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In a short statement outside Number 10, the former Foreign Secretary said she had already informed King Charles III of her decision to stand down.

Arrangements for her succession had already been discussed with senior figures in the Conservative Party, with a leadership election expected to be completed within the next week.

According to Sir Graham Brady, the chairman of the 1922 Committee of backbench Tory MPs, a new prime minister will be in place by Halloween.

Prime Minister Liz Truss has announced her resignation after just 44 days in office.

Decision date set for major new housing development on farm land in Hebburn

The move brings the curtain down on a brief tenure which saw markets spooked by her economic plans within weeks of replacing her predecessor Boris Johnson.

Following the news, Jarrow MP Kate Osborne repeated her calls for a general election.

She said: “Liz Truss lasted just 44 days as Prime Minister, her decisions caused untold damage to our economy and she failed at everything she tried to do.

Liz Truss is set to become the shortest serving Prime Minister since the Second World War

“The next Prime Minister will be chosen for us by just a few hundred MPs, a revolving door of Conservative MPs taking their turn to lead the country – but not changing their outlook continuing to cause chaos.

“We can’t go on like this.”

Ms Truss’s decision to step down followed another day of chaos in Parliament on Wednesday (October 19) with the resignation of Home Secretary Suella Braverman, the second holder of a ‘great office of state’ to depart under the current Prime Minister’s short tenure.

This sentiment was echoed by South Shields MP Emma Lewell-Buck.

South Shields MP Emma Lewell-Buck and Jarrow MP Kate Osborne have both called for a General Election to be held following the announcement of Liz Truss's resignation as Prime Minister.

She said: “Instead of yet another Prime Minister chosen by Tories, Truss should have called an election.

"That is what the country needs – a change of direction, a new Government.

“Liz Truss was elected by the Conservative Party membership and had a limited mandate to begin with.

"Now she has gone and the Tories want a new leader in a week, this mandate has gone altogether.

"The public must have their say in how they want the country to be run.

"We need a General Election now to elect a Government that can lead us out of the crisis they have left us in.”

'She failed at everything she tried to do' - reaction as Liz Truss confirms she will quit as Prime Minister, with new boss in Number 10 by Halloween