Sky News
Prime Minister Liz Truss has announced her resignation, confirming that a leadership election will be completed in the next week.
On Thursday, the Prime Minister said that she had come into office “at a time of great economic and international instability”, setting out “a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit”. She said: “I recognise, though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative party”.
Prime Minister Truss said that a week-long leadership election will “ensure we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security”.
The Chairman of the 1922 Committee, Sir Graham Brady MP, confirmed that leadership candidates will need to secure a minimum of 100 nominations from Conservative MPs in order to proceed to the ballot. Conservative Party Chairman Rt. Hon. Jake Berry MP said that the process had been sped up “in the national interest”. Nominations started on Thursday night and will close at 14:00 on Monday.
If two or more candidates reach the threshold of 100 nominations, there will be a second round of voting by Conservative MPs which will take place from 15:30 on Monday with the results announced at 18:00 the same day. If a further round of voting is required, voting will continue with a result at 21:00.
If two candidates remain, the final decision will go to an online ballot of Conservative Party members for the rest of the week, with voting closing at 11:00 on Friday 28th October and the result announced later that day.
