Ben Wallace: Preston North MP touted as potential replacement for Liz Truss as speculation mounts of impending coup against Prime Minister

Mr Wallace has now been named as a potential replacement for Ms Truss by several unnamed sources after weeks of turmoil in Government. The Prime Minister’s economic vision appeared doomed on Sunday, as she sought to stay in power despite an increasingly shaky-looking premiership. New Chancellor Jeremy Hunt, brought in to replace the sacked Kwasi Kwarteng and to restore credibility to Downing Street, spent Saturday effectively trashing the mini-budget and the set of policies that brought Ms Truss to power.

Amid warnings of “difficult decisions” to come over the next two weeks, Mr Hunt and Ms Truss will meet in her Chequers residence on Sunday as tax rises and spending cuts loom on the horizon. The Chancellor, who spent Saturday also meeting with Treasury officials, insisted that he and the Prime Minister were a “team” as he said that his priority was “growth underpinned by stability”. “The drive on growing the economy is right – it means more people can get good jobs, new businesses can thrive and we can secure world class public services. But we went too far, too fast,” he said.

Why is Ben Wallace tipped to become the next Prime Minister?

The Sunday Mirror reports that a group of Tory MPs are now plotting a “coronation" of Mr Wallace as Prime Minister with former chancellor Rishi Sunak back at the Treasury in a bid to calm the financial markets. One told the paper: “Most of us now favour a coronation for Ben. He’s the best we’ve got.” They also believe Mr Wallace, 52, is the party’s best hope of recovering lost ground in the polls as Labour surges to an unprecedented lead.

The group believes a pairing of Mr Wallace and Mr Sunak would stablise the markets. The source added: “But he might need some persuading to take the job. And getting Rishi back would calm the bond markets and strengthen the pound.” The Mirror also reports that Mr Wallace last month said he would consider running for the leadership. “I don’t rule it out,” he said at the party’s annual conference.

Who is Ben Wallace?

Mr Wallace has been an MP since 2005. Before entering politics, he served in the Army, reaching the rank of captain. From 1991 to 1998, he served in Germany, Cyprus, Belize, and Northern Ireland. During his tour of Northern Ireland he was part of a patrol which captured an IRA active unit. He was on duty on the night Princess Diana died and was a member of the party sent to Paris to bring home her body.

He became defence secretary in 2019, and has held the position since then. Earlier this year, a “prank” video call has surfaced showing Wyre and Preston North MP and Defence Secretary Ben Wallace being duped by Russian hoaxers posing as the Ukrainian Prime Minister. He is married with three children.