Liz Truss has resigned as prime minister after 45 days in office marked by turmoil, triggering the second Tory leadership election in four months. Ms Truss said her successor would be elected by next week after a rebellion by Tory MPs forced her to quit. Boris Johnson is among MPs said to be considering bids but Chancellor Jeremy Hunt has ruled himself out. Tory MPs revolted against Ms Truss after a series of U-turns on her economic plan sapped her of authority. In a brief speech outside Downing Street, Ms Truss said the Conservative Party had elected her on a mandate to cut taxes and boost economic growth. But given the situation, Ms Truss said: "I recognise that I cannot deliver the mandate on which I was elected by the Conservative Party." Labour leader Sir Keir Starmer and other opposition parties called for an immediate general election following Ms Truss's resignation speech. Ms Truss said she would remain in post until a successor formally takes over as party leader and is appointed prime minister by King Charles.

Under party rules, leadership hopefuls will need to secure the support of 100 MPs in order to enter the contest - this means a maximum of three candidates can stand. A first ballot will be held among MPs and the person with the lowest number of votes will be eliminated, if there are three candidates. If a second ballot is needed, MPs will be able to signal who they prefer through an indicative vote.

Leaders of allied nations thanked Ms Truss for her co-operation, including US President Joe Biden and French President Emmanuel Macron, who said he wanted "stability" from the next UK prime minister.

But Ms Truss's resignation comes after a period of political and economic turbulence, which forced her government to ditch tax cuts that sent financial markets into a tailspin. The prime minister sacked close political ally Kwasi Kwarteng as chancellor and appointed Mr Hunt as his successor as she attempted to calm the markets.

But more instability followed, when Suella Braverman quit as home secretary and a vote on fracking fell into disarray, with some Tory MPs accused of bullying.

Sir Keir said the Conservative Party "no longer has a mandate to govern", saying "the British people deserve so much better than this revolving door of chaos".

Scotland's First Minister Nicola Sturgeon said a general election was a "democratic imperative" following Ms Truss's resignation. Liberal Democrat leader Sir Ed Davey said his party would be willing to work with Labour to "get the general election our country needs to let the British people have their say". The next general election is not due to take place until at least 2024, after the Conservatives won a landslide majority in the last one in 2019.

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