Candidates to succeed Liz Truss as the next Conservative Party leader only have until 2pm on Monday to line up their nominations.
The race is open now and will close on October 24, with candidates needing at least 100 nominations to go forward - five times as many as the last contest, when only 20 nominations were needed. As there are 357 Tory MPs, this means that only three will be able to go forward for election.
The process will be a lot quicker than the summer leadership contest, which Ms Truss won, which was held over three months and involved eight candidates.
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Tory party chairman Jake Berry said the board of the Conservative Party met and in conjunction with the 1922 Committee, had decided on the process. “We have decided that if the party should decide to put forward two candidates there would be an expedited, binding, online vote of Conservative Party members to choose its next leader,” Mr Berry said.
The worst-case scenario this time will be the new Prime Minister will be declared on Friday, October 28, but the whole contest could be done and dusted by Monday night.
Chairman of the 1922 Committee Sir Graham Brady said the requirement to get 100 nominations should be achievable by any candidate with a realistic chance of winning. "We fixed a high threshold but a threshold that should be achievable by any serious candidate who has a prospect of going through,” he said.
Here's how the winner will be decided:
If only one person reaches the 100 threshold on Monday: They will become the next leader and Prime Minister, without the contest going to the next stage.
If there is more than one candidate with enough nominations:
- If there are two candidates: there will be a ballot of Conservative MPs between 3.30pm-5.30pm on Monday, which will be indicative (ie showing levels of support among MPs).
- If there are three candidates: , the one with the fewest number of votes will be eliminated with the result announced at 6pm on Monday. There would then be an indicative vote between 6.30pm-8.30pm the same day with the result announced at 9pm.
- Party members will then take part in an online vote to decide the winner, who will be declared by Friday, October 28.
Conservative Party chairman Sir Jake Berry said Conservative HQ will be working with broadcasters to arrange a televised debate so members can hear from the final two candidates before they vote. However When Theresa May became leader in 2016 her opponent Andrea Leadsom dropped out, which meant Mrs May became party leader without a vote being put to members.
The process differs slightly from when Ms Truss won the race and will be much quicker. In the summer, following Boris Johnson's resignation as Prime Minister, candidates were able to enter the race if they had the backing of at least 20 Tory MPs.
Eight contenders emerged and in the first stage, Tory MPs chose two candidates by a series of votes to whittle the eight candidates down to two - Liz Truss and Rishi Sunak - to go forward to a vote of the wider membership of the party.
Anyone who received less than 30 votes or came last in each round was eliminated until the two final candidates remained. Conservative Party members then chose the winner in a postal and online vote lasting several weeks.
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