The second Tory leadership race in just three months is underway following the extraordinary resignation of Liz Truss.
The outgoing Prime Minister was forced out of office after just 44 days after a seismic few weeks in Westminster that saw his tax-cutting mini-budget crash and burn.
Mrs Truss’s resignation, which marked the end of the shortest tenure of any prime minister in modern British history, followed a series of humiliating U-turns, the loss of two of her most senior cabinet ministers and an open revolt by conservative parliamentarians.
All eyes are now on who could replace her, with speculation growing that Boris Johnson could launch a dramatic return to front-line politics, just six weeks after he was officially ousted from the top job.
Party rules for the new leadership contest mean the prime ministerial hopefuls would need the support of at least 100 Tory MPs before Monday afternoon to face any other successful challenger in a members’ vote.
This will rule out a number of candidates running and means that the maximum number of people who can run is three.
Sir Graham Brady, chairman of the powerful backbench committee in 1922, said: “We set a high threshold, but a threshold which should be attainable by any serious candidate who has a chance of passing.”
Image: Liz Truss announces her resignation
Who are the brokers and brokers?
Tory MPs are scrambling to find a replacement who can unite the party and turn its fortunes around after a series of dire polls predicted electoral elimination.
The new inhabitant of Number 10 faces a bewildering array of challenges, from the cost of living crisis and rising energy bills to resolving the dispute over the Northern Ireland Protocol and the war in Ukraine.
Although heavy hitter Jeremy Hunt has already ruled himself out of the race, there are other Tory MPs who appear to be waiting in the wings.
Sky’s deputy political editor Sam Coates says former chancellor and Tory leadership finalist Rishi Sunak has signaled he is “very, very up for the job”.
The leader of the Commons, Penny Mordaunt, has also “made it clear in her public appearances that she is ready for the job”.
And Suella Braverman, who resigned as home secretary on Wednesday, was highly critical of Ms Truss when she quit, in a move allies believe shows she is also willing to step up to the plate.
Coates says: “The question now is who will stand aside and who will survive in an intense week-long leadership contest.”
Image: How the Tory Party changes its leader
Nominations opened on Thursday and will close at 2pm on Monday, with a new leader to be chosen on Friday 28 October.
The final two candidates will take part in a search event organized with news stations, before an online vote for members to choose who they want to lead the party.
However, we could have a new leader before then.
One potential option is for MPs to rally around one candidate, meaning the contest will end on Monday if only one person can receive enough nominations.
‘Back to Boris’
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1:54 Former culture secretary Nadine Dorries backs Johnson
On Thursday night, momentum appeared to be shifting behind Boris Johnson amid reports he would throw his hat in the ring.
Former culture secretary Nadine Dorries, a staunch Johnson ally, told Sky News she was confident she would reach the 100 MP threshold.
“There is only one MP who has the mandate of the British public, who won a general election just three years ago with an 80-seat majority, and that was Boris Johnson,” Dorries said.
“He’s a known winner and he’s certainly who I’m putting my name against because I want us to win the general election. Having a winner is what the party needs to survive.”
While several Tory MPs have expressed support for Johnson’s comeback, any attempt to return to front-line politics is proving divisive.
Senior MP Sir Roger Gale tweeted to remind people that the former prime minister, who resigned in a tirade, was still under investigation by the Privileges Committee for potentially misleading the House about the party door.
If found guilty, Johnson could face removal proceedings that would leave him fighting for his seat in the Commons if he receives a suspension of 10 days or more.
Sir Roger told Times Radio that if Johnson is voted back as Prime Minister, he would resign from the Conservative Party and declare himself independent.
Read more: Resignations, recalls and rebellion: Liz Truss’s 44 days as prime minister. The divided Conservatives will not have an easy time electing a new prime minister
Could Boris Johnson reach 100 nominations?
There are currently 357 Tory MPs, 148 of whom voted against Johnson in a confidence vote just a few months ago.
If they refuse to support him again, that leaves 209 MPs to choose from.
Liz Truss had 113 nominations this summer, so they’re all up for grabs.
Brenden Clark-Smith, the Tory MP for Bassetlaw, is among the group calling for “Bring Boris back”.
However, the problems with a Johnson candidacy include his popularity with the crashing public, even if he is still high with the conservative membership.
Polls for the Conservatives were already declining during Johnson’s tenure as prime minister, as it was marred by scandals, including the former prime minister flouting his own lockout laws.
Johnson was eventually forced to announce his resignation on 7 July as cabinet allies turned against him with a series of resignations.
The last straw were questions about his judgment of Chris Pincher, the then Tory whip who was at the center of allegations of drunken palpitations. This added to Johnson’s attempts to change the rules to avoid the suspension of the then Tory MP Owen Paterson after breaking lobbying rules.
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Mrs. Truss officially took over from Mr. Johnson on Sept. 6, and members favored his tax-cut-for-growth plan over the more conservative fiscal policies of Mr. Sunak.
But just two weeks into the job, her disastrous mini-budget sent chaos into financial markets, leading to the sacking of Chancellor Kwasi Kwarteng and a humiliating abandonment of the very economic policies that got her into office.
Many deputies have expressed their support for Mr. Sunak, who had warned Ms Truss that her economic policies were “immoral” and campaigned for fiscal responsibility during the last leadership race.
Jonathan Djanogly and Mark Garnier tweeted their support for him Thursday night.
Richard Holden MP said that in “tough economic times, the party and the country need a Prime Minister who has the economic experience to deliver real stability over the coming years and get the ship of state back on an even keel , and this person.” it’s Mr. Sunak.”
“Last Chance Hall”
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10:56 Labor leader Keir Starmer has spoken to Beth Rigby about Liz Truss’ resignation,
A vicious leadership conflict would further divide an already divided party that is about to see its third prime minister in a few months, and many Tory MPs are calling for their peers to unite behind the next leader, whoever he may be.
Justin Tomlinson said the leadership contest was the “last chance” for the party to retain credibility, while former cabinet minister Robert Jenrick warned the Tories were facing “extinction. .. if we’re wrong.”
Opposition parties say whoever gets the keys to Downing Street should call an immediate general election.
Labor leader Sir Keir Starmer said the Conservative Party “has shown it no longer has a mandate to govern”, adding that Britons “deserve much better than this revolving door of chaos”.