Liz Truss has announced her resignation as UK Prime Minister, just six weeks after taking on the role.
This comes after mounting pressure from the Conservative party for her to step down, following the controversial mini budget, a market crash and the loss of two key ministers.
"I have spoken to His Majesty The King to notify him that I am resigning as leader of the Conservative Party," Truss announced in a brief statement outside 10 Downing Street. "This morning I met the chairman of the 1922 Committee Sir Graham Brady. We have agreed that there will be a leadership election to be completed within the next week.
"This will ensure that we remain on a path to deliver our fiscal plans and maintain our countries economic stability and national security. I will remain as Prime Minister until a successor has been chosen."
Truss' resignation will trigger a new Tory leadership contest, with the next Conservative leader and subsequent Prime Minister to be appointed within the coming week.
Chancellor Jeremy Hunt was expected to put himself forward for the role, but following her resignation, he announced that he would not be running.
So, who is in the running to replace Liz Truss as UK Prime Minister?
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Rishi Sunak
MP for Richmond
Rishi Sunak is tipped as the favourite to replace Liz Truss, coming in second place to her in the leadership contest to replace Boris Johnson this summer. It was during his campaign that he predicted that Truss' tax plans would harm the economy - something that has now been proven true and is one of the reasons why she has been forced to resign.
More than 50 MPs have declared their support for the former Chancellor of the Exchequer, including Gavin Williamson, Liam Fox and Angela Richardson.
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Penny Mordaunt
Leader of the House of Commons
Penny Mordaunt is another favourite to replace Truss, especially following the most recent leadership contest, where she was a leading candidate and just missed making the final two. Mordaunt has since been made Leader of the House of Commons and Lord President of the Council.
Penny Mordaunt has been backed for Prime Minister by 17 MPs so far, with Heather Wheeler, Maria Miller and John Lamont among those to voice their support.
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Boris Johnson
MP for Uxbridge and South Ruislip
In a shock twist, former Prime Minister Boris Johnson who was forced to resign and left 10 Downing Street just last month could be making a comeback. Johnson, who was replaced by Liz Truss just 46 days ago, is now one of the favourites to replace her.
MPs who have spoken in favour of the MP for Uxbridge and South Ruislip returning to 10 Downing Street include Nadine Dorries, Paul Bristow, Brendan Clarke-Smith, Andrea Jenkyns, Michael Fabricant and most recently Ben Wallace.
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Kemi Badenoch
Secretary of State for International Trade
Kemi Badenoch was another one of the candidates standing in the original leadership race to replace Boris Johnson, something that boosted her profile and has pinned her as a potential to now replace Liz Truss.
It is not yet known which MPs are backing the current Secretary of State for International Trade, but Badenoch is still being considered as a candidate, behind Rishi Sunak, Boris Johnson and Penny Mordaunt.
A new Conservative leader and Prime Minister is expected to be announced within the next week.
We will continue to update this story.
