The Tories are scrambling to elect a new leader this week, with a new prime minister promised by Friday. It is just seven weeks since Liz Truss won the party’s last leadership election following Boris Johnson’s resignation amid a series of scandals.
However, Ms Truss was forced to resign last Thursday after the markets rejected her mini-budget. Sir Graham Brady, chairman of the powerful 1922 Committee of Tory backbenchers, said the election process will be concluded by October 28 so the new leader is in place in time for a crucial financial statement on October 31.
Sir Graham declared the parliamentary stage of the contest had begun last Thursday afternoon, with nominations open.
