Tory leadership race: what you need to know as five candidates face third vote

Five candidates remain in the Tory leadership race (Picture: PA)

Tory MPs bidding to replace Theresa May as Prime Minister face elimination from the race in a third vote later day.

It comes after Dominic Raab was knocked out on Tuesday night, having failed to surpass the necessary threshold of 33 votes.

Frontrunner Boris Johnson will compete against Jeremy Hunt, Michael Gove, Sajid Javid and Rory Stewart in the third ballot on Wednesday.

MPs are voting in a series of ballots until only two candidates remain.

Members of the Conservative Party will then vote on the final two to determine the new leader.

Here’s everything you need to know ahead of tonight’s vote.

Who is still left in the race?

Dominic Raab has been eliminated from the race to be the next prime minister (EPA)

Mr Raab was eliminated from the race last night after receiving only 30 votes, leaving five MPs in the fight for Number 10.

Mr Johnson, who is currently the favourite, received a staggering 126 votes.

Mr Hunt came in second with 46 votes, while Mr Gove received 41.

Mr Stewart, who received the least votes to qualify at 37 votes, will also face the third ballot tonight.

When is the vote and how does it work?

MPs will vote in the third round tonight between 3pm and 5pm before results are announced at around 6pm.

Unlike the previous two rounds, there is no voting ceiling.

Whoever gets the least amount of votes will be eliminated from the contest, reducing the number of candidates from five down to four.

What are the odds?

Boris Johnson still leads the odds to become Prime Minister at 7/1, according to Betfair.

Boris Johnson arrives at the BBC studios in London on Tuesday (AFP/Getty Images)

This is followed by Jeremy Hunt at 12/1 and Rory Stewart at 22/1.

Coming in last is Michael Gove with 16/1 and Sajid Javid at 66/1.

What’s next?

Surviving candidates will face further ballots on Thursday.

The first set of votes is expected to take place from 10am to 12pm, with results at 1pm.

​If more than two candidates remain in the race by 1pm, another vote will be held in the afternoon.

MPs would then vote from 3.30pm to 5.30pm, with results at 6pm, to decide the final two to be put to the party-wide vote.

The final two contenders will go to a postal ballot of all 160,000 Conservative Party members nationwide.

The winner is due to be announced in late July.

It is unclear whether the new Prime Minister will be announced before Parliament rises for the summer recess.