Could there be a general election this year?

Kwasi Kwarteng has been sacked by Liz Truss in the latest blow to the Conservative party. The former Chancellor, who had been in post for just 38 days, said he accepted the Prime Minister's request for him to 'stand aside' from his role on Friday (October 14).

Mr Kwarteng flew back early from International Monetary Fund talks in Washington to be informed of his fate in a brief meeting with the Prime Minister, it was reported. His departure may give Ms Truss some brief breathing space as she seeks to shore up her battered authority after weeks of turmoil following his “fiscal event” last month.

However it will also raise fresh questions about her chances of survival – because she was closely linked to the policies that caused the problems. The commitments to reverse a hike in national insurance rates and ditch a planned rise in corporation tax, without explaining how they would be paid for, were the key planks of her leadership election campaign.

Read more:Kwasi Kwarteng 'sacked as chancellor' as Liz Truss to hold press conference today - LIVE updates

After the financial markets took fright – with the pound plummeting against the dollar and the cost of government borrowing soaring – the Conservatives have seen their opinion poll ratings tank. But could there be another early general election?

UK Prime Ministers and their respective parliaments can only serve a term of five years from the day on which they first meet. The current parliament met on December 17 2019 and is set to dissolve on December 17 2024.

Polling Day would be expected to take place 25 days later - so the next general election would be held in January 2025. However, no official date has yet been set.

Unusually, there have been three general elections in