THE Tories will unveil a new leader on November 2 - just days before the US Election.
Rishi Sunak will remain acting leader until then after approving the timetable last night.
The Ex-PM said: “It’s in the national interest for us to have a smooth and orderly transition to a new Leader of the Opposition so I will stay in post until November 2nd, and the result of our leadership election.
“This will allow our party to fulfil its role as the official opposition professionally and effectively. I believe this is what is best for the Conservative Party and, most importantly, our country.”
Under the timetable drawn up by the backbench 1922 Committee on Monday afternoon, four candidates will go before the Conservative Party Conference in October before a postal ballot of members.
Nominations open this Wednesday July 24 at 7pm, with hopefuls requiring the backing of ten MPs to reach the first round of voting.
After an August of campaigning around the country, Tory MPs will vote in ballots on September 4, 9, 10 and 11 - knocking one candidate out until just four remain.
Those four will be given prominent speaking slots at the party gathering in Birmingham starting on September 30.
When MPs return to the Commons further votes to whittle the field down to just two would be held on October 9 and 10.
A postal vote of members will then be held between the October 15 and 31, with the new leader announced on November 2.
So far more than half a dozen MPs have hinted they will run including ex-Cabinet ministers Kemi Badenoch, Robert Jenrick, Priti Patel, James Cleverly, Tom Tugendhat and Mel Stride.
Outsider ex-ministers Gareth Davies and Kevin Hollenrake are also understood to be considering bids.
