By David Saffer

Liz Truss has ended days of intense speculation by resigning as Prime Minister outside Downing Street today.

Truss held the post for 45 days; she is the shortest serving prime minister in UK history.

Truss will remain as Prime Minister until a successor is chosen. In a brief statement outside Number 10, Truss stated she could not “deliver the mandate” elected on by the Conservative Party.

She had informed King Charles of her intention to resign as Tory leader and had also met with Chairman of the 1922 Committee, Sir Graham Brady.

“This will ensure that we remain on a path to deliver our fiscal plans and maintain our countries economic stability and national security,” Truss said.

Brady confirmed there will be a leadership election to be completed by Friday October, 28.

Rishi Sunak and Penny Mordaunt are early favourites to succeed Truss. Former PM Boris Johnson is also listed as a possibility of a sensational return.

Truss’ downfall followed former chancellor, Kwasi Kwarteng, delivering an ill-fated mini budget resulting in the dollar and financial markets crashing. The markets have slowly begun to recover.

With diminishing support from Tory MPs rumours were rife this morning whether Truss would survive 24 hours in the post.

Labour leader Keir Starmer has called for a general election.

He said: “The Conservative Party has shown it no longer has a mandate to govern. After 12 years of Tory failure, the British people deserve so much better than this revolving door of chaos.”

He added: “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. We must have a chance at a fresh start. We need a general election now.”

The Lib Dems and the SNP also called for a general election.

Chancellor Jeremy Hunt, who replaced Kwarteng just days ago, will not stand as Prime Minister.

Hunt will deliver his fiscal statement as planned on October 31