Liz Truss has resigned - what now?

What's next?

Liz Truss will remain in office until a new Tory leader is elected. 

How is a replacement appointed?

Nominations for who will take over as party leader have opened and will close on Monday 24 October at 2pm. The nominee must have the support of at least 100 Conservative MPs to go ahead.

Members of the Conservative Tory Party then vote on who will be the new leader.

The vote must be decided by Friday 28 October at the latest. 

If, on the other hand, only one candidate manages to get the support of 100 members of parliament, no vote is needed and the whole thing can be decided as early as Monday.

That announcement was made by Sir Graham Brady on Thursday evening.

He is chairman of the 1922 Committee, which co-ordinates Tory Party MPs. 

When will the new prime minister take office?

As soon as possible after the Tory party elects a new leader, Prime Minister Liz Truss will meet with King Charles III to dissolve the current government.

After that, the newly elected leader of the Tory party will meet the king and ask to form a new government.

When it's done, Britain has a new Prime Minister. 

Which candidates are there?

So far, no one has formally announced their candidacy.

But the BBC has listed the hottest names currently circulating on UK betting sites.

At the top are former Chancellor of the Exchequer Rishi Sunak, who lost to Liz Truss in the last party leadership vote, Penny Mordaunt, formerly, among other things, Defense Secretary, and former Prime Minister Boris Johnson.

But also names such as Defense Minister Ben Wallace, recently defected Interior Minister Suella Braverman and Foreign Trade Minister Kemi Badenoch are circulating as possible candidates.

Can there be new elections?

The country's opposition leader, Keir Starmer, demands that there be a new election in Great Britain.

But it is not likely that it will happen in the near future.  

For there to be new elections, a majority in the lower house needs to want it.

But since the Tory party still has a large majority in the House of Commons, and they are doing a record low in the polls, it is probably not in their interest to hold a new election now. 

The next general election in the UK must be held no later than December 2024.

How is the Conservative Party affected by this turmoil?

There is chaos within the party with different groups having difficulty agreeing on how the country should be governed.

The biggest challenge is to unify the party and get them to rally behind a leader.

When the new government is then in place, the biggest challenge will be overcoming the major economic crisis in the country.

This is why Boris Johnson can take over again - hear SVT's foreign reporter Anna-Maja Persson list in the clip above.