There's a lot of attention already on the cabinet that Rishi Sunak will appoint - these are the most senior members of the government who help take key decisions and meet regularly.

Former Tory leader Iain Duncan Smith told the BBC earlier that appointments should be based on merit only, while current Foreign Secretary James Cleverly said the party needed to have “the first 15 on the pitch,” an apparent rugby analogy.

The bulk of the attention will be on who is granted the “great offices of state”:

• Chancellor of the Exchequer - a key position overseeing the Treasury, government finances, tax policy and spending
• Foreign Secretary - who looks after foreign policy and the UK's relationships with other countries
• Home Secretary - who oversees immigration and the police

Current Chancellor Jeremy Hunt has been tipped by some as safe in the role, having reassured the markets after tearing up most of Liz Truss's mini-budget.

Other names mentioned for top positions include former cabinet member Dominic Raab, who has remained loyal to Sunak despite the new PM's defeat to Truss in the previous leadership contest, as well as Penny Mordaunt, who lost out to Sunak this time around. There's also been speculation around the future role of that government veteran, Michael Gove, as well as former party chair Oliver Dowden.

New Conservative Party leader Rishi Sunak has arrived at Buckingham Palace to be appointed prime minister by the King.

The meeting will take place in the palace's 1844 room, where the King will invite Sunak to form a government.

The removal van is already outside No 10.

Not long now until Rishi Sunak moves in.

Incoming Prime Minister Rishi Sunak is now making his way to Buckingham Palace to meet with King Charles, where he will be asked to form a government.

Sunak is then expected to head to Downing Street where he's expected to make a speech and get to the business of forming his cabinet.

Liz Truss has left Buckingham Palace now after her final audience as prime minister with King Charles.

In a statement, Buckingham Palace said: "The Right Honourable Elizabeth Truss MP had an Audience of The King this morning and tendered her resignation as Prime Minister and First Lord of the Treasury, which His Majesty was graciously pleased to accept."

King Charles will meet Rishi Sunak shortly and will invite the incoming prime minister to form a government.

The Scottish National Party has criticised Liz Truss for not apologising during her outgoing speech as prime minister.

Kirsten Oswald, the party's deputy Westminster leader, said: "It beggars belief that Liz Truss couldn't bring herself to apologise - or utter a single word of regret - for the catastrophic damage she has done to the UK economy.”

She said families are "paying through their teeth for her mistakes", and repeated the SNP's calls for an independent Scotland to rid the country of "Westminster control".

Nick Eardley
Chief political correspondent

Behind closed doors, the transition of power can be brutal.

Liz Truss’s team won’t have long to move out of Downing Street. In the next couple of hours, Rishi Sunak’s will be moving in and getting their feet under the table.

I’ve spoken to people who’ve been involved in this process in the past and it can be a bit chaotic as everyone tries to find out where their new office is.

But Team Sunak will want to hit the ground running with the huge economic challenges they will have to tackle.

Liz Truss's final address, before heading to the palace to meet King Charles and resign the office, lasted just three minutes and seven seconds.

That's less than half the length of the farewell speech by her predecessor Boris Johnson.

No apologies in Truss's defiant farewellpublished at 10:37 British Summer Time 25 October 2022

10:37 BST 25 October 2022

Chris Mason
Political editor

A prime minister departs just seven weeks after she arrived.

A moment that captured the unprecedented turbulence that has gripped British politics and grabbed international attention, for all the wrong reasons.

A moment at once personal - Liz Truss joined by her husband and children - and constitutional, as they headed to Buckingham Palace for her to resign.

Liz Truss’s valedictory address was striking for its defiance: her programme for government proved disastrous, but she was insistent that its core aim, turbo charging economic growth, was the right goal at the right time.

There was no apology. In an hour, it’ll be her successor’s turn to set out his stall.

Sean Coughlan
BBC News, royal correspondent

Image source, Getty Images

Liz Truss’s visits to the monarch have turned out to be more of a revolving door than a grand entrance.

In September she travelled as the incoming PM to Balmoral for her audience with the late Queen. Now she’s taking part in the reverse side of the ceremonial handover, tendering her resignation to King Charles.

This is the King as head of state, in the formal splendour of Buckingham Palace, providing the constitutional mechanism for a change of PM. But what is said in this upmarket exit interview won’t be made public.

Maybe this could be a better time for the “Dear, oh dear” from the King. (He muttered the phrase during their first weekly audience.)

Truss’s incoming meeting as the new PM proved to be the last public event of the Queen’s long reign, and now she becomes the first PM to offer her resignation to the new King.

Following her final speech as prime minister, Liz Truss has made the short journey from Downing Street to Buckingham Palace to offer her resignation to King Charles.

Nick Eardley
Chief political correspondent

That was an attempt by Liz Truss to put a positive spin on the last few weeks.

She spoke of the government’s action on energy prices and the decision to reverse the increase in National Insurance.

But she now formally becomes the shortest serving PM in British history. Her plans for the economy have ended in failure.

Image source, Pool

Truss leaves Downing Street to applause, accompanied by her husband Hugh and their two daughters.

Truss now heads to Buckingham Palace to hand in her resignation to King Charles.

Ending her speech, Truss says: "We continue to battle through a storm but I believe in Britain, I believe in the British people and I know that brighter days lie ahead."

Image source, Reuters

Truss said she wishes "every success" to Rishi Sunak, adding she looks forward to spending more time in her constituency and serving the country from the back benches.

Democracies must be able to deliver for their own people, Truss says, adding: "We must be able to outcompete autocratic regimes.

"Now more than ever we must support Ukraine. Ukraine must prevail and we must continue to strengthen our nation's defences."

Truss continues: "We need to take advantage of our Brexit freedoms to do things differently. This means delivering more freedom for our own citizens and restoring power for our democratic institutions.

"It means lower taxes so people can keep more of the money they earn. And it means delivering growth that will lead to more job security, higher wages and more opportunities for our children and grandchildren."

Truss says she is "more convinced than ever that we need to be bold and confront the challenges we face".

She quotes Roman philosopher Seneca: "It is not because things are difficult that we do not dare, it is because we do not dare that things are difficult."

Truss said her government had acted "urgently and decisively" to help hard-working families.

She said she had helped thousands of businesses to avoid bankruptcy, and taken back energy independence so we're "no longer reliant on malign foreign powers".

Liz Truss starts her farewell speech by saying it has been "a huge honour" to be prime minister and to lead the nation in mourning the death of Queen Elizabeth II and welcoming the accession of King Charles.