The Conservative Party is trying to end a period of intense political turmoil by setting a high threshold for candidates trying to succeed Liz Truss, meaning the UK could have a new prime minister as soon as Monday.
Graham Brady, the MP who chairs the committee that sets the rules for leadership contests, told reporters on Thursday that contestants would need the support of 100 Conservative MPs just to take part in the ballot. There are 357 Conservative MPs, so a maximum of three of them will be able to apply.
The nominations expire on Monday, Brady said, when the necessary vote is held to narrow the field to two finalists. An indicative vote will then take place among parliamentarians, before the candidates are presented to ordinary members in a crucial online vote, and the result will be announced on October 28.
The result of the first vote of parliamentarians will be announced at 6 pm on Monday. If an informal vote is required, the result will be announced at 9 pm.
In fact, the loser in the informal vote is likely to face enormous pressure to withdraw, which means that ordinary members will have no say and the race will be over.
Truss said on Thursday she had resigned as prime minister after a turbulent short stint in the job during which she announced an economic package that shook financial markets, forcing her to fire her finance minister and roll back most of her planned tax cuts. By next Friday, he will have spent 52 days, the shortest term as a British prime minister.
Candidates trying to replace her will likely include former Treasury Secretary Rishi Sunak, who reached the Truss finals in the recent leadership contest. Among the other contenders likely to enter the fray is Benny Mordaunt.
“She is seriously considering” a candidacy, according to a spokesman for Trade Minister Kimi Badenoch. Attorney General Brandon Lewis is polling colleagues about his chances, according to a person familiar with his thinking.
Former Home Secretary Soyla Braverman, who was sacked by Truss on Wednesday, may also be a candidate. Defense Secretary Ben Wallace is often promoted, although he has downplayed his interest.
But Finance Secretary Jeremy Hunt, who was promoted from the back benches after he sacked Truss Kwasi Quarting in a bid to restore calm to financial markets, will not run, his spokesman said.
Grant Shapps, who replaced Braverman as Secretary of the Interior, also appears to be ruled out. “I will remain fully focused on business as we choose the next PM,” he said on Twitter.
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