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Just last month Liz Truss told Britons they could “ride out the storm” in her first speech as prime minister – now she has been warned “the game is up” as rumours swirl of plots to oust her.

Tory MPs have started to publicly call for Ms Truss to step down, while former chancellor George Osborne has predicted she will most likely be gone “before Christmas”.

But who could replace Ms Truss if she is forced out as Conservative Party leader?

Here, Sky News looks at the runners and riders – and who is favourite for the job.

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Jeremy Hunt

The new chancellor, brought in to replace the sacked Kwasi Kwarteng, is now widely seen as the most powerful figure in government as he attempts to reshape the PM’s own economic plans to reassure the markets.

He has insisted that Ms Truss is still in charge of her government but has signalled plans to effectively scrap the economic vision that brought her to power.

Seen by many in his party as a safe pair of hands, Mr Hunt has twice unsuccessfully tried to become Tory leader and has previously served as foreign secretary, health secretary and culture secretary.

In the leadership race this year, he backed Rishi Sunak over Ms Truss after getting eliminated from the contest himself in the first round of voting.

He was in the final two contenders to be Tory leader in 2019 – but lost to Boris Johnson by 66% to 34% in the members’ vote.

Odds: 3/1 (SkyBet)

Read more: Jeremy Hunt – who is the UK’s new chancellor?

Rishi Sunak

FILE - British Conservative Party member Rishi Sunak launches his campaign for the Conservative Party leadership, in London, Tuesday, July 12, 2022. Britain...s next prime minister will take office amid turmoil: galloping inflation, a war in Ukraine, souring relations with China, a changing climate. But not all those issues are getting equal attention as Foreign Secretary Liz Truss and former Treasury chief Sunak vie for the votes of about 180,000 Conservative Party members. (AP Photo/Alberto Pezzali, File)

The former chancellor, who was runner-up to Ms Truss in the Tory leadership race, is favourite with the bookmakers to replace her if she is ousted.

He warned his rival that her tax-cutting plans would send the economy into freefall, accusing her of “fairytale economics” as she promised unfunded tax cuts.

Following the fallout from the mini-budget, supporters of Mr Sunak believe he has been vindicated. One MP who supported him in the leadership race told the Telegraph: “Everything he said has come to pass.”

Mr Sunak won every voting round among MPs in the Tory leadership race but there are question marks over whether he could reunite the party, having been seen to have played a key role in Boris Johnson’s exit as PM.

Odds: 13/8 – favourite (SkyBet)

Read more: How could Liz Truss be removed?

Penny Mordaunt

Penny Mordaunt

Senior Conservatives have reportedly held talks about replacing Ms Truss with a joint ticket of Mr Sunak and Penny Mordaunt.

The leader of the Commons finished in third place in this summer’s Tory leadership race before she backed Ms Truss’s bid.

However she has since taken on the prime minister after suggesting that benefits should rise in line with inflation.

The former defence secretary also caused a stir at Tory conference earlier this month when she said the party’s “comms is s***”.

In messages shared in Conservative Party WhatsApp groups, leaked to Sky News, Tory MP Crispin Blunt called for Mr Sunak and Ms Mordaunt to take over.

“Step forward Rishi and Penny, with our support and encouragement in the interests of us all,” he wrote.

Odds: 8/1 (SkyBet)

Read more: Who is Penny Mordaunt? The Navy reservist and ex-magician’s assistant

Boris Johnson

Outgoing Prime Minister Boris Johnson makes a speech outside 10 Downing Street, London, before leaving for Balmoral for an audience with Queen Elizabeth II to formally resign as Prime Minister. Picture date: Tuesday September 6, 2022.

In his farewell address as PM, Mr Johnson fuelled speculation about a future return to frontline politics despite promising his “most fervent support” to his successor Ms Truss.

Mr Johnson compared himself to Roman statesman Cincinnatus, who battled against invasion before returning to his farm. According to tradition, Cincinnatus later returned to serve a second term.

Some Tory MPs are reportedly openly suggesting that the party asks Mr Johnson to return to Downing Street, despite being ousted just three months ago amid fury over the partygate and Chris Pincher scandals.

It is unclear whether the former prime minister would be interested in going back.

Odds: 10/1 (SkyBet)

Ben Wallace

British Secretary of Defence Ben Wallace walks outside Downing Street in London, Britain, July 12, 2022. REUTERS/Toby Melville

The defence secretary and former soldier is widely respected for the role he has played in the UK’s support for Ukraine.

He stayed neutral in the Tory leadership race before eventually backing Ms Truss.

There are doubts over whether he would want to be leader, having ruled himself out of this summer’s race after “careful consideration and discussing with colleagues and family”.

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Mr Wallace’s only cabinet post has been defence secretary, which he has held since July 2019.

He has signalled he would likely quit as defence secretary if the government ditches a key pledge to boost defence spending.

Odds: 5/1 (SkyBet)

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Court confirms sacking of South Korean president who declared martial law

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Court confirms sacking of South Korean president who declared martial law

South Korea’s constitutional court has confirmed the dismissal of President Yoon Suk Yeol, who was impeached in December after declaring martial law.

His decision to send troops onto the streets led to the country’s worst political crisis in decades.

The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.

The president was also said to have taken actions “beyond the powers provided in the constitution”.

Demonstrators who stayed overnight near the constitutional court wait for the start of a rally calling for the president to step down. Pic: AP
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Demonstrators stayed overnight near the constitutional court. Pic: AP

Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.

The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.

Read more from Sky News:
Highs and lows of Five-Year Keir
MP tells Sky News she was targeted online by Tate brothers

More on South Korea

The Constitutional Court is under heavy police security guard ahead of the announcement of the impeachment trial. Pic: AP
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The court was under heavy police security guard ahead of the announcement. Pic: AP

After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.

He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.

His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.

The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.

South Korea must hold a national election within two months to find a new leader.

Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

Stock markets around the world fell on Thursday after Donald Trump announced sweeping tariffs – with some economists now fearing a recession.

The US president announced tariffs for almost every country – including 10% rates on imports from the UK – on Wednesday evening, sending financial markets reeling.

While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.

Trump tariffs latest: US stock markets tumble

All three of the US’s major markets opened to sharp losses on Thursday morning.

A person works on the floor at the New York Stock Exchange in New York, Monday, March 31, 2025. Pic: AP
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The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP

By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.

Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.

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Worst one-day losses since COVID

As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.

The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.

It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.

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The latest numbers on tariffs

‘Trust in President Trump’

White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.

“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”

Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”

He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.

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How is the world reacting to Trump’s tariffs?

Economist warns of ‘spiral of doom’

The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.

He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.

Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.

He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”

Read more:
Do Trump’s ‘Liberation Day’ tariff numbers add up?

Tariffs about something more than economics: power

It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.

Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.

Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.

It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.

He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”

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Donald Trump announces sweeping global trade tariffs – including 10% on UK imports

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Donald Trump announces sweeping global trade tariffs - including 10% on UK imports

Donald Trump has announced a 10% trade tariff on all imports from the UK – as he unleashed sweeping tariffs across the globe.

Speaking at a White House event entitled “Make America Wealthy Again”, the president held up a chart detailing the worst offenders – which also showed the new tariffs the US would be imposing.

“This is Liberation Day,” he told a cheering audience of supporters, while hitting out at foreign “cheaters”.

Follow live: Trump tariffs latest

He claimed “trillions” of dollars from the “reciprocal” levies he was imposing on others’ trade barriers would provide relief for the US taxpayer and restore US jobs and factories.

Mr Trump said the US has been “looted, pillaged, raped, plundered” by other nations.

President Donald Trump holds a signed executive order during an event to announce new tariffs in the Rose Garden of the White House, Wednesday, April 2, 2025, in Washington. (AP Photo/Evan Vucci)
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Pic: AP

His first tariff announcement was a 25% duty on all car imports from midnight – 5am on Thursday, UK time.

Mr Trump confirmed the European Union would face a 20% reciprocal tariff on all other imports. China’s rate was set at 34%.

The UK’s rate of 10% was perhaps a shot across the bows over the country’s 20% VAT rate, though the president’s board suggested a 10% tariff imbalance between the two nations.

It was also confirmed that further US tariffs were planned on some individual sectors including semiconductors, pharmaceuticals and critical mineral imports.

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Trump’s tariffs explained

The ramping up of duties promises to be painful for the global economy. Tariffs on steel and aluminium are already in effect.

The UK government signalled there would be no immediate retaliation.

Business and Trade Secretary Jonathan Reynolds said: “We will always act in the best interests of UK businesses and consumers. That’s why, throughout the last few weeks, the government has been fully focused on negotiating an economic deal with the United States that strengthens our existing fair and balanced trading relationship.

“The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today.

“We have a range of tools at our disposal and we will not hesitate to act. We will continue to engage with UK businesses including on their assessment of the impact of any further steps we take.

“Nobody wants a trade war and our intention remains to secure a deal. But nothing is off the table and the government will do everything necessary to defend the UK’s national interest.”

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Who showed up for Trump’s tariff address?

The EU has pledged to retaliate, which is a problem for Northern Ireland.

Should that scenario play out, the region faces the prospect of rising prices because all its imports are tied to EU rules under post-Brexit trading arrangements.

It means US goods shipped to Northern Ireland would be subject to the EU’s reprisals.

The impact of a trade war would be expected to be widely negative, with tit-for-tat tariffs risking job losses, a ramping up of prices and cooling of global trade.

Research for the Institute for Public Policy Research has suggested more than 25,000 direct jobs in the UK car manufacturing industry alone could be at risk from the tariffs on car exports to the US.

The Society of Motor Manufacturers and Traders (SMMT) had said the tariff costs could not be absorbed by manufacturers and may lead to a review of output.

The tariffs now on UK exports pose a big risk to growth and the so-called headroom Chancellor Rachel Reeves was forced to restore to the public finances at the spring statement, risking further spending cuts or tax rises ahead to meet her fiscal rules.

Read more:
What do Trump’s tariffs mean for the UK?
The rewards and risks for US as trade war intensifies

A member of the Office for Budget Responsibility (OBR), David Miles, told MPs on Tuesday that US tariffs at 20% or 25% maintained on the UK for five years would “knock out all the headroom the government currently has”.

But he added that a “very limited tariff war” that the UK stays out of could be “mildly positive”.

He said: “There’s a bit of trade that will get diverted to the UK, and some of the exports from China, for example, that would have gone to the US, they’ll be looking for a home for them in the rest of the world.

“And stuff would be available in the UK a bit cheaper than otherwise would have been. So there is one, not central scenario at all, which is very, very mildly potentially positive to the UK. All the other ones which involve the UK facing tariffs are negative, and they’re negative to very different extents.”

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