Liz Truss has announced her resignation after a chaotic 44 days in office during which she lost the confidence of Tory MPs and the public and oversaw economic turbulence.
She is set to become the shortest serving Prime Minister in history after she battled an open revolt from Conservatives demanding her departure.
Speaking from a lectern in Downing Street,Truss said she had told the King she was resigning as the leader of the Conservative Party.
There will now be a leadership election to be completed within the next week she said, after speaking to the leader of the 1922 Committee, Sir Graham Brady, in No 10.
It comes just a little over 24 hours after she told MPs she was a "fighter, not a quitter".
So, who could replace Liz Truss as Prime Minister?
Keir Starmer
Keir Starmer has called for an immediate general election in the wake of Liz Truss's resignation. He said: "The Conservative Party has shown it no longer has a mandate to govern.
"After 12 years of Tory failure, the British people deserve so much better than this revolving door of chaos. In the last few years, the Tories have set record-high taxation, trashed our institutions and created a cost-of-living crisis. Now, they have crashed the economy so badly that people are facing £500 a month extra on their mortgages. The damage they have done will take years to fix.
"Each one of these crises was made in Downing Street but paid for by the British public. Each one has left our country weaker and worse off.
An election is not due until 2024, but if one was held tomorrow Starmer would get the keys to Number 10.
Current odds: 8/1
Rishi Sunak
Former Chancellor and failed Tory leadership candidate Rishi Sunak is the current favourite with the bookmakers to take over from the embattled Prime Minister.
Many in the Tory ranks believe his economic plans are more sound than Truss's and wouldn't have sent the markets crashing due to her unfunded pledges.
The MP for Richmond hasn't been seen or heard from since the mini-budget, leaving many thinking he might be plotting to take over.
Current odds: 7/4
Ben Wallace
The current Defence Secretary is a favourite amongst Tory backbenchers due to his handling of the Ukraine/Russia war since it broke out earlier this year.
Wallace was one of the bookies' favourites to take over from Boris Johnson just a couple of months ago but when pushed to stand for leader he backed out.
He released a statement at the time saying: "After careful consideration and discussing with colleagues and family, I have taken the decision not to enter the contest for leadership of the Conservative party.
"I am very grateful to all my parliamentary colleagues and wider members who have pledged support. It has not been an easy choice to make, but my focus is on my current job and keeping this great country safe."
Current odds: 10/1
Jeremy Hunt
Jeremy Hunt replaced Kwasi Kwarteng as Chancellor of the Exchequer last week and instantly scrapped large swathes of Truss's mini-budget. Many commentators believe Hunt is now the de facto Prime Minister and is in charge of affairs inside Downing Street.
The former Health Secretary has previously ran for the top job but has failed twice, losing out to Boris Johnson in the final two.
Earlier this week Hunt was asked if he had any leadership ambitions going forward, he said: "I rule it out, Mrs Hunt rules it out, three Hunt children rule it out."
Current odds: 4/1
Penny Mordaunt
The Leader of the Commons was seen as a favourite of the Conservative party membership during the recent leadership election to replace Boris Johnson. Penny Mordaunt was unable to get the backing of her own MPs to get into the final two which led her to lending her support to Truss.
It has been reported that Mordaunt and Rishi Sunak would come together to create a "united front" following the turmoil over the last couple of weeks since Truss came to power.
Current odds: 4/1
Boris Johnson
Boris Johnson may have just stepped down as Prime Minister but a number of his supporters are already calling for his return to Downing Street. Opposition MPs were quick to remind his supporters that he resigned in shame over numerous scandals.
It's very unlikely Johnson will return but Conservative MPs will be desperate to hold onto their seats at next general election and believe the ex PM is the only candidate who could do that.
Current odds: 8/1
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