Who Will Be the Next U.K. Prime Minister? Here's What's Happening Following Liz Truss' Resignation

Samir Hussein/WireImage (2); Jacob King/PA Images via Getty Images Boris Johnson, Rishi Sunak, Penny Mordaunt

The downfall of British Prime Minister Boris Johnson earlier this year sent United Kingdom politics into chaos, worsened when his successor, Prime Minister Liz Truss, announced her resignation Thursday — only 45 days into her tenure.

Despite acting as premier during the historic transition between Queen Elizabeth II and King Charles III, Truss' bigger legacy will be tarnishing her reputation as quickly as she built it, tanking the value of the British pound in her first few weeks at the helm.

Truss' hold on her own government weakened after announcing a tax plan that caused the pound to plunge and borrowing costs to spike. As the economy suffered, Truss reversed course, firing her chancellor and replacing him with Jeremy Hunt, who announced that the government would abandon Truss' tax policy altogether.

With the unraveling of the tax plan came the unraveling of Truss' power, forcing a resignation as the chorus of lawmakers calling on her to do so grew louder. With Truss out of power, the question now is: Who will dare take on the role of U.K. prime minister next? These are the top rumored contenders right now for the premiership.

Rishi Sunak

Dan Kitwood/Getty

Age: 42

Party: Conservative

Current Title: Member of Parliament for Richmond (Yorks)

Rishi Sunak, Britain's former chancellor, faced off against Truss in the leadership contest to replace Johnson after he stepped down as the British prime minister in July.

Sunak was runner-up to Truss but, according to some U.K. oddsmakers, he now stands the best chance of replacing her.

One thing the MP has going for him is foresight, as Sunak campaigned on a warning that Truss' tax policy — which was ultimately her undoing — would damage the economy.

Sunak, an Oxford- and Stanford-educated son of Indian immigrants, has seen scandal, however. The New York Times reports that Sunak continued to hold a green card after becoming chancellor, allowing him to live in the U.S. for months into the job. Separately, his wife, Akshata Narayan Murty — a U.K.-based fashion designer and the daughter of the founder of a multinational IT company — "was found to have claimed a tax status that allowed her to avoid paying taxes on some of her income," the Times reports.

Penny Mordaunt

Leon Neal/Getty Images Penny Mordaunt

Age: 49

Party: Conservative

Current Title: Leader of the House of Commons

As Leader of the House of Commons, Penny Mordaunt got a taste of the prime minister role earlier this week, standing in for Truss during an urgent question in Parliament, BBC News reports.

According to BBC, Mordaunt backed Truss before being appointed Leader of the House of Commons and Lord President of the Privy Council, which saw her preside over the Accession Council for the new king following Queen Elizabeth II's death.

The New York Times reports that Mordaunt previously served as defense secretary "for two and a half months in 2019 and held a lesser cabinet post in charge of international development."

Boris Johnson

Beresford Hodge/PA Images via Getty Images Boris Johnson

Age: 58

Party: Conservative

Current Title: Member of Parliament for Uxbridge and South Ruislip

While the former prime minister left office amid numerous scandals, Boris Johnson has allies remaining in Parliament. Several lawmakers and supporters have gone public with their desire to see Johnson return to 10 Downing Street in the wake of Truss' resignation.

Johnson won a landslide victory in 2019, but he left amid criticism for his handling of the COVID-19 pandemic and as a result of a scandal involving Conservative MP Chris Pincher, however, who was forced to resign as deputy chief whip of the Conservative Party after being suspended for allegedly groping two men at the prestigious Carlton Club in London's upscale Mayfair neighborhood.

After Pincher's resignation, it emerged that Johnson had been warned that the MP had acted similarly before promoting him to government office.

Ben Wallace

Chris J. Ratcliffe/Bloomberg via Getty Images Ben Wallace

Age: 52

Party: Conservative

Current Title: Secretary of State for Defence

A former soldier and the current Secretary of Defence, Ben Wallace made a name for himself on the international stage with an early decision to help support Ukraine amid Russia's ongoing invasion of the country.

Wallace was among the names rumored to be mulling a run to replace Johnson, though at the time, he told The Telegraph, "I didn't want it enough," and threw his support behind Truss.

Keir Starmer

Hollie Adams/Getty Images Keir Starmer

Age: 60

Party: Labour

Current Title: Leader of the Opposition

For Keir Starmer to become prime minister, the country would need to hold a general election that puts the Labour Party in power. According to oddsmaker site Oddschecker, most bookmakers believe the next general election for Brits will not come until 2024, despite members of the Labour Party calling for one to be scheduled as soon as possible.

If the Conservative Party does lose its majority in Parliament, Starmer — leader of the Labour Party — could become prime minister, but that hinges on whether or not he is still Labour leader if and when it happens. Andy Burnham, currently the Mayor of Greater Manchester, is also believed to be vying for that role.

Jeremy Hunt

Hollie Adams/Getty Images Jeremy Hunt

Age: 55

Party: Conservative

Current Title: Chancellor of the Exchequer

As Britain's new finance minister, Jeremy Hunt was integral in the unraveling of Truss' premiership. Hunt came to the role only recently, on Oct. 14, after Truss fired the former finance minister amid the chaos brought on by a tax plan that sent the British pound plunging.

Hunt — who was appointed to the role to overhaul Truss' economic plan — wound up being the final nail in her premiership's coffin when he announced earlier this month that Truss' tax plan would be walked back entirely.

Speaking through a spokesperson, however, Hunt said he would not stand for Conservative leader following Truss' resignation, shutting down some of the speculation regarding him throwing his hat in the ring.