How will new PM be chosen, and when do they take over from Liz Truss?

How will the new PM be chosen, and when do they take over from Liz Truss? Rishi Sunak could get keys to No10 as early as TODAY

Rishi Sunak and Penny Mordaunt are the last hopefuls standing in the Tory leadership contest after the dramatic withdrawal of Boris Johnson.

But with Mr Sunak streaking ahead while Ms Mordaunt’s campaign appears to stall, it is far from certain the battle will be put to a vote. 

Here is how the schedule will play out for today, and potentially the rest of the week: 

Rishi Sunak (left) and Penny Mordaunt (right) are the last hopefuls standing in the Tory leadership contest

TODAY 

2pm: Nominations will close in the Tory leadership contest. Only candidates with 100 MPs confirmed supporting them can go forward, with the powerful 1922 Committee having set a high threshold to speed up the process.

So far only Rishi Sunak has made the mark, while Penny Mordaunt still needs dozens to join her. 

If the former Chancellor is the sole candidate when the results are declared at 2.15pm he will automatically become Tory leader.

Mr Sunak could then be take over from Liz Truss as Prime Minister as early as tonight – although previously the handover has been done the day after the conclusion of a leadership contest.     

3.30pm to 5.30pm: If Ms Mordaunt somehow manages to make the nominations threshold by 2pm, the timetable is radically different.

An ‘indicative’ ballot of MPs will be held to choose between the two candidates.

The result would be announced at 6pm. 

However, it will only be a gauge of MPs’ opinion. Both candidates will be entitled to take the contest to a vote of the full Tory party membership regardless of how much Parliamentary support they have.

If one hopeful – probably Ms Mordaunt – has much lower support they would come under huge pressure to pull out and end the uncertainty for the country.

The other would then be declared the victor without any more votes. 

Boris Johnson dramatically withdrew from the Tory leadership battle last night

FRIDAY 

11am: Should both candidates insist on fighting on, this is when the online ballot of the Conservative membership vote will close. The result will be announced later that day and the identity of the new Tory leader revealed.

They would then take over in Downing Street that evening, or possibly Saturday if it is too late. 

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