King Charles III set to welcome second prime minister as Liz Truss resigns

The next UK leader will be the first to be asked to form a government in the king's name

Liz Truss told Britain's King Charles III she would step down as prime minister on Thursday. AP

King Charles III is set to welcome the second prime minister in his six-week reign following the resignation of Liz Truss on Thursday.

Ms Truss left her post following days of turmoil after her mini-budget opened a £70 billion black hole in public finances and triggered a run on the pound.

Her resignation came a little more than 24 hours after she told politicians she was a “fighter, not a quitter”.

She is the shortest-serving prime minister in British history and took on her role two days before the death of Queen Elizabeth II.

After winning the Conservative Party leadership contest, she travelled on September 6 to Balmoral in the Scottish Highlands, where the queen had been staying, and was asked to form a government by the 96-year-old monarch.

The queen died two days later.

The new prime minister is set to be announced on Friday, October 28, when Ms Truss will formally meet King Charles and step down, after which the new leader will ask the monarch's permission to form a new government.

Ms Truss's short tenure saw her take control of the nation as it was plunged into mourning after the death of its longest-reigning monarch.

Once the mourning period was over, Ms Truss promised a “bold plan” to cut taxes, grow the economy and “deliver on the energy crisis”. But the mini-budget unveiled four days after the queen’s funeral, with its plans to abolish the top rate of income tax for the highest earners, sent the markets into turmoil.

Ms Truss initially stood by the package but in the end sacked her chancellor, Kwasi Kwarteng. His successor, Jeremy Hunt, reversed most of the mini-budget measures.

In her statement outside Downing Street on Thursday, Ms Truss said she told King Charles that she was resigning as leader of the Conservative Party.

The king held his first in-person audience with Ms Truss at Buckingham Palace on September 9 — the day after the death of his mother.

She shared her condolences with him, saying: “Your Majesty, my very greatest sympathies.”

He replied: “You are very kind. It was the moment I have been dreading, as I know a lot of people have. We’ll try keep everything going. Come, come have a seat.”

A day later, Ms Truss took part in the historic Accession Council, where the new monarch was formally proclaimed king.

The same day, the king also held an audience with Ms Truss and members of her Cabinet.

On September 18, the day before the queen’s funeral, the king held another audience with the prime minister. He was seen smiling broadly and greeting the Conservative leader with open arms.

The Sunday Times reported on October 2 that Ms Truss had objected to the king attending the Cop27 gathering in Egypt in November.

It is understood, however, that King Charles — who as the Prince of Wales was a passionate campaigner on climate change — sought advice from the government and it was agreed that this would not be the right occasion for him to make his first overseas visit as sovereign.

When the king held his first weekly audience with Ms Truss on October 13, he welcomed her to Buckingham Palace by saying: “Back again? Dear, oh, dear.”

Ms Truss replied: “It’s a great pleasure.”

The new prime minister will be the first the king has asked to form a government in his new role as monarch.

His mother ruled during the tenure of 15 prime ministers.

Winston Churchill — with whom she had a close friendship — was her first and Ms Truss her last.

In 1955, Sir Anthony Eden was the first to be asked by the queen to form a government when she had been head of state for three years. Churchill was already in power when she became monarch.

Her 15 prime ministers were Churchill (1951-1955), Sir Anthony (1955-1957), Harold Macmillan (1957-1963), Sir Alec Douglas-Home (1963-1964), Harold Wilson (1964-1970 and 1974-1976), Edward Heath (1970-1974), James Callaghan (1976-1979), Margaret Thatcher (1979-1990), John Major (1990-1997), Tony Blair (1997-2007), Gordon Brown (2007-2010), David Cameron (2010-2016), Theresa May (2016-2019), Boris Johnson (2019-2022), and Ms Truss (2022).

The previous holder of the shortest term as prime minister was Conservative politician George Canning, who spent 118 days in office in 1827 before dying due to illness.