This week the Conservatives confirmed that July 22nd would be the latest date that the new Prime Minister would be appointed.
They also announced a new voting process that begins on 13th June.
The Voting Process For The Next Prime Minister
1st Round – 13th June
An MP can stand providing they have 8 MP’s backing. This number is up from 2 MP’s.
A candidate then requires 17+ votes in order to pass the first ballot.
Candidates then require 33+ votes to pass the second ballot.
If more than 2 candidates advance from round 3 voting will repeat until there are only 2 left. The candidate receiving the lowest amount of votes after each round will be eliminated.
The wider Conservative membership of 124,000 will then choose between the final two candidates.
The winner will be announced by July 22nd at the latest.
A Timeline Of Events & The Candidates
The transition between Theresa May and the next Prime Minister will be just 8 weeks, giving the next Prime Minister 17 weeks before the next Brexit deadline on October 31st.
Leaders have already dropped out of the race, with more expected to drop out or enter before the 13th June.
Below are the current favourites who have all expressed a desire to run for Prime Minister, along with some helpful information about each candidate.
The Bookmakers Favourites
Boris Johnson – Backbencher
Boris is the former Mayor of London and is well known as the face of the Vote Leave campaign. He quit as the foreign secretary last year as a protest against Theresa May’s plans.
He stepped back from a leadership fight back in 2016 after Michael Gove announced he would enter.
Michael Gove – Environment Secretary
Michael has been an MP for Surrey Heath since 2005.
He was part of the Vote Leave campaign, but unlike Boris he stayed part of Theresa May’s cabinet fighting for her EU deal which indicates he may be against a No Deal Brexit.
He has run for leadership before in 2016.
Jeremy Hunt – Foreign Secretary
Jeremy has been an MP since 2005 and served in the department of health for 6 years.
He moved to the foreign office after Boris Johnson’s resignation. He campaigned to remain, but now supports Brexit.
Andrea Leadsom – Backbencher
Andrea quit the cabinet after Theresa May’s final deal was proposed. She quit because she didn’t believe the Government’s approach to Brexit was good enough.
She abandoned her own leadership bid back in 2016.
Dominic Raab – Backbencher
Dominic has called to leave the EU well before the referendum took place.
He was sacked by Theresa May as Justice Minister but appointed as Brexit Secretary in July 2018. However, he resigned shortly after because he felt he couldn’t support Theresa May’s Brexit deal.
Rory Stewart – International Development Secretary
Rory has grown to accept Brexit but wants to reach out to Remain supporters in a bid to bring the country together again.
Businesses Need Backing On July 22nd
As mentioned above, some of these names may drop out before voting begins on June 13th and others may enter.
However, it’s really important for whoever takes the position of Prime Minister to try and support the UK’s struggling small and medium sized businesses.
With Brexit being at a standstill for so long, businesses across the UK have been left with their hands tied behind their backs.
Many owners have complained about the lack of clarity regarding Brexit and that the uncertainty has meant that they haven’t been able to make the investments they would have liked.
Considering that the economy hugely relies on small and medium sized businesses it’s important that the next Prime Minister seeks to back and support them as quickly as possible.
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