Either Rishi Sunak or Liz Truss will be your next Prime Minister, and the decision will come down to 180,000 Tory members.
The winner will live in the flat above Downing Street and have vast powers over the organs of government and national security.
The MPs’ ballot stage of the contest has now ended, with tax-cutting right-winger Liz Truss edging out Penny Mordaunt by just eight votes.
She is facing off against Rishi Sunak, who she repeatedly traded barbs with in a TV debate - accusing him of leading Britain into a recession.
Unlike the 2019 race between Boris Johnson and Jeremy Hunt, no one can really call who will win - though Ms Truss was the early bookies’ favourite.
Here’s how the process will work over the summer.
When will the ballot open and close in the Tory leadership election?
Ballot packs will begin landing on Tory members’ doorsteps on August 1.
They then have until 5pm on Friday 2 September for the party to receive their ballot.
Members can vote online, by post or both - more details below.
When are the Tory leadership TV debates?
The BBC was due to host a debate between the two candidates at 9pm on Monday 25 July. It is presented by Sophie Raworth, with analysis from Political Editor Chris Mason and Economics Editor Faisal Islam.
The Sun/TalkTV was expected to host a head-to-head between Ms Truss and Mr Sunak at 6pm on Tuesday 26 July. It will be hosted by Sun Political Editor Harry Cole and TalkTv's Kate McCann.
Channel 4 will show TV veteran Andrew Neil's interview with Rishi Sunak at 7.30pm on Friday, 29 July. Boris Johnson refused to be interviewed by the famously tough broadcaster during the 2019 election.
Sky News was due to host a one-hour debate between the pair at 8pm on Thursday 4 August. It will be hosted by Kay Burley with questions from a live studio audience.
When are the Tory leadership hustings?
Tory chiefs announced a dozen hustings over the summer. These are for Tory members only, but are streamed live on the Conservative Party website.
- 28th July: Leeds
- 1st August: Exeter
- 3rd August: Cardiff
- 5th August: Eastbourne
- 9th August: Darlington
- 11th August: Cheltenham
- 16th August: Perth
- 17th August: Northern Ireland
- 19th August: Manchester
- 23rd August: Birmingham
- 25th August: Norwich
- 31st August: London
Who can vote in the Tory leadership ballot?
Only active, current Conservative Party members who joined on or before 3 June 2022.
Can Tory members change their vote once it’s cast?
Yes. Members will get a physical ballot paper through the post, and a pair of unique security codes that allows them to vote online.
Crucially, members will be able to send both ballots in to the party. If members send both ballots, the most recent one will count.
This means members will be able to vote for one candidate at the start of August - but if the other really takes their fancy, they can change their mind, send the other ballot and cancel out their first vote.
It’s understood it’s the first time the rule has been introduced in this form - partly due to the threat of postal strikes this summer to give reassurance votes will be received.
Members have, however, been able to change their votes before. Last time in 2019, they could change their vote by requesting a new ballot paper and sending it in, overriding their first vote.
When will the new Prime Minister be announced?
The winner is announced on September 5 and the new Prime Minister likely takes office the next day, with Boris Johnson heading to Buckingham Palace to hand his resignation to the Queen on September 6.
Will there be a snap general election?
Both the leading candidates have ruled it out.
The next leader will be under no obligation to call a general election until winter 2024, or January 2025 at the very latest.
They may feel a need to prove their mandate. But then again, they want to use the 73-seat Tory majority for stability and to get a policy programme done after Covid.
A new leader would also be brave to go to the country when polls are putting Labour well ahead.
