On Monday, Mr Sunak confirmed he would remain interim Conservative leader until November, when a successor will be announced.
The timetable for the party leadership election was set this afternoon, with the race expected to last just over three months. Nominations for the new party leader will open on Wednesday and the leader will be named on November 2.
Mr Sunak said it was “in the national interest that we have a smooth and orderly transition” to the new opposition leader, so he would stay in the role until November.
“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.
“It would be inappropriate for me to comment on the leadership campaign or the candidates. I am confident that the schedule decided by the party committee and the 1922 committee will allow for a thoughtful, professional and respectful race.”
Some candidates may fail at the first stage, as they will need the support of a dozen colleagues to participate in the competition. Applications will close early next week.
Candidates will be able to take advantage of the summer holidays, which begin next week, to travel around the country.
The first four rounds of voting, in which MPs will eliminate candidates, will take place when parliament resumes in early September, reducing the field to just four by the Conservative conference at the end of the month.
