Theresa May will resign as leader of the Conservative Party today, and the competition to replace her will officially begin next week.
Eleven Conservative MPs have so far put their names forward. The Conservative Parliamentary party will vote to whittle the candidates down to a final two and the winner will be chosen by a vote of the Conservative Party membership.
A new Prime Minister is expected to be selected by the week beginning 22 July.
Below are some key dates and information on the contest:
Sir Geoffrey Clifton Brown has been chosen as the contest’s accounting officer.
Monday 10 June: MPs who want to stand must submit their nomination papers to the 1922 Committee between 10am and 5pm. Each candidate must have a proposer, a seconder and the backing of six other MPs. The full list of candidates will be announced at 5.30pm.
Thursday 13 June: The first ballot will be held between 10am and 12pm. Candidates will need to win 5% of the vote (17 MPs). MPs who don’t meet the minimum requirement will be eliminated. If all MPs meet the minimum requirement the one with the lowest number of votes will be eliminated.
Tuesday 18 June: The second ballot will be held, candidates will need to win 10% of the vote (33 MPs). Candidates who don’t receive the backing of the minimum number will be eliminated. MPs who don’t meet the minimum requirement will be eliminated. If all MPs meet the minimum requirement the one with the lowest number of votes will be eliminated.
Tuesday 18 June: First televised debate on BBC 1 at 8pm. Channel 4, Sky News and ITV are also in talks with the candidates to arrange televised debates.
19 and 20 June: Further ballots will be held as necessary to eliminate candidates until only two candidates are left.
Week beginning 22 July: Conservative party members are expected to be required to submit their votes by 5pm on 22 July. The new leader of the Conservative Party will be announced and Theresa May is expected to go to the Queen and recommend the winner be asked to form a government.