Liz Truss announced her resignation on Thursday after only 45 days in office, making her the shortest-serving U.K. prime minister in history.
Her resignation follows weeks of political and economic turmoil after her government introduced a "mini-budget" that sent financial markets into crisis and cratered the value of the Great British Pound.
The Conservative Party currently has 357 members in Parliament meaning there will be a maximum of three leadership candidates that could be put forward. Former Prime Minister Boris Johnson is speculated to make a dramatic return to the frontline of British politics only 6 weeks after he reluctantly resigned amid intense scandal. He remains popular with Conservative Party members but is seen as a liability by many of his fellow colleagues.
Former Finance Minister Rishi Sunak is seen as another likely candidate after he came second to Liz Truss in this summer's leadership contest. Sunak repeatedly warned Truss that her economic plans and proposed tax cuts would create economic turmoil. The subsequent financial fallout looks to have proven him correct.
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