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PM Truss Announces Resignation, Leadership Election Within Week

UK

PM Truss announces resignation in statement outside 10 Downing St:

  • Truss: I was elected with a mandate for change...I cannot deliver the mandate on which i was elected.
  • Truss: I am resigning as leader of the Conservative Party
  • Truss: There will be a leadership election within the week...I will remain as PM until successor chosen
  • Betting markets have former Chancellor Rishi Sunak as favourite to take over: Sunak 47.6% implied probability, Penny Mordaunt 25%, Ben Wallace 12.5%, Jeremy Hunt 10.2%, Boris Johnson 7.1%
Chart 1. Betting Market Implied Probability of Next Conservative Leader, %

Source: SMarkets

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