Candidates are looking for backers now to join the streamlined process.
Step 1
Hopefuls need 100 backers to enter the race.
If only one candidate gets 100 backers then there is no vote, and they automatically become the next leader.
Step 2
If more than 2 candidates, Conservative MPs vote repeatedly until only 2 candidates remain.
Step 3
From 2 candidates, Conservative MPs vote a final time and indicate their preferred candidate.
Step 4
Conservative members across the country vote online to pick a winner, unless one of the candidates drops out.
Step 5
The winner becomes leader of the Conservative party and next PM.