Liz Truss has resigned as prime minister after 45 days in office marked by turmoil, triggering the second Tory leadership election in four months.
Ms Truss said her successor would be elected by next week after a rebellion by Tory Members of Parliament forced her to quit.
Boris Johnson is among Members of Parliament said to be considering bids but Chancellor Jeremy Hunt has ruled himself out.
Tory MP revolted against Ms Truss after a series of U-turns on her economic plan sapped her of authority.
BBC reports that In a brief speech outside Downing Street, Ms Truss said the Conservative Party had elected her on a mandate to cut taxes and boost economic growth.
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