Sir Graham Brady, the chairman of the 1922 committee of backbench Tory MPs, yesterday announced the timetable for which the new Conservative leader, and Prime Minister will be selected.

Speaking outside Parliament, he confirmed that nominations for the next leader had begun and closed at 2pm on Monday.

“Candidates will be expected to have at least 100 colleagues nominating them…” he said.

LONDON, ENGLAND - OCTOBER 20: Chairman of the 1922 Committee, Sir Graham Brady, speaks to the press following the resignation of Liz Truss as Prime Minister Of The United Kingdom on October 20, 2022 in London, England. Liz Truss has been the UK Prime Minister for just 44 days and has had a tumultuous time in office. Her mini-budget saw the GBP fall to its lowest-ever level against the dollar, increasing mortgage interest rates and deepening the cost-of-living crisis. She responded by sacking her Chancellor Kwasi Kwarteng, whose replacement announced a near total reversal of the previous policies. Yesterday saw the departure of Home Secretary Suella Braverman and a chaotic vote in the House of Commons chamber. (Photo by Dan Kitwood/Getty Images)

Sir Graham said the requirement to get 100 nominations should be achievable by any candidate with a realistic chance of winning.

He said it would mean a maximum of three candidates on the ballot paper for MPs to vote on.

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

Despite the request of several senior backbenchers to bypass the party’s grassroots by allowing an MP-only vote for the next Prime Minister, the Tory chairman Jake Berry said that there would be an online vote for members.

“We have decided that if the party should decide to put forward two candidates there would be an expedited, binding, online vote of Conservative Party members to choose its next leader,” Mr Berry said.

Sir Jake Berry said Conservative HQ will be working with broadcasters to arrange one broadcast event.

Senior Tories yesterday made a plea to their MPs to keep an orderly contest to unite behind a candidate that would allow the party to “pull itself together”.

Theresa May, who was also forced out by her own party, said that her colleagues must be prepared to compromise to ensure there is a “sensible, competent government”.

Andy Street, the Conservative West Midlands mayor, said the Tory party now had “one last chance to pull itself together” following Ms Truss’s resignation.

In a statement, he said: “This is a complete mess, and I know people across the West Midlands feel utterly let down at a time when they face immense pressures in their daily lives.

“People outside Westminster have no interest in personal political ambition, they just crave good leadership, help and support at this time.”

Last night several Tory “big beasts” of the party ruled themselves out of the contest as nominations began to open, including the Foreign Secretary, James Cleverly.

Allies of the former Cabinet Minister, Michael Gove, said he will not stand for the Tory leadership, while allies of the current Chancellor, Jeremy Hunt, said that he would also not be seeking the top job.

Allies of Rishi Sunak, Boris Johnson and Penny Mordaunt all last night spoke favourably about their preferred candidate running for the leadership, with all three expected to announce that they are running for the job.

Former Cabinet minister Simon Hart said Rishi Sunak would be the “right prime minister”.

Backing Ms Mordaunt, Bob Seely said: “I think she has a great set of qualities. She has lots of ministerial experience. I think she comes across very well. And I think she resonates with people.”

Government minister Sir James Duddridge said it was time for a comeback by Boris Johnson, tweeting: “I hope you enjoyed your holiday boss. Time to come back. Few issues at the office that need addressing.”

Tory MPs will need 100 backers in slimmed-down leadership contest