keep calm and carry on – and I would suggest everyone else do the same.’

Will there be a general election?

The Labour Party, the Liberal Democrats and the Scottish National Party have all called for a general election to let the British people decide who their next leader will be.

Sir Keir Starmer said: ‘After 12 years of Tory failure, the British people deserve so much better than this revolving door of chaos.

‘Now, they have crashed the economy so badly that people are facing £500 a month extra on their mortgages. The damage they have done will take years to fix.

‘Each one of these crises was made in Downing Street but paid for by the British public. Each one has left our country weaker and worse off.

‘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.

‘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.

‘The British public deserve a proper say on the country’s future. They must have the chance to compare the Tories’ chaos with Labour’s plans to sort out their mess, grow the economy for working people and rebuild the country for a fairer, greener future.’

However, there is no official mechanism to call a general election and the Tories would have to agree to hold one.

This is unlikely given the Conservative Party is at a record low in opinion polls and an election would essentially be gifting parliamentary power away.

There’s no set date for the next general election in the UK, but it must be held no later than Thursday, January 23, 2025.

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The UK will have a new prime minister by the end of next week.