York Central Labour MP, Rachael Maskell, reacting to the Prime Minister's announcement in Downing Street minutes ago, said: "With the Conservative Party so divided and at war with itself, it is too late for a new Prime Minister, we need a new Government.

"Today was another miscalculation, a General Election should have been called."

Ms Truss has stepped down from the position after just under two months in the post.

Announcing her resignation, the Prime Minister said: "I recognise I cannot deliver the mandate on which I was elected by the Conservative Party.

"I am resigning as leader of the Conservative Party. There will be a leadership election to be completed within the next week.

"I will remain as Prime Minister until a successor has been chosen."

Her resignation comes after weeks of chaos following a disastrous mini-budget which plunged the economy into turmoil.

The financial plans, announced by then Chancellor Kwasi Kwarteng, including £45 million of unfunded tax cuts, causing the value of Sterling to plunge in comparison to the US Dollar.

With the Conservative Party so divided and at war with itself, it is too late for a new Prime Minister, we need a new Government. Today was another miscalculation, a General Election should have been called.

— 💙Rachael Maskell MP (@RachaelMaskell) October 20, 2022