Following Liz Truss’ resignation on Thursday, the Conservative Party began a race against the clock to select the next prime minister.
Ms Truss led the country for 45 days following a lengthy selection process. However, the Tories were given only a week to decide on a new leader this time around.
As it stands, Rishi Sunak and Penny Mordaunt are the two declared candidates. Former PM Boris Johnson was also in the running, but he suddenly dropped out of the race on Sunday despite cutting his holiday short and rushing back to the UK.
So, when will we know who the next prime minister is? Here’s what we know.
When will the new prime minister be announced?
During her resignation speech, Ms Truss confirmed that the new prime minister would be selected by Friday, October 28, giving the Conservative Party a week to make their decision.
The party will close leadership nominations at 2 pm on Monday, October 24. Only those with the support of more than 100 Tory MPs will make it to the next round.
As there are 357 Tory MPs in total, a maximum of three candidates can reach that stage.
Currently, Rishi Sunak is thought to be supported by more than 180 MPs, while Ms Mordaunt has 90 backers.
If a single candidate emerges, then they will automatically be selected as the next leader.
However, if more than one MP has the backing of 100 Tories, then the party will use indicative votes to see which candidate the majority of MPs prefer.
Indicative votes aren’t used very often and are brought out only to eliminate political gridlocks in high-pressure situations.
The most popular candidate will win the race and be announced by the end of the week.
King Charles III will then formally ask the new leader to form a new government and become the UK’s next prime minister.
