Leading figures from the 1922 Committee of backbench Tory MPs have set out the rules of the contest to succeed Theresa May as PM. Tory MPs will whittle down the final two candidates to go into a run-off decided by the party’s 160,000 membership by 20 June.
The new prime minister is then expected to be appointed in the week beginning 22 July.
After the Prime Minister formally steps down as leader of the Conservative Party today, Mrs May will remain acting leader of the party until a successor is appointed.
Joint acting chairman of the 1922 Committee Charles Walker said: “We are aiming to have two people by Thursday 20 June.”
The last Tory leadership race in 2016 saw Andrea Leadsom pull out of the contest before a planned membership run-off vote.