What next for Liz Truss? What will prime minister do after leaving Downing Street, will she remain a Tory MP

The Prime Minister has resigned after just six weeks in the role following a calamitous reign.

Liz Truss announced she was leaving office on Thursday (20 October). She had served just 44 days in Number 10.

She addressed the nation from a lecturn in Downing Street. Ms Truss signalled the end of her time as the leader of the Conservative Party following a botched financial statement, the loss of two of her most senior Cabinet ministers and an open revolt by Tory MPs.

Ms Truss is the second Prime Minister to resign in 2022, following the resignation of Boris Johnson in July. Mr Johnson departed Number 10 after a record number of resignations from his government.

A leadership election will be held over the coming week to decide the next Prime Minister. Mr Johnson is rumoured to be intending to launch a bid to return as party leader, while Rishi Sunak, Suella Braverman and Kemi Badenoch are also expected to stand.

But what will be next for Liz Truss? Does she have to resign as a MP as well as PM? Here is all you need to know:

When will Liz Truss leave Number 10?

Announcing her resignation, Ms Truss said that the leadership election to replace would take place over the next week. Sir Graham Brady, chair of the 1922 committee, told reportes he expects the new party leader to be confirmed by Friday 28 October.

Ms Truss will remain in Number 10 Downing Street during the leadership election. She will have around another seven days in office. It will make her the shortest-serving Prime Minister ever.

Do Prime Minister’s have to resign as an MP if they quit?

When a Prime Minister stands down there is no requirement for them to leave the House of Commons as well. Two former Prime Ministers are still Tory MPs.

Theresa May has been a backbencher since she was replaced by Boris Johnson in 2019. Meanwhile Mr Johnson has also remained in Parliament as a benchbench MP.

It is rumoured that he is considering a bid to return as Prime Minister, once again leading the Government after winning an 80 seat majority in 2019.

David Cameron stood down as an MP in 2016 after he resigned as Prime Minister in the wake of the Brexit vote. Gordon Brown remained as an MP until 2015, despite losing the 2010 election.

What could Liz Truss do next?

Lucrative after-dinner speaking jobs are one option for former Prime Minister’s looking to cash in on their time at Number 10 after it comes to an end. Theresa May has bee a regular on the circuit since departing Downing Street in 2019.

The Tatler reports that Mrs May has earned over £1m from after-dinner speeches since she stood down as Prime Minister in 2019. She was paid over £100,000 for just three such public speaking events.

Ms Truss could also potentially produce a memoir, following in the footsteps of former Prime Minister’s such as Gordon Brown and David Cameron. The latter was paid £800,000 advance for his book For The Record which was released in 2019.

What did Liz Truss say in her resignation speech?

Ms Truss did not give any indication of her plans for life post-Number 10 in her resignation speech. The full text is as follows:

“I came into office at

a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin’s illegal war in Ukraine threatens the security of our whole continent. And our country had been held back for too long by low economic growth.

“I was elected by the Conservative Party with a mandate to change this. We delivered on energy bills and on cutting national insurance. And we set out a vision for a low tax, high growth economy – that would take advantage of the freedoms of Brexit.

“I 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.

“This morning I met the Chair of the 1922 Committee Sir Graham Brady. We have agreed there will be a leadership election to be completed in the next week. This will ensure we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security.

“I will remain as Prime Minister until a successor has been chosen. Thank you.”