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\u2018UK leadership contest to be concluded by October 28\u2032<\/strong><\/p>\n Britain\u2019s Liz Truss resigned as Conservative Party Leader on Thursday, with the election to replace her as prime minister to be completed next week.<\/p>\n 1922 Committee chair Graham Brady said he would set out further details on the process later in the day, below is what we know so far:<\/p>\n \u2013 Contest to be concluded by October 28<\/p>\n \u2013 Expectation is that Conservative Party members will be involved in the process<\/p>\n \u2013 Party rules say two candidates would be put forward to the membership, unless there is only one candidate remaining.<\/p>\n Source \u2013 Reuters<\/em><\/p>\n Russia says UK \u2018has never known such a disgrace of a PM\u2019 after Truss resigns<\/strong><\/p>\n Russia on Thursday said Britain has \u201cnever known such a disgrace as prime minister\u201d after Liz Truss resigned as UK leader just weeks into her time in office.<\/p>\n \u201cThe catastrophic ignorance and the queen\u2019s funeral immediately after her audience with Liz Truss will be remembered,\u201d foreign ministry spokeswoman Maria Zakharova said on Telegram. \u201cBritain has never known such a disgrace as prime minister.\u201d<\/p>\n Source \u2013 AFP<\/em><\/p>\n Macron wishes Britain rapid return to stability<\/strong><\/p>\n France\u2019s President Emmanuel Macron wished Britain a rapid return to stability on Thursday as Prime Minister Liz Truss resigned after six weeks in office marred by political and economic chaos.<\/p>\n Arriving at an EU summit, Macron said he would not comment on British domestic politics, but added: \u201cIt is important that Great Britain regains political stability very quickly, and that is all I wish.\u201d<\/p>\n Source \u2013 AFP<\/em><\/p>\n JUST IN: I am resigning as prime minister, says UK\u2019s Liz Truss<\/strong><\/p>\n By Elizabeth Piper, Andrew MacAskill and Muvija M<\/p>\n London \u2013 Liz Truss said on Thursday she was resigning as British prime minister just six weeks after she was appointed, brought down by an economic programme that sent shockwaves through financial markets last month and divided her Conservative Party.<\/p>\n Speaking outside the door of her Number 10 Downing Street office, Truss accepted that she could not deliver the promises she made when she was running for Conservative leader, having lost the faith of her party.<\/p>\n A leadership election will be completed within the next week to replace Truss, who is the shortest serving prime minister in British history. George Canning previously held the record, serving 119 days in 1827 when he died.<\/p>\n \u201cI recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party,\u201d she said.<\/p>\n Earlier, Conservative Party officials had gathered at Downing Street while a growing number of her own lawmakers called on her to quit.<\/p>\n Appointed on Sept. 6, Truss was forced to sack her finance minister and closest political ally, Kwasi Kwarteng, and abandon almost all her economic programme after their plans for vast unfunded tax cuts crashed the pound and British bonds. Approval ratings for her and her Conservative Party collapsed.<\/p>\n On Wednesday she lost the second of the government\u2019s four most senior ministers, faced laughter as she tried to defend her record to parliament and saw her lawmakers openly quarrel over policy, deepening the sense of chaos at Westminster.<\/p>\n New finance minister Jeremy Hunt is now racing to find tens of billions of pounds of spending cuts to try to reassure investors and rebuild Britain\u2019s fiscal reputation as the economy heads into recession and with inflation at a 40-year high.<\/p>\n Related Video:<\/strong><\/p>\n