Liz Truss quits as UK PM after 45 days; a look at the front-runners

Truss, who came to power on September 6, is the shortest-serving UK prime minister, who succeeded Boris Johnson. She delivered a statement outside 10 Downing Street

On Thursday, Liz Truss resigned from her position as the United Kingdom's prime minister and the Conservative party leader. Truss's resignation came amid speculations over the future of her six-week-old government and the growing chaos from the party members seeking her resignation. 

Truss came to power on September 6 and is the shortest-serving UK prime minister who succeeded Boris Johnson. 

Why did Liz Truss resign?

According to a BBC report, the announcement of her resignation came after she met the chairman of the 1922 Committee of backbench MPs as more Tories called for her to quit. The pressure was mounting on Truss, owing to turmoil in the financial markets due to her economic policies.

Before her resignation, two of Truss's cabinet ministers were removed from their posts- Suella Braverman and Kwasi Kwarteng. While Braverman resigned owing to a technical breach of government rules- she sent an official document from her email account. Kwarteng left after the 'mini-budget' debacle, which he announced later led to market volatility, tanked the currency, and increased mortgage rates.

In her address outside Downing Street on October 20, Truss said that she could not deliver on the mandate she was elected on and had therefore notified King Charles III about her resignation as the Tory leader.

Truss's resignation has again put the onus back on her opponent Rishi Sunak. While Sunak is one of the front-runners, other leaders of the Conservative Party could replace Truss in the coming week.

Here is a look at some of the front-runners for the post of the next UK prime minister:

Rishi Sunak

Sunak, who lost to Truss last month in the Conservative leadership election, continues to be the key contender to step up for the post. According to a Bloomberg report, Sunak remains Sky Bet's favourite, with the bookmaker paying out £7 ($7.83) for every £4 bet on the ex-chancellor

Jeremy Hunt

UK's new chancellor Jeremy Hunt has moved up the ladder of favourites after less than a week in the role. Former health and foreign minister Hunt ripped up Truss's manifesto, which led to some lawmakers referring to him as the 'real prime minister'.

Boris Johnson

Johnson, the face of the Brexit vote, was forced out by several scandals. Given his solid 2019 electoral mandate, Johnson loyalists believe that the leader should make a comeback. Sky Bet sees Boris Johnson returning to the top post just three months after his resignation.

Penny Mordaunt

Penny Mordaunt was a former defence secretary who won plaudits for her performance in the parliament on October 17, when she defended the Truss government even after it reversed most of its policies.

Ben Wallace

UK's defence secretary and a former soldier, Ben Wallace, is among the few ministers who have emerged from the recent political turmoil with enhanced credibility. 

Keir Starmer

According to Sky Bet, Keir Starmer has slipped down the list of likely candidates, suggesting that the bookies favour an internal Tory replacement rather than a general election. Starmer renewed his call for a general election as the only way out of the "pathetic squabbles" within the governing party.