How the UK Will Choose Its New Prime Minister Following Liz Truss’s Resignation

Britain's Prime Minister Liz Truss makes her resignation speech in Downing Street, London, on Oct. 20, 2022. The Canadian Press/AP-Alberto Pezzali

The UK is set to choose yet another prime minister after Liz Truss was forced to resign on Oct. 20 after just six weeks in Downing Street.

Truss had no choice but to step down after her entire economic programme based on massive unfunded tax cuts was scrapped following negative reactions from the financial markets, which saw the pound fall sharply against the dollar and borrowing costs rise significantly for both the government and British households.

In her brief resignation speech, Truss said she will stay on as prime minister until a successor is chosen via a Conservative Party leadership election to be completed in the next week.

On Thursday afternoon, Sir Graham Brady, chairman of the 1922 Committee of backbench Conservative MPs, declared the parliamentary stage of the contest had begun, with nominations open.

Chairman of the 1922 Committee, Sir Graham Brady, speaks to the press following the resignation of Liz Truss as UK prime minister, in London, on Oct. 20, 2022. Dan Kitwood/Getty Images

Tight Schedule

The last Tory leadership contest was triggered by Boris Johnson’s resignation as prime minister on July 7.

It didn’t end until Sept. 5, when Truss was confirmed to have defeated former Chancellor Rishi Sunak—who had more support among Tory MPs—in the final ballot among Tory party members.

In stark contrast, the contest to replace Truss will last just a week.

Brady said the process will be concluded by Oct. 28 so the new leader is in place in time for a crucial financial statement on Oct. 31, which is intended to reassure the financial markets.

High Threshold

Candidates will need a minimum of 100 Conservative MPs nominating them to proceed to the ballot.

“We fixed a high threshold but a threshold that should be achievable by any serious candidate who has a prospect of going through,” Brady said.

As there are altogether 357 Conservative MPs in the House of Commons, he said it would mean a maximum of three candidates on the ballot paper for MPs to vote on.

Voting Procedures

If there are three candidates, the one with the fewest number of votes after the first ballot will be eliminated. That first round is to be held between 3:30 p.m. and 5:30 p.m. on Monday, with the result announced at 6 p.m.

Then, in a change in procedure since the last leadership contest, there will be an “indicative” vote once only two candidates are left, which will be held between 6:30 p.m. and 8:30 p.m. on Monday, with the result announced at 9 p.m.

The hope is perhaps that the loser of the “indicative” vote may drop out of the race, in which case a new leader emerges without the involvement of Tory party members.

If neither drops out, this final vote by MPs will allow Tory members to know the preferred of the two candidates of the parliamentary party, potentially dissuading them from choosing the other.

If two candidates end up remaining, Tory members across the country who joined the party at least three months ago will have a say in an expedited online vote.

The ballot will close at 11 a.m. on Friday, with the result announced later that day.

PA Media contributed to this report.