Liz Truss has announced she will resign as prime minister, just six weeks after she took office.
Speaking in Downing Street on Thursday afternoon, Truss said her successor would be in place by Friday October 28 following a leadership election.
“Given the situation I cannot deliver the mandate on which I was elected by the Conservative Party,” Truss said.
Truss quit after weeks of chaos which saw her abandon her entire economic agenda amid market turmoil and tanking Tory poll ratings.
Conservative MPs, aghast at the plight of the party, had been organising against her.
A majority of Tory party members - who chose her as leader last month - also wanted her to resign.
In a short speech outside No.10, Truss said she would remain as PM until the new leader has been chosen.
Candidates to takeover as PM could include Rishi Sunak, Ben Wallace, Penny Mordaunt and Grant Shapps. Jeremy Hunt, the new chancellor, will not stand.
Truss’ successor will be in place in place before Hunt’s fiscal statement on October 31.
Keir Starmer, the Labour leader, said there should be a general election “now”.
“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,” he said.
Liberal Democrat leader Ed Davey and SNP leader Nicola Sturgeon also demanded a general election.
Truss will be the shortest serving prime minister in British history - having currently clocked up just 44 full days in the role.