The race to become Britain's next Prime Minister is in full swing just days after Liz Truss' resignation - and we could have a new leader in just two days.
Hopefuls Rishi Sunak and Penny Mordaunt are the first to formally announce their candidacy for the nation's top job, with Sunak currently the only one believed to have the required 100 backers. Former PM Boris Johnson has made no official announcement yet, but many expect he will try to mount a remarkable comeback campaign. Candidates need 100 MPs to publicly back them by tomorrow in order to gain a place on the ballot.
The latest date we could have a new PM in No 10 is Friday (October 28) - but they could be in office as soon as Tuesday (October 25). Here's how.
READ MORE: Rishi Sunak makes leadership bid official as Boris Johnson talks break down
Candidates are required to get the backing of 100 MPs publicly by 2pm tomorrow (Monday) if they are to secure their place on the all-important ballot. As there are 357 Tory MPs, this means only three people can possibly gather enough support to get on the paper. So far, Rishi Sunak is the only formally declared candidate to reach this milestone. If only one candidate secures enough nominations, then they will be elected as the next PM.
If more than one candidate reaches 100 backers, a first ballot will be held, with results expected to be announced at 6pm on Monday. Depending on the number of candidates, this will either be an 'indicative ballot' designed to show Tory party members who MPs favour, or it will eliminate the loser, leaving two candidates standing.
Unless only one candidate reaches the required 100 backers, or all others pull out leaving just one standing, the final choice between two hopefuls will eventually be decided by Conservative party members in an online vote. Conservative party members will only be polled if two candidates remain and neither choose to back down.
If three candidates make it to the ballot and one is eliminated in the first round of voting, a second round of 'indicative voting' will be held to allow MPs to choose between the remaining two. This ballot is also expected to be held on Monday, and results announced at around 9pm.
Any vote between two candidates would not choose the new PM - it will indicate to party members which candidate is favoured by MPs. Once two remain, it will then go a poll of Tory party members. It is not clear exactly when this poll would end, but the latest would be Friday (October 28).
So we could see a new PM by Tuesday - but only if one candidate shores up enough support to force any others to back out the race, eliminating the need for a poll of party members.
Chair of the 1922 committee Sir Graham Brady said on Thursday he was 'deeply conscious of the national imperative' of choosing a new leader quickly. No 10 should have a new resident before Monday October 31, when the government is set to deliver a new fiscal plan. The Bank of England is then expected to make a decision on interest rates on Thursday November 3.
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