Tory leadership result LIVE: Priti Patel quits hours after Liz Truss win confirmed

The Home Secretary Priti Patel has announced that she will quit frontline politics hours after Liz Truss was announced as the next Prime Minister.

In a letter to Boris Johnson outlining what she considered her achievements in office, Ms Patel said she would head to the backbenches after a new Home Secretary is appointed when Ms Truss takes office on Tuesday.

She said: “I congratulate Liz Truss on being elected our new Leader, and will give her my support as our new Prime Minister.

“It is my choice to continue my public service to the country and the Witham constituency from the backbenches, once Liz formally assumes office and a new Home Secretary is appointed.

“From the backbenches, I will champion many of the policies and causes I have stood up for both inside and outside of Government”.

Ms Truss, 47, is expected to appoint fresh faces to the Cabinet once in place as Prime Minister after winning the backing of 81,326 Tory members, compared with 60,399 for rival Rishi Sunak.

However, when asked if he would consider a role in the Cabinet, Mr Sunak told the BBC it was “just not something I’m thinking about.”

He vowed to stay on as MP for Richmond in North Yorkshire and to contest the seat at the next election, saying he was not “going anywhere”.

Ms Truss will face a formidable in-tray upon assuming office, with the UK facing an economic crisis this winter and energy bills surging to unprecedented levels.

Live coverage ends

20:41 , Josh Salisbury

Live coverage of the day’s events is now ending - thank you for joining us.

For a recap of the main developments on Monday, which saw Liz Truss announced as the new Tory leader and next Prime Minister, please visit here.

Only one in seven believe Liz Truss will do better job than Boris Johnson - poll

19:33 , Josh Salisbury

Only one in seven Brits say that Liz Truss will be a better Prime Minister than Boris Johnson, according to a snap poll by YouGov on Monday.

A YouGov poll of 2,488 adults has found that 14% of people expect Ms Truss to do a better job than Johnson, while 27% say she will be worse.

Ms Truss, who has she favours tax cuts over “handouts", promised on Sunday to set out immediate action in her first week in the job to tackle rising energy bills and to increase energy supplies.

Half of those polled say they were disappointed about Ms Truss being the next leader, YouGov said, with one in five Britons having confidence in Truss's government to ease the pressing cost-of-living issue.

Liz Truss ‘considering energy price cap freeze’ - report

18:57 , Josh Salisbury

Liz Truss is mulling plans to freeze energy prices at their current levels until the end of January, according to a report.

According to the i newspaper, Ms Truss is considering an option of freezing bills at the current energy price cap for a typical household of £1, 971, instead of allowing the price cap to rise in October.

The publication reported that Ms Truss could present this plan for households as early as Thursday and that it would not be paid for by a windfall tax on energy companies.

Ms Truss has not publicly confirmed details of what her plan is to tackle soaring energy bills, but has vowed action within a week of becoming Prime Minister.

She will assume the role after an audience the Queen at Balmoral in Aberdeenshire early Tuesday afternoon.

Khan calls for Truss to allow London rent freeze

18:45 , Josh Salisbury

In further comments on Liz Truss’s victory, London Mayor Sadiq Khan said she needed to outline a comprehensive package to help Londoners with the cost of living - including powers for a rent freeze.

He said: “I think we're facing a national crisis that I've not seen in my lifetime, with soaring inflation we've not seen in 40 years, and energy prices rising to record levels.

“What we need from the prime minister this week is a comprehensive plan that deals with the scale of the crisis we're facing - freezing energy bills, giving targeted support to businesses and families, business rates reform.

“We also need to see Universal Credit uplifted to support families struggling, particularly in London.

“We need to see free school meals extended to all children in primary schools, and in London in particular we need to see the rents that private tenants pay to private landlords frozen for at least two years."

Priti Patel confirms decision to quit as Home Secretary

18:36 , Josh Salisbury

Priti Patel has confirmed her decision to quit as Home Secretary, following the election of Liz Truss as the new Conservative Party leader.

In her resignation letter to Boris Johnson, shared on social media, Ms Patel said it was her “choice” to continue her public service from the backbenches, when Ms Truss formally takes up her post as prime minister on Tuesday.

While she pledged her support for the new leader, she said it was “vital” that she continued to support the policies she had pursued to tackle illegal immigration - including the deportation of asylum seekers to Rwanda.

“It has been the honour of my life to serve as Home Secretary for the last three years,” she tweeted.

“I am proud of our work to back the police, reform our immigration system and protect our country.”

Priti Patel ‘to resign from Government and head to backbenches'

18:01 , Josh Salisbury

Home Secretary Priti Patel is heading to the backbenches, according to reports, once a new person has been appointed to the role.

In a letter obtained by the Sun’s Political Editor, Harry Cole, Ms Patel writes: “I congratulate Liz Truss on being elected our new Leader, and will give her my support as our new Prime Minister.

“It is my choice to continue my public service to the country and the Witham constituency from the backbenches, once Liz formally assumes office and a new Home Secretary is appointed.

“From the backbenches, I will champion many of the policies and causes I have stood up for both inside and outside of Government.”

Khan: Liz Truss needs to put aside any ‘anti-London nonsense'

17:48 , Josh Salisbury

London Mayor Sadiq Khan has said he hopes incoming prime minister Liz Truss “puts aside the culture wars” which have been key topics of debate during the Tory leadership contest.

Speaking at College Green in Westminster, Mr Khan told the PA news agency: “On a personal basis, and I mean it sincerely, I congratulate Liz Truss for winning the Conservative election contest today, and for tomorrow becoming the prime minister of our country.

“I think although we come from different political traditions, I think we share surely the same common desire to see our capital city succeeding and our country succeeding.

“So I’m hoping that she puts aside some of this anti-London nonsense that we’ve seen over the last two to three years, that she puts aside some of the culture wars that we’ve seen engaged in over the last few years - pitting one part of the country against the other, pitting one community against another - and working together during this national crisis to respond to some of the big challenges we’re facing.”

Truss has won ‘emphatic’ victory, says ally

17:40 , Josh Salisbury

Liz Truss has won an “emphatic” victory, an ally has said.

Former Northern Ireland secretary Brandon Lewis, tipped for a role in the new cabinet, said in an interview with GB News: “It is a very good, clear majority for Liz Truss I think gives us a very clear message. The party now has taken its decision.

“We now come back together, get behind the leader of the party and next prime minister, and get on with delivering for people."

On the priorities ahead for the new government, Mr Lewis said he would not be drawn on an energy price cap, but added: "I think we'll see in the next week or so when we listen to her new chancellor a package of measures that people recognise is going to make a positive difference, a real difference in a way that we can all get behind and make sure we're helping people across the country."

Rishi Sunak: I’m not going anywhere

17:24 , Josh Salisbury

Rishi Sunak has vowed he is not “going anywhere” and vowed to stand in the next election.

Mr Sunak, who was defeated by Liz Truss in his bid to become Prime Minister, also said he was not currently “thinking about” whether he would serve in Ms Truss’s Cabinet.

Asked by the BBC’s Political Editor, Chris Mason, whether he saw a political future, Mr Sunak said: “Oh asbolutely. I’m very committed to my constituents in North Yorkshire and as long as they’ll continue to have me I plan on serving them not just in the immediate future but also at the next election.

“So that’s my plan, I don’t plan on going anywhere, it’s a real privilege to be their member of Parliament”.

Truss to arrive at Balmoral for Queen audience just after noon

16:59 , Josh Salisbury

Buckingham Palace said Boris Johnson is due to arrive at the door of Balmoral Castle at 11.20am on Tuesday for his audience with the Queen. His departure will, following tradition, be private and off camera.

At 12.10pm, Liz Truss will arrive at the Castle door ready for her audience, which is expected to last for around 30 minutes before she departs at around 12.40pm.

The new PM’s departure, as is the custom, will be filmed.

Mural depicts Truss’s Tory leadership victory

16:55 , Josh Salisbury

A Belfast mural depicting the Tory leadership fight has been updated to acknowledge Liz Truss’s victory.

The boxing-themed artwork gained international attention when it appeared in the city’s Cathedral Quarter last month.

Painted by artist Ciaran Gallagher, the Hill Street mural depicting Ms Truss and Rishi Sunak as opponents in the ring went up as the candidates travelled to the city for the Northern Ireland leg of the hustings.

Commissioned by publican Willie Jack, who owns nearby pubs such as the Duke of York and Harp Bar, the mural has now been reworked to show a triumphant Ms Truss and defeated Mr Sunak.

No 10: ‘Not known’ if Boris Johnson and Liz Truss have spoken since result

16:21 , Josh Salisbury

Downing Street said it is not known if Boris Johnson has had any private conversations with Liz Truss since the Tory leadership result.

The outgoing Prime Minister's official spokesman said: “I don't know if he has had any private conversations with her since the result."

Asked if the PM is planning a farewell party on Monday night, the spokesman said: “No plans for anything like that. He has spoken to a number of staff already. I don't know if he is planning any further conversations."

City of London urges Truss to push ahead with Online Harms Bill

16:20 , Josh Salisbury

The City of London Corporation has urged Liz Truss to push ahead with the controversial Online Safety Bill when she becomes Prime Minister on Tuesday to protect people from fraud.

In a statement congratulating Ms Truss on her success in the Tory leadership race, the Corporation urged the next Prime Minister to include London in efforts to ‘level up’ the country as “the capital’s success benefits every corner of the UK.”

“We also urge the new Prime Minister to push ahead with the Online Safety Bill,” said the Corporation’s Policy Chairman, Chris Hayward.

“The Bill is needed to help tackle economic crime and protect people from becoming victims of online fraud,” he said.

“We must urgently ensure that social media and technology firms prevent their platforms from being used to commit fraud, and are pro-active in tackling it. Any further delay will only lead to more victims.”

London businesses tell Truss ‘act now to avoid winter of discontent’

16:03 , Josh Salisbury

Leading London businesses have warned that Liz Truss will need to act immediately to avoid a “winter of discontent”.

John Dickie, Chief Executive at BusinessLDN, which counts leading businesses in the capital among its members, said: “The Prime Minister can lose no time in moving to ease the cost-of-living crisis.

“Businesses and families need to see swift support to combat growing energy prices, including direct payments to those most in need; access to affordable childcare; and protection for commuters from inflation-plus rail fare increases.

“The capital has a critical part to play in growing the whole UK economy, and we look forward to working with the new government to better harness London’s strengths to benefit the whole country.

“Now is the time for decisive action and clear leadership, to support jobs, growth and prosperity.”

Streeting: Truss is welcome to nick Labour’s plans

15:53 , Daniel Keane

Wes Streeting has said the incoming prime minister is "welcome to nick Labour's plans to freeze energy bills" to combat the cost-of-living crisis.

He told the PA news agency: "Liz Truss is welcome to nick Labour's plan to freeze energy bills.

"It is fully costed, we've shown how we'd pay for it in a fair way with the windfall tax on oil and gas companies, we'd love nothing more for the new prime minister to not waste time trying to concoct alternatives and waste valuable time in the machinery of the civil service.

"We've got a policy that's ready to go, and the tragedy for the country is that we've had a summer of total inaction from the Conservative Government.

"She needs to get to work right away."

Zelensky praises Johnson

15:39 , Daniel Keane

Ukrainian president Volodymyr Zelensky has praised Boris Johnson as a "great friend" and thanked him for his "personal bravery", following the announcement that Liz Truss will be the prime minister's successor.

Mr Zelensky tweeted: "Had a summing up conversation with Boris Johnson (BorisJohnson) in his current capacity.

"On behalf of all (Ukrainian) people, I thanked him for his personal bravery, principles & a major contribution to countering RF's aggression.

"I look forward to cooperation with a great friend of (Ukraine) in a new status."

Tory Party co-chairman resigns

15:24 , Daniel Keane

Ben Elliot, an ally of Boris Johnson, has resigned as Conservative Party co-chairman following Liz Truss's election as leader.

Conservative Party chief executive Darren Mott said: "The whole Conservative Party wants to thank Ben Elliot for his tireless service over the past three years.

"Without his incredible efforts, the 2019 landslide would not have been possible. We wish him all the best in his future endeavours."

Fabricant: Truss’s election victory ‘good news for the Midlands’

14:55 , Daniel Keane

Michael Fabricant, Tory MP for Lichfield, said Liz Truss's election by the party membership was "very good news for the UK and the Midlands".

He said: "I personally backed Liz so I am really pleased with the result, although I was disappointed Boris was forced to leave in the first place in what was a very British coup."

He added: "With a new prime minister comes a new Government and Liz is very aware that she will have to deliver on all her promises.

"In particular, and at the top of her red box (of briefing papers), will be solving the cost of living crisis caused by the astronomic rise in heating bills.

"I am expecting announcements regarding this by the end of the week.

"She needs to hit the ground running."

Truss ‘will confirm Cabinet on Tuesday'

14:34 , Daniel Keane

Work and Pensions Secretary Therese Coffey said Liz Truss will confirm positions in her Cabinet on Tuesday.

Speaking to the PA news agency about Ms Truss's victory as she left the Conservatives Campaign Headquarters in Westminster, central London, supporter Ms Coffey said: "It's amazing.

"I'm really excited and looking forward to taking office tomorrow and get on delivering (our) manifesto and getting growth and I'm really thrilled."

Asked if she's expecting to keep her post in the Cabinet, Ms Coffey said: "That is up to the leader of the party, and soon to be prime minister.

"All the posts will be confirmed tomorrow."

She added: "I will be open with you. We've got great candidates who put themselves forward to be leader of the party.

"I'm just thrilled that Liz won and will get on with the job."

Birmingham Mayor congratulates Truss

14:23 , Daniel Keane

The Conservative West Midlands mayor Andy Street, who had backed Ms Truss for the premiership, congratulated the victorious leadership candidate, adding it was time to "get to work" for "families and businesses".

He said: "Now let's get to work on tackling the cost-of-living emergency for families and businesses, and press ahead with levelling up the West Midlands."

Truss must act on Northern Ireland Protocol, says DUP

14:09 , Daniel Keane

Sir Jeffrey Donaldson said the DUP needed to see decisive action over the Northern Ireland Protocol before there could be any restoration of Stormont powersharing institutions.

He said: "I made my position absolutely clear during the Assembly election and I secured a mandate for that position.

"We are taking this stance because we believe the basis for powersharing does not exist at the moment. There is not a cross-community consensus - the protocol has destroyed that consensus.

"We will be saying to the prime minister that is why action is needed, that is why we need to see this legislation going through Parliament, and if there is to be renewed negotiation with the EU, then the prime minister needs to be very clear that for the institutions to be restored, decisive action is required to remove the barriers of trade and to respect the integrity of the UK internal market."

EU Commission president seeking ‘constructive relationship’ with Truss

13:52 , Daniel Keane

European Commission president Ursula von der Leyen said she wanted a "constructive relationship" with Liz Truss "in full respect of our agreements".

The new Tory leader has said she intends to press ahead with the Northern Ireland Protocol Bill, which will allow the Government to override parts of the agreement struck with the European Union on post-Brexit arrangements.

"The EU and the UK are partners," Ms von der Leyen said.

"We face many challenges together, from climate change to Russia's invasion of Ukraine.

"I look forward to a constructive relationship, in full respect of our agreements."

Steve Baker says it’s time for ‘support to the poorest'

13:37 , Miriam Burrell

Truss supporter Steve Baker said he wants the new Tory leader to pledge “targeted support to the poor” to ease the strain of rising costs.

Asked how he hopes Ms Truss will tackle the cost-of-living crisis, he told PA: “The first thing is, I’ve put to her a set of measures she could take on energy, which could save up to £1,500 a year. We’ll see whether we get those measures through.

“The next thing is, of course, a combination of tax cuts and support to the poorest – through Universal Credit, preferably, because since the system’s already there, personally I want to see targeted support to the poor.”

Sunak says it’s time to unite behind Truss

13:32 , Miriam Burrell

Joe Lycett: ‘Absolutely smashed it babe!'

13:26 , Miriam Burrell

Comedian Joe Lycett said Liz Truss “absolutely smashed it” following the win.

On Monday morning he told Radio Times he is having “such a fun ride being right wing” and “recommends it everyone” following his appearance on Laura Kuenssberg’s new political show that made headlines.

Read more about his reaction here.

Former Tory leaders congratulate Truss

13:18 , Miriam Burrell

Penny Mordaunt: Truss had a ‘good majority'

13:14 , Miriam Burrell

Penny Mordaunt said she is “delighted” with the result. Speaking to the PA news agency, she said Liz Truss got a “good majority”.

Ms Mordaunt, who came third in the Westminster stage of the contest, said Ms Truss is “ready to hit the ground running”.

Asked if she is confident the Tory party can now come back together, she said: “Yes, because we know we need to do that. We know we need to do that to deliver, to get things through the House of Commons.

“But we also need to know that we need to do that to win a general election.”

Pound rallies slightly as Truss announced PM

13:10 , Miriam Burrell

The pound rallied slightly after Liz Truss was announced as the winner of the Conservative Party’s leadership election.

Sterling was trading at 1.1508 against the dollar, down a little over 0.7% on the day.

It had been trading slightly lower ahead of the announcement, but had already regained most of its ground after falling to a 37-year low earlier on Monday.

Against the euro the pound was up 0.3% to 1.1600.

Nicola Sturgeon: ‘Our political differences are deep'

13:05 , Miriam Burrell

Scottish First Minister Nicola Sturgeon said she “will seek to build a good working relationship” with Liz Truss despite the leaders having “deep” political differences.

Pictured: Liz Truss reacts to win

13:02 , Miriam Burrell

Liz Truss with her husband Hugh O’Leary, at the Queen Elizabeth II Centre in London, as it was announced that she is the new Conservative party leader, and will become the next prime minister.

How Truss’s win compares to previous Tory leaders

12:59 , Miriam Burrell

Contest was closest leadership race ever

12:56 , Daniel Keane

Mr Sunak appears to have defied pollsters predicting a landslide win for Liz Truss.

With 57.4 per cent of the vote going to Ms Truss, the race was the tighest leadership contest in Tory history.

Ms Truss is the first leader to be elected with less than 60 per cent of her party’s support - a worrying sign for the incoming PM.

Watch: Liz Truss announced as UK’s new Prime Minister

12:51 , Daniel Keane

Davey calls for snap election

12:47 , Daniel Keane

Liberal Democrat leader Sir Ed Davey called for a general election in the wake of Liz Truss' victory in the Conservative leadership contest.

"Under Liz Truss, we're set to see more of the same crisis and chaos as under Boris Johnson. From the cost of living emergency to the NHS crisis, the Conservatives have shown they don't care, and have no plan," Sir Ed tweeted.

"It's time to scrap the energy price hike then call a general election."

Starmer congratulates Truss

12:45 , Daniel Keane

Labour leader Sir Keir Starmer tweeted: "I'd like to congratulate our next prime minister Liz Truss as she prepares for office.

"But after 12 years of the Tories all we have to show for it is low wages, high prices, and a Tory cost-of-living crisis.

"Only Labour can deliver the fresh start our country needs."

Truss vows to ‘govern as a Conservative’

12:43 , Daniel Keane

She added: “During this campaign I campaigned as a Conservative and I will govern as a Conservative.

“We need to show that we will deliver over the next two years. I will deliver a bold plan to cut taxes and grow our economy.”

Truss thanks family & friends for enduring ‘longest job interview in history’

12:41 , Daniel Keane

Ms Truss thanked her family, friends and colleagues for enduring the “longest job interview in history”.

She said: “I want to thank our outgoing leader and my friend Boris Johnson.

“You got Brexit done, you crushed Jeremy Corbyn and rolled out the vaccine.

“I know that our beliefs resonate with the British people - our beliefs in freedom, low taxes and personal responsibility.”

Truss wins with over 80,000 votes

12:39 , Daniel Keane

Ms Truss received 81,326 votes, while Mr Sunak received 60,399 votes.

Liz Truss wins Tory leadership contest

12:38 , Daniel Keane

Liz Truss has triumphed in the Tory leadership contest and will become the UK’s next Prime Minister, Sir Graham Brady has announced.

Sir Graham Brady takes to lectern

12:36 , Daniel Keane

We are expecting a result imminently as Sir Graham Brady has taken to the lectern.

I would accept Foreign Secretary role, says Cleverly

12:23 , Daniel Keane

James Cleverly has suggested he would accept the foreign secretary job in a Cabinet run by Liz Truss if it was offered to him.

He told the PA news agency: “Rishi’s (Sunak) a smart guy, really good campaigner. It would be ridiculous ever to take a result for granted.

“But I think Liz has put in a fantastic campaign, and I think she’s done enough to win.”

Put to him that he is tipped for foreign secretary if Ms Truss is successful, he said: “Let’s get one thing (done) at a time.”

Asked if he would accept the job if offered it, he asked: “Who wouldn’t accept it?”

Pictured: Truss arrives at Queen Elizabeth centre

12:14 , Daniel Keane

Man detained outside Queen Elizabeth Centre in Westminster

12:09 , Daniel Keane

A man has been detained by police outside the Queen Elizabeth II Centre in Westminster, central London, where the announcement of who will become Tory Party leader and the next prime minister is due to take place at 12:30.

The man, who is a protester with the campaign group Animal Rebellion, has been handcuffed, carried off the road and frisked by officers.

Four others are sitting in the road opposite Westminster Abbey, holding a sign reading: "Planet-based future" and chanting: "Protect out planet, respect our future" while officers try to speak to them.

A fifth protester, Joel Scott-Halkes, 30, from Cornwall told the PA news agency: "We are going to continue disrupting the diary industry for as long as it takes until there are supermarkets shortages.

"We are going to do this until the Government and the new prime minister meets our demands," he added, saying these include ensuring the transition to plant-based farming and rewinding the land that that frees up."

MPs arrive at Queen Elizabeth Centre for result

11:59 , Daniel Keane

The first MPs have begun arriving at the Queen Elizabeth II Centre in Westminster where the next Prime Minister is due to be announced at 12.30pm.

Tory MP and former Culture Secretary Oliver Dowden arrived around 50 minutes ahead of the announcement.

Penny Mordaunt, an earlier contender in the Conservative Party leadership competition, arrived shortly afterwards.

Neither responded to the large media scrum assembled outside.

Incoming PM ‘must freeze energy bills’, says Starmer

11:55 , Daniel Keane

The incoming Prime Minister must freeze energy bills to avoid an economic crisis, Sir Keir Starmer has warned.

Speaking to journalists at Friern Barnet School in north London, Sir Keir responded to reports that candidate Liz Truss would implement a freeze on bills for the poorest homes as part of her new economic policy.

He said: "We need to freeze energy bills, that's why Labour set that out very, very clearly, weeks ago now.

"So I want to see that happen. It's very important that it's very clear who pays for this, we've been clear that oil and gas companies who've made excess profits this year should have a windfall tax, which would then pay for the energy freeze.

"So yes, we want an energy freeze. It's vital for families and households across the country. I want to see that happen. There's no justification for an incoming prime minister not doing it, because the political will is there across the political parties."

No10: No fixed time for Boris Johnson’s resignation honours

11:42 , Daniel Keane

There is "no fixed time" for the announcement of Boris Johnson's resignation honours, Downing Street has said.

The outgoing Prime Minister's official spokesman said: "It will be a matter for the new Government essentially on the timings, but there's no fixed time for them at the moment."

Starmer visits school ahead of leadership result

11:22 , Daniel Keane

Sir Keir Starmer and shadow education secretary Bridget Phillipson are visiting a school in north London ahead of the new leader of the Conservative Party being unveiled.

Sir Keir and Ms Phillipson met with two year 11 pupils, Aaayushi and Nayra, from the school's student Parliament ahead of a question-and-answer session with their classmates.

Sir Keir asked Aaayushi how she felt to be involved in the student Parliament.

She told him: "Yeah, it's really nice."

He replied: "We need to get you into Number 10, you'll probably do a better job than whoever's coming in at lunchtime today", before chuckling.

UK ‘treading water’ during leadership contest, says former chancellor

10:59 , Daniel Keane

Tory former Chancellor Philip Hammond has said the UK has been “treading water” during the leadership contest.

He told Times Radio that “everybody will be relieved” when the new PM is announced at 12.30pm.

Mr Hammond added that the country has been “treading water” during a “difficult period” while the contest has taken place.

Boris Johnson will be ‘thorn in side’ of successor, say ex-staffers

10:41 , Daniel Keane

Boris Johnson will be a “thorn in the side” of his successor, his closest allies have suggested.

Mr Johnson, who will be replaced as Conservative leader on Monday and will step down as Prime Minister on Tuesday, is tipped to make a return to journalism after leaving office.

He is also expected to be a regular on the lucrative after-dinner speaking circuit, a well-worn route for ex-Prime Ministers.

Former staffers on Monday ruled out him attempting to making a comeback to frontline politics, but said he still has fans in the party who may push for him to return to No10.

Read our full story here.

Incoming Chancellor promises ‘lean state’

10:28 , Daniel Keane

Kwasi Kwarteng, who is widely tipped to become the next Chancellor in a Liz Truss cabinet, has promised to run a “lean state” if he takes the reins in the Treasury.

He wrote in the Financial Times: “As prime minister, Liz will take immediate action if elected that will help people with the challenges we face in the coming months, and lay the groundwork for the change we need in the long term.”

Mr Kwarteng said this would mean “putting money back in people's pockets" and "unshackling our businesses from burdensome taxes and unsuitable regulations”.

Pictured: Rishi Sunak leaves his house in London ahead of leadership result

10:11 , Daniel Keane

Pound slumps to lowest level in over 30 years

09:59 , Daniel Keane

The pound has fallen to its lowest level in over three decades.

Sterling fell to 0.3 per cent to $1.1475 - just hours before the new Prime Minister is announced.

It is the lowest exchange rate for the pound and the dollar since 1985.

Watch: Daily politics briefing: September 5

09:42 , Daniel Keane

Ireland’s foreign affairs minister says new PM must improve relations

09:23 , Daniel Keane

Ireland’s Foreign Affairs Minister Simon Coveney has said he hopes “the direction of travel” between British-Irish relations can be changed under a new Prime Minister.

Speaking on RTE Morning Ireland, Mr Coveney said that everyone in Dublin has been discussing “what a Liz Truss premiership would look like”

“Whether the strident way in which she has brought forward the Northern Ireland Protocol legislation in the UK, which, of course, has created a lot of tension and undermined trust, whether that will continue to be her strategy as prime minister or not.”

Mr Coveney described Ms Truss as a “talented, very energetic politician”.

Pictured: Boris Johnson arrives for last day as PM

09:10 , Daniel Keane

New PM faces ‘chaotic day’, says Cabinet Secretary

09:03 , Daniel Keane

Lord O'Donnell, who was cabinet secretary when David Cameron took over from Gordon Brown, said the new prime minister's first hours in office will be "the highlight of their career" but "a bit of a chaotic day".

He told BBC Radio 4's Today programme: "This is an incredibly exciting day for that person coming through the door at No 10, it's the highlight of their career and that may be the biggest moment in their lives".

He said the new premier receives the nuclear codes, "quite scary" security and intelligence briefings, and phone calls from world leaders and people "claiming to be your mum or your dad", as they also get on with appointing their Cabinet and consider policy issues.

Future leadership contests must be shorter, says Tory MP

08:48 , Daniel Keane

Sir Geoffrey Clifton-Brown has said future leadership contests should be shorter.

"Now as a result of how we see it's gone, we will need to rethink if and when it should happen again," the treasurer of the 1922 Committee told BBC Radio 4's Today programme.

"I would shorten the process of members in the country.

"There was no reason why it couldn't have been shortened. We could have had more than one hustings a day.

"I think it's just been too long."

Conservatives ‘must support whatever economic plan the PM puts forward’, says MP

08:32 , Daniel Keane

Conservative MPs should support whatever plan the incoming Prime Minister announces to ease the cost of living crisis, a senior Tory MP has said.

Sir Geoffrey Clifton-Brown told BBC Radio 4 that he hoped party colleagues would recognise the “very serious situation we’re in”.

"We are going to have a general election within two years and I think what the public want to see is a government delivering on their behalf in every respect, and above all, having a plan to deal with this very serious situation,” he added.

"And I would hope that all my colleagues when Liz Truss or Rishi Sunak, whichever of the two of them it is, announces a plan, that they will get behind it and support it."

Truss’s tax cutting plans could fuel inflation, think tank boss warns

08:20 , Daniel Keane

Liz Truss's plans to cut taxes to boost growth will further fuel inflation, Paul Johnson, director of the Institute for Fiscal Studies, has warned.

"She's clearly absolutely right that we've had dreadful growth over the last 15 years," the senior economist told BBC Radio 4's Today programme.

"The but is that simply cutting taxes, cutting National Insurance contributions, for example, is not a strategy for growth.

"And it is clearly pumping a large amount of money into the economy on top of the £30 billion we've already had to support energy bills, on top of the presumably many, many 10s of billions additional that are going to come from that, and on top of what's going to have to be more money for public services.

"Now put all of that together and that will lead to not just extremely high borrowing in the short run, but also additional inflationary pressure".

Tory leadership race: The journey

07:45 , Miriam Burrell

Boris Johnson resigned as prime minister on July 7 under enormous politcal pressure as a wave of his ministers resigned.

Eight candidates to replace him were nominated for the first round of voting - Liz Truss, Jeremy Hunt, Nadhim Zahawi, Suella Braverman, Tom Tugendhat, Kemi Badenoch, Rishi Sunak and Penny Mordaunt.

By July 20 only two were left - Liz Truss and Rishi Sunak.

The pair travelled across the UK to try and win Tory member votes, taking part in 12 hustings and a number of televised debates.

The ballot closed at 5pm on September 2, with the result to be announced on Monday afternoon.

While Mr Sunak was the initial favourite, Ms Truss has come out on top in the final polls and is tipped to win the race.

When will the new prime minister be announced?

07:29 , Miriam Burrell

Either Liz Truss or Rishi Sunak will be announced as Britain’s new prime minister at 12.30pm BST on Monday.

The announcement will be made by Sir Graham Brady, chairman of the 1922 Committee of Conservative backbench MPs, at the Queen Elizabeth II Centre, near the Houses of Parliament.

The new leader is expected to make a speech but the public won’t hear from the loser.

On Tuesday morning Boris Johnson is expected to make a statement outside Downing Street before travelling to Scotland to tender his resignation to the Queen.

His successor will also travel to Balmoral Castle to be appointed by the Queen on Tuesday, before making their first speech as prime minister that afternoon.

The new prime minister will then appoint a cabinet.