Boris Johnson to stand to become next UK Prime…

Boris Johnson to stand to become next UK Prime Minister after Liz Truss resigns - reports

Boris Johnson is set to stand to become the UK's next Prime Minister after Liz Truss' resignation, according to reports.

Liz Truss quit today (October 20) after just 44 days in Number 10, following a tumultous few weeks in power.

Speaking outside Downing Street, Ms Truss said: "I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills.

"Putin's illegal war in Ukraine threatened the security of our whole continent. And our country has been held back for too long by low economic growth. I was elected by the Conservative party with a mandate to change this. We delivered on energy bills and on cutting national insurance.

"And we set out a vision for a low tax, high growth economy that would take advantage of the freedoms of Brexit. I recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative party.

"I have therefore spoken to his majesty the King to notify him that I am resigning as leader of the Conservative party. This morning I met with the chairman of the 1922 committee, Sir Graham Brady. We've 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 economic stability and national security. I will remain Prime Minister until a successor has been chosen, thank you."

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The Conservatives are now set to elect a new Prime Minister - the third in four months - in another leadership contest, which is set to have concluded by just the end of next week (October 28).

The odds have previous challenger Rishi Sunak and Penny Mordaunt as favourites to win the contest - with Mr Sunak current frontrunner.

However, the contest is expected to see the Conservative party members allowed another vote on who will win - with ex-Prime Minister Boris Johnson reported to be favourite among the party electorate.

And, on Thursday afternoon, The Times reported that Mr Johnson, who only resigned from Downing Street in July, was set to stand once again. He missed a vote in the Commons on Wednesday night as he is on holiday in the Carribean.

Steven Swinford, The Times' political editor, tweeted: "I'm told that Boris Johnson is expected to stand in the Tory leadership contest He's taking soundings but is said to believe it is a matter of national interest."

Sir Graham Brady, chairman of the Tory 1922 Committee, said he expected the new leader to 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.”