Key dates and times in new Tory leadership race after Liz Truss resigns

Party members across UK will get online vote if two candidates remain after two MPs’ ballots

The Conservative Party is scrambling to find a replacement for Liz Truss, who will become their third leader and the UK’s third prime minister in two months.

That person is due to be in place by Friday 28 October, under plans laid out by Sir Graham Brady, chairman of the influential 1922 committee.

Here The Independent takes a look at the timetable of how the new PM will be voted in:

• Now: Nominations for the next leader open.
• Monday 2.30pm: Nominations close. Candidates must have the backing of at least 100 Tory MPs to be in the ballot, so at most there could be three candidates.
• Monday 3.30 pm - 5.30pm: First round of voting by Conservative MPs
• Monday 6pm: Result of ballot announced. If there are three candidates, the one with the fewest votes will be eliminated.
• Monday 6.30pm - 8.30pm: An “indicative” ballot is held if two candidates remain.
• Monday 9pm: Result of any second ballot announced. The loser of the “indicative” vote may drop out, in which case a new leader emerges without the involvement of party members.
• Tuesday to Friday: If two candidates still remain, party members across the UK will vote online.
• Friday October 28, 11am: Members ballot closes.
• Friday October 28, later: Result announced.

Tory party chairman Jake Berry said Conservative headquarters would work with broadcasters to arrange one broadcast event so that members can hear from the final two candidates before they vote, should that prove necessary.

Following Boris Johnson’s decision to abort his prospective bid late on Sunday, only former chancellor Rishi Sunak and Commons leader Penny Mordaunt appear to be in contention, with Mr Sunak looking very likely to storm to victory as of Monday morning.

The hope is that the new leader will be in place in time for a crucial financial statement by chancellor Jeremy Hunt on 31 October.

The swift decision is unlike the last Tory leadership race, which dragged on over the summer, involving a long series of televised hustings, followed by live regional events at which Ms Truss and Mr Sunak set out their ambitions.

Sir Graham said of the 100-vote target: “We fixed a high threshold but a threshold that should be achievable by any serious candidate who has a prospect of going through.”