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Tory leadership: Hopefuls face high bar to enter contest to be PM Tory leadership: Hopefuls face high bar to enter contest to be PM
(31 minutes later)
The leadership contest rules were announced by Sir Graham Brady, chairman of the 1922 Committee Sir Graham Brady and Jake Berry, flanked by other members of the 1922 committee, outlined the rules of the contest
Conservative leadership hopefuls will need the support of 100 MPs to enter the contest to be the next prime minister, under rules decided by party bosses.Conservative leadership hopefuls will need the support of 100 MPs to enter the contest to be the next prime minister, under rules decided by party bosses.
Ms Truss's resignation after 45 days in office has set off a scramble to find a successor by next Friday.Ms Truss's resignation after 45 days in office has set off a scramble to find a successor by next Friday.
Under party rules, only three MPs can run and Tory members will vote online if there is a final two. Under party rules, a maximum of three MPs can run and Tory members will vote online if there is a final two.
If one candidate is picked by MPs, they will become party leader on Monday.If one candidate is picked by MPs, they will become party leader on Monday.
The contest is clearly geared towards narrowing the field as quickly as possible.
It also looks like the rules have been drawn up in the hope of MPs picking a winner without needing a final vote among party members.
Even if two remain to go head-to-head among members, there'll be an "indicative vote" among MPs so the Tory grassroots will be in no doubt about the parliamentary party's preferred leader in waiting.
Allies of former Prime Minister Boris Johnson, former Chancellor Rishi Sunak, and Commons Leader Penny Mordaunt are urging them to stand for the leadership.Allies of former Prime Minister Boris Johnson, former Chancellor Rishi Sunak, and Commons Leader Penny Mordaunt are urging them to stand for the leadership.
But none have declared leadership bids, while Labour and other opposition parties have called for an immediate general election.
Who could replace Liz Truss as prime minister?
How will the new PM be chosen?
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Usually, Tory MPs vote to whittle down a field of leadership candidates to two, who progress to a run-off decided by the party's membership.Usually, Tory MPs vote to whittle down a field of leadership candidates to two, who progress to a run-off decided by the party's membership.
The last Tory leaderships contest took two months from the date Mr Johnson announced his resignation as PM in July this year.
But there is little appetite for another long and divisive leadership contest so soon after Ms Truss won the last only six weeks ago.But there is little appetite for another long and divisive leadership contest so soon after Ms Truss won the last only six weeks ago.
Instead, Conservative Party bosses have set a higher bar of 100 nominations for Tory MPs to enter the race to replace Ms Truss.Instead, Conservative Party bosses have set a higher bar of 100 nominations for Tory MPs to enter the race to replace Ms Truss.
Sir Graham Brady, the chairman of the 1922 backbench committee of Conservative MPs, said the threshold "should be achievable by any serious candidate". The contest has been geared towards narrowing the field as quickly as possible, without needing a final vote among party members.
Even if two candidates go head-to-head in a membership ballot, there will an "indicative vote" among MPs so the Tory grassroots will be in no doubt about the parliamentary party's preferred leader in waiting.
Graham Brady: The man who sees off Tory PMs
Liz Truss's resignation speech in full
Sir Graham Brady, the chairman of the 1922 backbench committee of Conservative MPs, said the nomination threshold "should be achievable by any serious candidate".
Announcing the rules, Sir Graham said MPs' nominations for candidates will close at 14:00 BST on Monday.Announcing the rules, Sir Graham said MPs' nominations for candidates will close at 14:00 BST on Monday.
He said if there are two candidates with enough nominations when voting closes, there will be a debate - known as a hustings - on Monday.
When asked if there could be a new prime minister in office by Monday, Sir Graham said "clearly that is the case".