Following Liz Truss' announcement that she will step down as Prime Minister, the Conservative Party should soon begin the process of choosing a new leader.
Earlier today, Ms Truss met with 1922 Committee chairman Sir Graham Brady to confirm that she will resign from her premiership and allow the party to choose a new leader. As part of the process, Sir Brady said that he expects Tory members to be involved in choosing Ms Truss's successor.
A leadership contest will be held sometime next week, with Sir Graham stating that it should be concluded by next Friday, October 28.
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Speaking to reporters, Sir Graham said: "Well, that [October 28] is the expectation. So the reason I’ve spoken to the party chairman and I discussed the parameters of a process is to look at how we can make the whole thing happen, including the party being consulted, by Friday next week.”
He added: “I think we’re deeply conscious of the imperative in the national interest of resolving this clearly and quickly.”
The pressure to instate a new leader as soon as possible piles up as the country's government has effectively been thrown into chaos with less than two weeks left before a fiscal statement is due to be presented to help stabilise the economy during a worsening cost of living crisis.
Tony Danker, director-general of the CBI -one of the UK's top business groups - said: "The politics of recent weeks have undermined the confidence of people, businesses, markets and global investors in Britain. That must now come to an end if we are to avoid yet more harm to households and firms.
“Stability is key. The next prime minister will need to act to restore confidence from day one. They will need to deliver a credible fiscal plan for the medium term as soon as possible, and a plan for the long-term growth of our economy.”
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