Britain's defeated Conservatives launch race for a new leader, with the winner announced in November

Britain’s defeated Conservatives will spend more than three months picking a new leader to replace former Prime Minister Rishi Sunak, the party has announced

Britain’s defeated Conservatives will spend more than three months picking a new leader to replace former Prime Minister Rishi Sunak, the party has announced. Sunak will remain acting leader until his successor is announced on Nov. 2.

The right-of-center party was kicked out by voters in a July 4 election that brought a Labour landslide, ending 14 years in power under five prime ministers. The Conservatives were reduced to 121 seats in the 650-seat House of Commons, their worst-ever result.

The party said nominations will open Wednesday and close five days later. Any Conservative lawmaker can run if they get the support of 10 colleagues.

Conservative lawmakers will narrow the field down through a series of votes to four contenders, who will make pitches to members at the party’s annual conference in early October.

Lawmakers will then choose two final candidates, who will be put to an online vote of Conservative members across the country.

“It’s in the national interest for us to have a smooth and orderly transition to a new Leader of the Opposition so I will stay in post until Nov. 2 and the result of our leadership election,” Sunak said.

“This will allow our party to fulfil its role as the official opposition professionally and effectively. I believe this is what is best for the Conservative Party and, most importantly, our country.”

The party’s last contested leadership selection, in mid-2022, saw members choose Liz Truss over Sunak. Truss resigned after just 49 days in office when her tax-cutting plans rocked the financial markets and battered the value of the pound. The party then chose Sunak to replace her.

In the wake of its devastating election defeat, which saw it lose votes to parties on both right and left, the party is divided between moderates who want to cleave to the political center and hard-liners who want an even tougher stance on migration and law and order.

Several Tory lawmakers have already suggested they will run, including former Home Secretary James Cleverly and lawmaker Tom Tugendhat, both considered moderates, and former Immigration Minister Robert Jenrick and ex-Business Secretary Kemi Badenoch from the right of the party.