Liz Truss resigns: Will there a general election?

She is set to become the shortest-serving Prime Minister in history after she announced her resignation on Thursday, October 20.

Speaking from the lectern outside Downing Street, the Prime Minister said: "I recognise I cannot deliver the mandate on which I was elected by the Conservative Party.

"I am resigning as leader of the Conservative Party. There will be a leadership election to be completed within the next week.

Liz Truss apologises for ‘mistakes’ as Prime Minister

Liz Truss resigns as Prime Minister

"I will remain as Prime Minister until a successor has been chosen."

The announcement comes after she met with the leader of the 1922 Committee, Sir Graham Brady, in No 10 earlier today.

Her resignation comes after weeks of chaos following a disastrous mini-budget that plunged the economy into turmoil.

Will there be a general election as Liz Truss resigns?

Liz Truss has called for a new leadership race which is set to happen within a week.

The candidates are yet to announce their intentions to run.

The new chancellor Jeremy Hunt has dismissed speculation that he will run for the top job.

Former leadership candidates Rishi Sunak and Penny Mordaunt are among the leading contenders.

However,  Labour, the SNP, and Liberal Democrats are calling for another election but Tory MPs are unlikely to back this as it may risk their own seats and governing status.

In order for there to be an election at least two-thirds of MPs must vote for one as per the 2011 Fixed-Term Parliament Act.

What happens if there is a general election?

If MPs vote to hold an early general election, the country would go to the polls at some point in the near future, giving registered voters the chance to have their say.

Recent polling suggests that the Conservatives are likely to be wiped out in a future election, seeing Labour gain a supermajority not seen in modern British political history.