Liz Truss is expected to announce a mini-budget U-turn today.

The Prime Minister asked Chancellor Kwasi Kwarteng to “step aside” from his position, earlier today, which he has accepted.

In a statement, he wrote: “You have asked me to stand aside as your Chancellor. I have accepted.

“When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.”

When was the last general election?

The UK’s last general election was held in December 2019. This was a snap election called by former PM, Boris Johnson.

Johnson succeeded Theresa May, who stepped down early as she was unable to secure a Brexit deal.

This election saw a landslide win for the Conservative Party, with Boris Johnson remaining Prime Minister until he stepped down and was replaced by Liz Truss earlier this year.

When is the next general election?

The next general election is scheduled to take place in December 2024. This will be five years after the 2019 election which saw a landslide victory for the Conservatives.

However, a general election could be sooner if a snap election is called by Prime Minister Liz Truss.

What is a snap election?

A snap election is an election that is called earlier than one is due, i.e. before the Prime Minister’s term is up.

This is usually called when there is an unusual electoral opportunity or a pressing issue to decide upon.

Theresa May called for a snap election when she took over after David Cameron, and Boris Johnson called for one also when he took over from May.

A snap election can only be called by the current Prime Minister, so if one was to be called then it would be by Truss.