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British Prime Minister Liz Truss resigns; New leader next week

Names of Boris Johnson (to return!), Penny Mordaunt, Rishi Sunak, Kemi Badenoch, Chancellor Jeremy Hunt are being floated for Truss' replacement.

LONDON, Oct 20: British Prime Minister Liz Truss resigned on Thursday. She had succeeded scandal-hit Boris Johnson as Prime Minister on September 6 after defeating Indian origin Rishi Sunak, who was the Finance Minister in Johnson's Cabinet, in the Conservative Party leadership contest. Ms Truss has become the shortest-serving British Prime Minister.

A new Prime Minister is likely to be elected next Friday. Ms Truss will remain as PM until her successor is chosen. Chairman of the 1922 committee Sir Graham Brady said a leadership election would be held by October 28 so that a new PM is in office for the October 31 final budget statement.

The names like Penny Mordaunt, Rishi Sunak, Kemi Badenoch and even Boris Johnson and new Chancellor Jeremy Hunt are being talked about.

In a statement read outside 10 Downing Street, London, 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 ... We delivered on energy bills. 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 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."

The previous day during the turmoil over her economic policies in the House of Commons, Ms Truss had said she is a "fighter, not a quitter".

Meanwhile, Labour leader Sir Keir Starmer called for a general election.

Ms Truss' trouble began with the mini-budget presented a month ago. Chancellor Kwasi Kwarteng announced the mini-budget, effecting cuts in taxes and Government spending cuts which was as per Ms Truss' plans. But he was told to quit when markets went awry as a consequence. Truss later said sorry and reversed the cuts, which was announced by the new Chancellor Jeremy Hunt. The turmoil continued in the House. Several of her own Conservative Party members demanded her resignation. Yet it was thought even Wednesday she would survive the crisis.

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