Truss announces resignation - new PM to be elected in one week

2022-10-20T13:21:00

New chancellor Jeremy Hunt rules himself out of contention ahead of leadership election to take place next week

Liz Truss has announced that she is to stand down as leader of the Conservative Party. In doing so she becomes the shortest-serving prime minister in UK history.

Truss’ 45 days in office have been defined by economic and political turmoil, as markets crashed in response to her controversial mini-Budget.

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