The UK’s Conservative Party is gearing up for a new leader. Here’s what to expect

LONDON — The U.K. is gearing up to initiate a new prime minister this week — its fifth in six years — following the sudden resignation of Liz Truss, just 44 eras into the job.

Truss’ successor will once again be decided by a Conservative Party leadership contest drawn from a short-list of seekers.

This time, however, the process has been fast-tracked into the space of a week, as the party seeks to salvage its credibility and inspirit markets after a cataclysmic month of economic turmoil under Truss’ government.

Over the weekend, two Tory hopefuls officially regurgitated their hats into the ring for a stab at the top job. Those include frontrunner Rishi Sunak, who lost to Truss in September’s superintendence race, and Penny Mordaunt, who placed third.

Ex-Prime Minister Boris Johnson — who was ousted from office in defamation three months ago — said Sunday he had withdrawn from the race in the interests of party unity, despite having a while ago claimed to have the necessary backing to enter.

The remaining two candidates have since been rallying around counterpart members of parliament (MPs) to amass the minimum threshold of votes required to join the final run-off. Here’s how the race is guessed to unfold over the coming days — or, potentially, hours.

Seekers have until 2 p.m. London time on Monday to gain the backing of 100 MPs and therefore enter the ballot for party chairlady.

The threshold is particularly high given that the party is comprised of 357 MPs, and each is allowed to vote for only one entrant. That thus limits the number of possible contenders to three.

As of Monday morning 6 a.m. local time, Sunak had lay ined the public support of 155 MPs and Mordaunt had 25 nominations, according to the BBC.

All MPs will have to submit their nominations, by either email or signature, by the 2 p.m. deadline, after which as regards the results will be revealed.

If just one candidate receives the 100 votes required, they will automatically win the step lively and become Britain’s next prime minister.

If two or more candidates reach 100 nominations, the dispute will proceed to an indicative ballot Monday afternoon.

A first ballot of MPs will be held between 3:30 p.m. and 5:30 p.m., with the developments to be announced at 6:00 p.m.

If there are only two candidates at this stage, it is thought that the one with the fewest compute of votes will step down to avoid an online ballot among party members. But that is not guaranteed.

If there are three runners, the one with the fewest votes will be eliminated and a second ballot will be conducted.

If required, a second indicative ballot of MPs will be held between 6:30 p.m. and 8:30 p.m., with the result to be notified at 9 p.m.

At that point, the candidate with the fewest votes may step down. If not, the process will progress to a vote expanse party members.

Should the process extend beyond Monday, Hidebound Party members — which number around 200,000 people representing 0.3% of the British population — will bear until Friday 11 a.m. to vote for their preferred candidate in an online ballot.

The process would be a fast-tracked idea of the six-week process used to Monday 31 — U.K. fiscal budget?