When is the next general election? Latest odds as Liz Truss becomes Tory leader

• Liz Truss has signalled the chances of a snap election are remote.

• The new prime minister has promised she will deliver a "great victory" for the Conservative Party in 2024.

• Latest polling suggest Labour are way ahead in the polls - though Truss's handling of the cost-of-living crisis will likely determine her popularity in the coming months.

Liz Truss has promised a "bold plan" to help the Conservatives win the next general election after she was announced as the new prime minister on Monday.

Truss vowed to cut taxes and deal with the energy crisis as she defeated rival Rishi Sunak by 81,326 votes to 60,399 to win the Tory leadership contest.

Speaking after the announcement, Truss gave an indication that she had no plans to call a snap general election to try and secure her own mandate from the British public.

“During this leadership campaign, I campaigned as a conservative and I will govern as a conservative,” she said. “We need to show that we will deliver over the next two years.

“I will deliver a bold plan to cut taxes and grow our economy. I will deliver on the energy crisis, dealing with people’s energy bills but also dealing with the long-term issues we have on energy supply.”

Tellingly, she then promised Tory members she will "deliver a great victory for the Conservative Party in 2024”.

Read more: Liz Truss beats Rishi Sunak to become next prime minister – here's what she's pledged to do

When is the next general election?

General elections – which determine which MPs are elected to the House of Commons – must be held at a maximum of five years apart.

However, they can take place earlier than the five-year gap.

As it stands, the next general election will take place in January 2025 – five years from the day the current Parliament met for the first time on 17 December, 2019, with extra time on top for the election campaign.

Will there be an early election?

Truss's comments are a clear indication that a snap election is not being considered, although she may be pushed to call one to cement her mandate with the wider public.

Though her margin of victory over Sunak was comfortable, she was elected with 81,326 votes - which represents just 0.17% of the British electorate.

Both Theresa May and Boris Johnson called early elections after being elected Tory leaders in 2017 and 2019 - with May managing to hold on to her position but losing 13 Conservative seats in the House of Commons in the process.

Johnson was able to increase the Tory majority in the Commons to 80 after calling an early election in 2019.

Who will win the election?

It's far too early to call.

Truss is the third Tory leader in six years, and with a looming energy crisis, her policies and reaction in tackling the problem will determine which party the British public will choose in any future elections.

According to the bookies, Labour are narrowly ahead, but there is very little in it.

The polling is not currently very favourable for Truss. According to YouGov, only 12% expect her to be a good or great prime minister, while 52% think she will be poor or terrible.

Even more worrying for her, the area where she is least trusted is over the cost-of-living crisis and the economy.

According to a poll by Survation, Labour has a current lead of 17 points in Westminster voting intention.

In terms of timings, bookies are anticipating the election to come in 2024 or later - with odds of 1/3.

An early election in 2022 or 2023 stand at odds of 29/2 and 9/2 respectively.