New Prime Minister will be elected in just days after Liz Truss resigns as PM in bombshell announcement

A NEW PM will be elected in days after Liz Truss's shock resignation sparked a Tory leadership election.

The embattled PM announced she is quitting in a speech outside Downing Street this afternoon.

And now, 1922 Committee chairman Sir Graham Brady has confirmed a new PM will be in place by Friday, October 28.

He told reporters: "I have spoken to the party chairman Jake Berry and he has confirmed that it will be possible to conduct a ballot and conclude a leadership election by Friday the 28th of October.

"So we should have a new leader in place before the fiscal statement which will take place on the 31st."

He said he expects Tory party members to be involved in choosing a new party leader.

Sir Graham added: "I think we're deeply conscious of the imperative in the national interest of resolving this clearly and quickly."

In an address to the nation today, the PM confirmed there will be a leadership election "in the next week".

She said: "I cannot deliver the mandate on which I was elected and told King Charles I am resigning."

Ms Truss’ downfall began just days into her premiership, when the disastrous mini budget was announced.

The £45bn tax bonfire sent mortgages soaring and the pound plummeting.

It caused uproar among Tory MPs who questioned why the PM was cutting taxes for the rich as hard up Brits suffer in a crippling cost of living crisis.

Ms Truss tried to save her career by bringing in the more moderate Jeremy Hunt to replace ally Kwasi Kwarteng as Chancellor.

In a day of political chaos...

• Liz Truss dramatically RESIGNS as Prime Minister after just 44 days in office;
• Rishi Sunak, Penny Mordaunt and Ben Wallace are the top frontrunners to be the next PM;
• The pound has rallied following the dramatic resignation;
• Rishi Sunak is odds on to become the next Tory leader;
• Truss's 44-day stint as PM is set to be the shortest in British history;
• The previous record-holder for shortest term was Tory statesman George Canning, who spent 118 days as prime minister in 1827 before dying in office from ill-health;
• Truss said she had spoken to the King on Thursday to notify him of her resignation;
• A new Prime Minister will be elected in days as today's resignation sparks a leadership election;
• Allies of Chancellor Jeremy Hunt said he would not be standing for the Tory leadership;
• Former Cabinet minister Michael Gove will not stand for the Tory leadership, allies said;
• Truss faces a dramatic week ahead as she remains in her post until a successor is chosen;
• Labour call for a general election.

Mr Hunt tore the mini budget to shreds, a move that calmed down markets.

But the damage had been done and restless MPs began calling for the PM’s head.

Fifteen Conservative backbenchers publicly called for the PM to go by this morning, with dozens more saying they want her out in private.

And this morning head honcho of the 1922 backbench committee Sir Graham Brady went to visit the PM in Downing Street.

It falls to Sir Graham to inform the PM if and when she's lost the confidence of most of her MPs.