A next prime minister will be appointed in late July, but with ten MPs still standing to take the job, what will happen next?
Here is a timetable for the campaign.
– Thursday June 13
First ballot. Any candidate receiving 16 votes or fewer will be eliminated. The results are announced at 1pm.
– Sunday June 16
Krishnan Guru-Murphy will host a leadership debate among the remaining candidates on Channel 4.
– Monday June 17
Second round of hustings in front of Conservative MPs with the remaining candidates.
– Tuesday June 18
Second ballot. Any candidate receiving 32 votes or fewer will be eliminated. The results are announced at 1pm.
At 8pm, Emily Maitlis will host a debate entitled ‘Our Next Prime Minister’ on BBC One.
– Wednesday June 19
Third ballot, where the candidate with the fewest votes is eliminated. The results are announced at 6pm.
– Thursday June 20
The fourth and fifth ballots will continue until two candidates remain. The 1922 Committee says it has provision for further ballots, but this is unlikely. The results are announced at 1pm and 6pm respectively.
– Saturday June 22
With two candidates, Conservative Campaign Headquarters (CCHQ) will begin the membership hustings process for party members.
The party will aim for the hustings to take place in all 12 regions of the UK.
– Week commencing July 22
A new leader will be announced following the ballot of about 160,000 Conservative members.
Theresa May will then see the Queen to formally resign and the new leader will be invited to Buckingham Palace to form a government – possibly within hours of the leadership contest ending.