Senior backbench MP Graham Brady told reporters that the new leader would be in place by Friday next week, in time for new finance minister Jeremy Hunt to deliver a crucial budget statement on October 31.
Brady’s statement suggested the party could find a way of bypassing the Tory rank and file who elected Truss, in the face of warnings by SUNAK that her debt-fuelled programme threatened higher inflation and market turmoil.
While formally announcing her resignation, Lizz Truss said she could not deliver on the mandate on which she was elected by the conservative party, having lost the faith of her party.
Truss also announced that she will remain as prime minister until a successor is chosen.
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