Britain is set to elect yet another prime minister after Liz Truss was forced to resign on October 20 after spending just six weeks in Downing Street.
Unfunded and massive tax cuts after negative reaction from financial markets that saw the pound depreciate sharply against the dollar and significantly increase borrowing costs for both the government and UK households Truss had no choice but to resign after her entire economic program under .
In a brief resignation speech, Mr Truss said he would remain prime minister until next week’s Conservative leadership elections determine his successor.
On Thursday afternoon, Sir Graham Brady, chairman of the 1922 Conservative Parliamentarians’ Committee, declared that the nomination of candidates had begun and the parliamentary phase of the election had begun.
The last Tory leadership race began with the resignation of Prime Minister Boris Johnson on July 7.
It lasted until 5 September, confirming the Truth’s defeat of former Prime Minister Rishi Sunak, who had more support among Tory MPs.
In stark contrast, the truss replacement contest lasts just one week.
Brady said the process will be completed by Oct. 28, so the new leaders are in place in time for the critical Oct. 31 financial statements, which are meant to reassure financial markets. rice field.
A minimum of 100 Conservative MPs must be nominated in order for a candidate to proceed to the ballot.
“We set a high threshold, but one that any serious candidate who has the potential to pass can achieve,” Brady said.
He said there are 357 Conservative MPs in the House of Commons, meaning there are up to three candidates on a ballot that MPs can vote for.
If there are three candidates, the candidate with the lowest number of votes on the first ballot is eliminated. The first round will take place on Monday between 3:30pm and 5:30pm, with results announced at 6pm.
Then, in a change in procedure since the last Leadership Contest, when only two candidates were left, an “indicative” vote was held on Mondays between 6:30pm and 8:30pm. , the result is 9pm
Perhaps the loser of the “suggestive” vote could drop out of the race, in which case a new leader would be expected to emerge without the involvement of any Tory member.
If neither drop out, this final vote by Members of Parliament would allow Tories to know their preference between the two candidates of the Parliamentary party, potentially discouraging them from choosing any other candidate. I have.
If two candidates remain, Tories across the country who joined the party at least three months ago will have a say in a speedy online vote.
Voting closes at 11am on Friday, with results announced later in the day.
PA Media contributed to this report.