What happens now after Liz Truss' resignation as prime minister?

The South West Norfolk MP, who won her leadership race just under two months ago, had faced immense pressure to resign following recent events.

Ms Truss and former chancellor Kwasi Kwarteng were forced to make several U-turns after their tax plans caused chaos in the UK economy.

A replacement for Ms Truss is expected to be in place by October 28, with a Tory leadership contest to take place in order to decide the new leader.

Candidates to replace Ms Truss as party leader will need at least 100 nominations from Conservative MPs to make it to the next stage, 1922 Committee chair Sir Graham Brady has said.

Party chairman Jake Berry said there would be an online vote for members if two candidates made it through the parliamentary stages.

He said Conservative HQ will be working with broadcasters to arrange one broadcast event so members can hear from the final two candidates before they vote.

Sir Graham Brady said the requirement to get 100 nominations should be achievable by any candidate with a realistic chance of winning.

He said it would mean a maximum of three candidates on the ballot paper for MPs to vote on.

Sir Graham said: “We fixed a high threshold but a threshold that should be achievable by any serious candidate who has a prospect of going through."

Following the resignation, Labour, the SNP, and Liberal Democrats are calling for another election but Tory MPs are unlikely to back this as it may risk their own seats and governing status.

In order for there to be an election at least two-thirds of MPs must vote for one, or the prime minister could call for one.

If MPs vote to hold an early general election, the country would go to the polls at some point in the near future, giving registered voters the chance to have their say.

Recent polling suggests that the Conservatives are likely to be wiped out in a future election, with Labour gaining a supermajority not seen in modern British political history.