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 MPs forced her to quit.
Boris Johnson is among MPs said to be considering bids but Chancellor Jeremy Hunt has ruled himself out.
Tory MPs revolted against Ms. Truss after a series of U-turns on her economic plan sapped her of authority.
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.
But given the situation, Ms. Truss said: “I recognize that I cannot deliver the mandate on which I was elected by the Conservative Party.”
Labour leader Sir Keir Starmer and other opposition parties called for an immediate general election following Ms. Truss’s resignation speech.
Ms. Truss said she would remain in post until a successor formally takes over as party leader and is appointed prime minister by King Charles.
Ms. Truss will become the shortest-serving PM in British history when she stands down.
BY BBC POLITICS