The Conservative Party, which holds a big majority in parliament and need not call a nationwide election for another two years, will elect a new leader by Oct. 28.

That contest is likely to pit ex-finance minister Rishi Sunak against Penny Mordaunt, but could also see the return of former premier Boris Johnson, who was ousted in July when his ministers resigned en masse to force him out of power.

Speaking outside the door of her Number 10 Downing Street office, Truss accepted that she had lost the faith of her party and said she would step down next week, becoming the shortest-serving prime minister in British history.

“I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party,” said Truss, who was supported only by her husband with her aides and loyal ministers noticeably absent.

Truss became Britain’s fourth prime minister in six years after being elected in September to lead the Conservative Party by its members, not the broader electorate, and with support from only around a third of the party’s lawmakers.

She had promised tax cuts funded by borrowing, deregulation and a sharp shift to the right on cultural and social issues.

Appointed on Sept. 6, she was forced last week 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 the Conservative Party collapsed.

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