Here’s what to expect as Britain’s Conservative Party prepares for a new leader

Here's what to expect as Britain's Conservative Party prepares for a new leader
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Britain is set to appoint its fifth prime minister in six years.

Richard Baker | In pictures | Getty Images

LONDON – Britain is set to appoint a new prime minister this week – its fifth in six years – The sudden resignation of Liz Trussonly 44 days left to work.

Truss’ successor will again be determined by the Conservative Party leadership race, where a shortlist of candidates is selected.

But this time, the process has been fast-tracked over a week as the party tries to salvage its credibility and calm the markets. cataclysmic month of economic crisis Under the Truss government.

Weekend, two Tory hopefuls officially threw their hat in the ring for a stab at the top job. They include leader Rishi Sunak, who lost the leadership race to Truss in September, and third-placed Penny Mordaunt.

Former Prime Minister Boris Johnson, who was removed from his position three months ago due to a scandal, said On Sunday, he withdrew from the race in the interest of party unitydespite claiming to have the necessary support to enter earlier.

The remaining two candidates gather around their fellow deputies (MPs) to collect the minimum vote threshold required to join the final second round. It remains to be seen how the race will develop in the coming days, or potentially hours.

Monday 24, 14:00 – Deputies present their candidacies

Monday 24, 18:00 – First vote of deputies

If two or more candidates reach 100, the contest will move to indicative voting on Monday afternoon.

The first voting of deputies will be held from 15:30 to 17:30, the results will be announced at 18:00.

Britain’s Conservative Party is running a fast-track version of its leadership race earlier this year.

Dan Kitwood | Getty Images News | Getty Images

If there are only two candidates at this stage, the candidate with the fewest votes is thought to step down to avoid online voting among party members. But it is not guaranteed.

If there are three candidates, the candidate with the fewest votes will be eliminated and a second ballot will be held.

Monday 24, 21:00 – Second vote of deputies

If required, a second indicative vote of deputies will be held between 18:30 and 20:30, and the result will be announced at 21:00.

At this time, the candidate with the least number of votes can resign. Otherwise, the process will go to a vote among party members.

Friday 28, 11:00 – Party member voting ends

Monday 31st – UK financial budget?

The Treasury will have a few days to deal with the new prime minister and announce the new Cabinet before the Treasury budget is announced on Monday, October. 31.

The statement will be closely watched by both British and international investors as newly appointed finance minister Jeremy Hunt seeks to undo the damage caused by the Truss government and his predecessor, Kwasi Kwarteng.

However, questions remain about whether the budget will go ahead as planned and, indeed, whether the incoming prime minister will keep Hunt in office.

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