A NEW PM will be elected in days after Liz Truss's shock resignation sparked a Tory leadership election.

The embattled PM confirmed she is quitting in a speech outside Downing Street this afternoon.

In an address to the nation this afternoon, the PM confirmed their will be a leadership election "in the next week".

She said: "I cannot deliver the mandate on which I was elect and told King Charles I am resigning."

Ms Truss’ downfall began just days into her premiership, when the disastrous mini budget was announced.

The 45bn tax bonfire sent mortgages soaring and the pound plummeting.

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It caused uproar among Tory MPs who questioned why the PM was cutting taxes for the rich as hard up Brits suffer in a crippling cost of living crisis.

Ms Truss tried to save her career by bringing in the more moderate Jeremy Hunt to replace ally Kwasi Kwarteng as Chancellor.

Mr Hunt tore the mini budget to shreds, a move that calmed down markets.

But the damage had been done and restless MPs began calling for the PM’s head.

Fifteen Conservative backbenchers publicly called for the PM to go by this morning, with dozens more saying they want her out in private.

And this morning head honcho of the 1922 backbench committee Sir Graham Brady went to visit the PM in Downing Street.

It falls to Sir Graham to inform the PM if and when she's lost the confidence of most of her MPs.

The Sun understands Ms Truss requested the meeting to be updated on the party mood.

But just hours ago a spokesperson for the PM admitted "yesterday was a difficult day" but added there are "no plans for any change" and "the Prime Minister will continue beyond the 31st".

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