Conservative Party to announce new leader on November 2

THE CONSERVATIVE Party said on Monday it will name its new leader on November 2, following the party's worst-ever election performance this month that prompted former Prime Minister Rishi Sunak to say he would stand down.

After 14 years in power, the Conservative party was reduced to a rump of 121 MPs - its worst ever result - while the centre-left Labour opposition swept to a 174-seat majority in the July 4 general elections.

Sunak will remain acting leader until the appointment of a successor, the Conservative Party said in a statement.

After the election loss, Sunak said in his final speech outside the prime minister's Downing Street office that he would quit as leader of the party once formal arrangements for his successor were in place.

The Times, which was first to report the contest, said up to eight candidates were expected to put their names forward.

Several figures have been tipped for months as potential successors to Sunak. Among them are former trade minister Kemi Badenoch, hardline ex-interior minister Suella Braverman, former top diplomat James Cleverly and ex-immigration minister Robert Jenrick.

The party's 1922 Committee, which is in charge of its internal organisation, set the rules of the race, with candidates able to declare their bids until July 29.

The 121 Conservative MPs will then vote twice to whittle down the contenders to two finalists, with party members deciding the winner during an online vote in October. The final result will be announced on November 2. (Agencies)