Liz Truss resigns: Who will be the next Prime Minister?

Amid all the plotting and speculation ahead of Liz Truss’s resignation, Tory MPs failed to agree on a “unity” candidate who could take over from her.

The party now has a week to elect a new leader – so who will be in the running? There are several names already being discussed.

Rishi Sunak, who came second in the leadership contest when LIz Truss won, may be seen as the most obvious successor. He came top in the MPs' poll but proved not so popular with the party members. He is blamed by some for the fall of Boris Johnson. His vast personal wealth and his wife's previous non-dom status may count against him during a cost of living crisis.

Penny Mordaunt, who was ahead of Liz Truss in the first round of voting in the last leadership contest, is another potential contender. Liz Truss made her Leader of the Commons and when she stood in for the Prime Minister in parliament the other day she impressed commentators with her performance. But some say she does not have enough experience to take over in a time of crisis.

Jeremy Hunt, appointed Chancellor just last week after Kwasi Kwarteng had to resign, has already ruled himself out. He has stood for the leadership twice before, first against Boris Johnson and then in this summer's contest, when he was eliminated after the first round of voting. He is already in a vital and powerful role and is due to announce a fiscal plan on October 31.

Ben Wallace, the Defence Secretary who started his political career in the Scottish Parliament, was seen as a favourite to win the leadership if he had stood in the summer, but he decided not to for personal reasons. It's not clear if he will take a different view this time. He is seen as doing a good job in his current role over the war in Ukraine but does not have wide experience in government.