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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 the favourite for the job.

Chancellor announces more mini-budget U-turns – follow politics latest

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 scrapped practically all of 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.

But Mr Hunt has seemingly ruled himself out of a third run at the top job, telling Sky News’ political editor Beth Rigby: “I rule it out, Mrs Hunt rules it out, three Hunt children rule it out.”

Odds:4/1 (Odds Checker average)

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Jeremy Hunt – who is the UK’s new chancellor?
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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: 20/11 – favourite (Odds Checker average)

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.

Ms Mordaunt was sent to the Commons on behalf of the PM to answer an urgent question on the sacking of former chancellor Kwasi Kwarteng on Monday.

Denying that Ms Truss was hiding “under a desk”, Ms Mordaunt acknowledged the swirling rumours around the possibility of a joint ticket, telling MPs: “I fully understand the optics of me appearing at the despatch box.”

Odds: 13/2 (Odds Checker average)

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 despite being considered a frontrunner after “careful consideration and discussing with colleagues and family”.

The defence secretary told The Times on Tuesday that he wants to remain in his post amid speculation he could be a unity candidate if Ms Truss departs.

Mr Wallace rebuked his Conservative colleagues for playing “political parlour games”, telling the newspaper: “The public wants stability and security and if the government fails to deliver that then they will send us into opposition.”

Asked if he wanted the keys to Number 10, he said: “I want to be the secretary of state for defence until I finish. I love the job I do and we have more to do. I want the prime minister to be the prime minister and I want to do this job.”

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

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

On Monday, new chancellor Jeremy Hunt refused to commit to spending 3% of GDP on defence, telling Sky News’ political editor Beth Rigby he was “not giving any answers on any specific elements” of tax and spending policy.

Odds: 5/1 (Odds Checker average)

Boris Johnson

Outgoing British Prime Minister Boris Johnson delivers a speech on his last day in office, outside Downing Street, in London Britain September 6, 2022. REUTERS/Phil Noble

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.

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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.

Former culture secretary and ally of the former PM, Nadine Dorries, is one of those openly calling for Mr Johnson’s return.

“There is no unity candidate. No one has enough support,” she posted on social media.

“Only one MP has a mandate from party members and from the British public – a mandate with an 80 seat majority. Boris Johnson.”

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

Odds: 16/1 (Odds Checker average)

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US-Saudi relationship feels tighter than ever as Trump signs flurry of deals

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US-Saudi relationship feels tighter than ever as Trump signs flurry of deals

In today’s Saudi Arabia, convention centres resemble palaces. 

The King Abdul Aziz International Conference Centre was built in 1999 but inside it feels like Versailles.

Some might call it kitsch, but it’s a startling reflection of how far this country has come – the growth of a nation from desert bedouins to a vastly wealthy regional powerbroker in just one generation.

Trump latest: President signs huge arms deal with Saudi Arabia

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Trump signs deal with Saudi Arabia

At a bar overnight, over mocktails and a shisha, I listened to one young Saudi man tell me how his family had watched this transformation.

His father, now in his 60s, had lived the change – a child born in a desert tent, an upbringing in a dusty town, his 30s as a mujahideen fighting the Soviets in Afghanistan, his 40s in a deeply conservative Riyadh and now his 60s watching, wide-eyed, the change supercharged in recent years.

The last few years’ acceleration of change is best reflected in the social transformation. Women, unveiled, can now drive. Here, make no mistake, that’s a profound leap forward.

Through a ‘western’ lens, there’s a way to go – homosexuality is illegal here. That, and the murder of Saudi journalist Jamal Khashoggi, are no longer openly discussed here.

Bluntly, political and economic expedience have moved world leaders and business leaders beyond all that.

Read more:
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Trump visit is ‘about opulence’

The guest list of delegates at the convention centre for the Saudi-US Investment Forum reads like a who’s who of America’s best business brains.

Signing a flurry of different deals worth about $600bn (£451bn) of inward investment from Saudi to the US – which actually only represent intentions or ‘memorandums of understanding’ at this stage – the White House said: “The deals… represent a new golden era of partnership between the United States and Saudi Arabia.

“From day one, President Trump‘s America First Trade and Investment Policy has put the American economy, the American worker, and our national security first.”

Pic: AP
Image:
Pic: AP

That’s the answer when curious voters in faraway America wonder what this is all about.

With opulence and extravagance, this is about a two-way investment and opportunity.

There are defence deals – the largest defence sales agreement in history, at nearly $142bn (£106bn) – tech deals, and energy deals.

Underlying it all is the expectation of diplomatic cooperation, investment to further the geopolitical strategies for both countries on key global challenges.

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Trump says US will end sanctions on Syria

In the convention centre’s gold-clad corridors, outside the plenary hall, there are reminders of the history of this relationship.

There is a ‘gallery of memories’ – the American presidents with the Saudi kings – stretching back to the historic 1945 meeting between Franklin D Roosevelt and King Saud on board the USS Quincy. That laid the foundation for the relationship we now see.

Curiously, the only president missing is Barack Obama. Sources suggested to me that this was a ‘mistake’. A convenient one, maybe.

It’s no secret that the US-Saudi relationship was at its most strained during his presidency. Obama’s absence would give Trump a chuckle.

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From Monday: Why does Saudi Arabia love Trump?

Today, the relationship feels tighter than ever. There is a mutual respect between the president and Saudi Crown Prince Mohammed bin Salman – Trump chose Saudi Arabia as his first foreign trip in his last presidency, and he’s done so again.

But there are differences this time. Both men are more powerful, more self-assured, and of course the region has changed.

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There are huge challenges like Gaza, but the two men see big opportunities too. A deal with Iran, a new Syria, and Gulf countries that are global players.

It’s money, money, money here in Riyadh. Will that translate to a better, more prosperous and peaceful world? That’s the question.

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Trump ‘thinking’ of going to Turkey for proposed Zelenskyy-Putin talks – as Russia silent on attending

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Trump 'thinking' of going to Turkey for proposed Zelenskyy-Putin talks - as Russia silent on attending

Donald Trump has said he is “thinking” of going to Turkey on Thursday for potential peace talks between Ukraine and Russia’s leaders.

The US president, who previously claimed he could end the conflict in a day, has pushed for both sides to meet to bring the fighting to an end.

On Sunday, Ukraine’s Volodymyr Zelenskyy called out Vladimir Putin to meet him on Thursday in Istanbul, but the Kremlin leader has yet to respond.

Speaking late on Monday, Mr Trump said: “I was thinking about flying over. I don’t know where I am going be on Thursday.

“I’ve got so many meetings.

“There’s a possibility there I guess, if I think things can happen.”

Mr Trump has headed to the Middle East this week on the first major foreign trip of his second administration, visiting Saudi Arabia, Qatar and the UAE.

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Mr Zelenskyy backed the prospect of Mr Trump attending the talks.

He said: “I supported President Trump with the idea of direct talks with Putin. I have openly expressed my readiness to meet.

“And of course, all of us in Ukraine would appreciate it if President Trump could be there with us at this meeting in Turkey.”

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Trump 100: Could Putin, Zelenskyy and Trump really meet?

Russia playing for time?

However, Kremlin spokesperson Dmitry Peskov, speaking on Monday, refused to say who, if anyone, would be travelling to Turkey from the Russian side.

“Overall, we’re determined to seriously look for ways to achieve a long-term peaceful settlement. That is all,” Mr Peskov said.

This came after the “coalition of the willing”, including Sir Keir Starmer, threatened Russia with fresh sanctions if it failed to comply with an unconditional 30-day ceasefire starting on Monday.

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Russia effectively rejected this proposal, instead calling for direct negotiations in Istanbul with Ukraine, at which Mr Zelenskyy challenged Mr Putin to make the trip himself.

Despite Russia’s claims towards wanting peace, Ukraine’s allies remained deeply sceptical about prospects for talks and whether Mr Putin was serious.

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European Union commission vice president Kaja Kallas said: “We want to see that Russia also wants peace.

“It takes two to want peace, it takes only one to want war, and we see that Russia clearly wants war.”

Meanwhile, Russia continued its nightly attacks on Ukraine.

Overnight into Tuesday, Ukraine said Moscow launched more than 100 drones.

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Trump set for truly consequential week for his presidency and his ability to effect change

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Trump set for truly consequential week for his presidency and his ability to effect change

It has been an extraordinary few hours which may well set the tone for a hugely consequential week ahead.

In the time that it took me to fly from London to Saudi Arabia, where President Donald Trump will begin a pivotal Middle East tour this week, a flurry of news has emerged on a range of key global challenges.

On the Gaza war: The Trump administration has confirmed it’s holding talks with Hamas, which says it will release a hostage amid renewed hopes of a ceasefire.

On the Ukraine war: President Volodymyr Zelenskyy has said he is prepared to meet Russian President Vladimir Putin in Istanbul – this announcement came minutes after Trump urged Zelenskyy to agree to the meeting.

On the China-US trade war: The White House says the two countries have agreed to a “trade deal”. China said the talks, in Geneva, were “candid, in-depth and constructive”.

All three of these developments represent dramatic shifts in three separate challenges and hint at the remarkable influence the US president is having globally.

This sets the ground for what could be a truly consequential week for Trump’s presidency and his ability to effect change.

More on China

Ask Mark Stone a question

With his unique style, Trump is seeking to align numerous stars as he embarks on his first foreign diplomatic trip of his second presidency.

For days, it’s been unclear how the week ahead would unfold and which global challenge would be dominant.

The Saudi government has been instrumental as a broker in the Ukraine-Russia conflict and Qatar has been a mediator in the Gaza war.

Trump will visit both countries this week.

President Donald Trump on Air Force One earlier this month. File pic: AP
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President Donald Trump on Air Force One earlier this month. File pic: AP

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Putin under pressure?

On Ukraine, Putin held a late-night news conference at the Kremlin on Saturday at which he made the surprise proposal of talks with Zelenskyy in Istanbul this Thursday.

But he rejected European and US calls for an immediate ceasefire.

The move was widely interpreted as a delay tactic.

Trump then issued a social media post urging Zelenskyy to accept the Russian proposal; effectively to call Putin’s bluff.

The American president wrote: “President Putin of Russia doesn’t want to have a Cease Fire Agreement with Ukraine, but rather wants to meet on Thursday, in Turkey, to negotiate a possible end to the BLOODBATH. Ukraine should agree to this, IMMEDIATELY. At least they will be able to determine whether or not a deal is possible, and if it is not, European leaders, and the U.S., will know where everything stands, and can proceed accordingly! I’m starting to doubt that Ukraine will make a deal with Putin, who’s too busy celebrating the Victory of World War ll, which could not have been won (not even close!) without the United States of America. HAVE THE MEETING, NOW!!!”

Within minutes, Zelenskyy responded, agreeing to the talks.

“We await a full and lasting ceasefire, starting from tomorrow, to provide the necessary basis for diplomacy. There is no point in prolonging the killings. And I will be waiting for Putin in Türkiye on Thursday. Personally. I hope that this time the Russians will not look for excuses,” Zelenskyy wrote on X.

The prospect of Putin and Zelenskyy together in Istanbul on Thursday is remarkable.

It raises the possibility that Trump would want to be there too.

President Volodymyr Zelenskyy welcomes other world leaders to Kyiv. 
Pic: Presidential Office of Ukraine/dpa/AP Images
Image:
President Volodymyr Zelenskyy welcomes other world leaders to Kyiv. Pic: Presidential Office of Ukraine/dpa/AP Images

Israel’s war in Gaza

On Gaza, it’s been announced that US envoy Steve Witkoff will arrive in Israel on Monday to finalise details for the release of Idan Alexander, an Israeli-American hostage being held by Hamas.

The development comes after it was confirmed that Mr Witkoff has been holding discussions with Israel, Qatar and Egypt and, through them, with Hamas.

The talks focused on a possible Gaza hostage deal and larger peace discussions for a ceasefire.

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Gaza after around a year and a half of Israeli attacks.
Pic: Reuters/Mahmoud Issa
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Gaza after around a year and a half of Israeli attacks. Pic: Reuters/Mahmoud Issa

Just days ago, Israel announced a new military plan to move back into Gaza.

When do candid talks become a trade deal?

Meanwhile, officials from the United States and China have been holding talks in Geneva, Switzerland, to resolve their trade war, which was instigated by Trump’s tariffs against China.

Late on Sunday evening, the White House released a statement claiming that a trade deal had been struck.

In a written statement, titled “U.S. Announces China Trade Deal in Geneva”, treasury secretary Scott Bessent said: “I’m happy to report that we made substantial progress between the United States and China in the very important trade talks… We will be giving details tomorrow, but I can tell you that the talks were productive. We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself. And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on. So, there will be a complete briefing tomorrow morning.”

Beijing Global Times newspaper quoted the Chinese vice premier as saying that the talks were candid, in-depth and constructive.

However, the Chinese fell short of calling it a trade deal.

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A Qatari gift

In a separate development, US media reports say that Qatar is preparing to gift Trump a Boeing 747 from its royal fleet, which he would use as a replacement for the existing and aging Air Force One plane.

The Qatari government says no deal has been finalised, but the development is already causing controversy because of the optics of accepting gifts of this value.

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