Rishi Sunak’s replacement as Conservative Party leader will be announced on November 2, the Conservative Party has confirmed.
The party said the former prime minister, who led the Conservatives to their The worst defeat in history on July 4thwill remain interim leader until that date.
Applications to succeed Mr Sunak will open at 7pm on Wednesday and close at 2.30pm on Monday.
Following meetings between the Conservative Party board and the 1922 committee of backbenchers, it was decided that candidates will need the support of at least 10 MPs – a proposer, a seconder and eight nominations – to go through to the ballot.
Conservative MPs will then select four candidates, who will present their case to party members at the Conservative conference this autumn.
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The four candidates will then be whittled down to the final two, with the winner chosen by party members.
Several Conservative MPs have signalled their intention to run for the leadership, including former Work and Pensions Secretary Mel Stride.
The current shadow Labour and Pensions Minister told Kay Burley on Sky News there was a “reasonable chance” he would enter the race to replace Mr Sunak, saying it was “important for the country that we have a strong Conservative Party”.
He is likely to face colleagues including Shadow Home Secretary James Cleverly, Shadow Housing Secretary Kemi Badenoch and Shadow Security Secretary Tom Tugendhat.
Other likely candidates include former home secretary Suella Braverman and her predecessor Priti Patel, as well as former immigration secretary Robert Jenrick.
Mr Tugendhat is highly regarded within the One Nation group of moderate Conservative MPs, while Mr Cleverly is also seen in moderate Conservative circles as a candidate who could unite the party.
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Ms Patel, Ms Braverman and Mr Jenrick will all be competing for votes from those on the right of the party.
Jeremy Hunt, the shadow chancellor, ruled out running for party leadership despite fending off a challenge from the Liberal Democrats in his Goldaming and Ash constituency.
Mr Sunak said it was in the “national interest” for the party to have a “smooth and orderly transition to a new opposition leader”.
“I will remain in office until November 2 and the outcome of our leadership elections.
“This will allow our party to fulfill its role as official opposition in a professional and effective manner. I believe that this is what is best for the Conservative Party and, above all, for our country.”
He added: “It would be inappropriate for me to comment on the leadership campaign or the candidates. I am confident that the timetable decided by the party committee and the 1922 committee will allow for a thoughtful, professional and respectful contest.”
Bob Blackman, the 1922 committee chairman, said he believed the schedule would allow for “a respectful and thorough leadership debate.”
“While there are important debates to be had about the future of our party, we must remember that the country – and our members – want to see us engaged in real debate, not personal attacks,” he said.