Banbury's MP releases statement following the resignation of the Prime Minister, Liz Truss

The MP for North Oxfordshire Victoria Prentis said: “My constituents in North Oxfordshire are always my priority. Over the past few weeks, my inbox has been full of emails from local residents who are concerned by the economic situation.

“I have total confidence in the Chancellor to manage our economy, and I look forward to a calm and orderly leadership election next week.”

Mrs Truss made a resignation speech outside No 10 Downing Street at around 1.30pm today (Thursday) following a week of extreme turmoil in the Conservative Party, She said she would remain Prime Minister until a replacement was in place. It is understood there will be an election by next Friday, October 28.

No-one has yet confirmed that they will stand, but former Prime Minister Boris Johnson and Rishi Sunak are believed to be candidates.