Sir Graham Brady has confirmed that Tory party members will have a say in the new Conservative leadership race – if it comes down to two candidates.
If the MPs somehow united around one candidate, that may not happen, he suggested, saying: “If there is only one candidate, then there is only one candidate.”
But this outcome seems unlikely given some of the factions within the party.
If members have a say again this could get complicated. Remember last time Rishi Sunak came top in the initial round of MP votes, but then the membership picked Liz Truss over him. The membership and Tory MPs are not always, to use a very overused phrase from the last few days, “in lockstep”.
The big question on everyone’s minds here is if anyone can win the support of both MPs and members.
Who could be the next PM?
We’re just finding out a bit more about the rules of the leadership contest and we’ll bring you more details shortly.
But from the minute Liz Truss walked away from the lectern, frenzied speculation over who could succeed her as Tory party leader and prime minister began.
Her former leadership rival Rishi Sunak is the bookmakers’ favourite to take over in No 10, followed by Penny Mordaunt and Defence Secretary Ben Wallace.
Chancellor Jeremy Hunt has already ruled himself out of the race, while former PM Boris Johnson is fourth favourite to return to Downing Street.
Sir Graham Brady says he expects a leadership result by Friday next week.
The 1922 Committee chairman says he expects Tory members to be included in the leadership contest.
There had been speculation the rules of the contest could be changed to exclude members.
The chairman of the influential 1922 Committee of backbench Tory MPs Sir Graham Brady is making a statement outside Parliament.
It is anticipated he will set out the rules as to how the Tory Party will choose its next leader.
Truss’s statement in full
Here’s the full statement Liz Truss delivered outside Downing Street confirming her resignation as prime minister.
Quote Message: I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin’s illegal war in Ukraine threatens the security of our whole continent. And our country has been held back for too long by low economic growth.
I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin’s illegal war in Ukraine threatens the security of our whole continent. And our country has been held back for too long by low economic growth.
Quote Message: I was elected by the Conservative party with a mandate to change this. We delivered on energy bills and on cutting national insurance. And we set out a vision for a low tax high growth economy that would take advantage of the freedoms of Brexit.
I was elected by the Conservative party with a mandate to change this. We delivered on energy bills and on cutting national insurance. And we set out a vision for a low tax high growth economy that would take advantage of the freedoms of Brexit.
Quote Message: I recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.
I recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.
Quote Message: This morning I met the chairman of the 1922 Committee, Sir Graham Brady. We’ve agreed that there will be a leadership election to be completed within the next week.
This morning I met the chairman of the 1922 Committee, Sir Graham Brady. We’ve agreed that there will be a leadership election to be completed within the next week.
Quote Message: This will ensure that we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security. I will remain as prime minister until a successor has been chosen. Thank you.”
This will ensure that we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security. I will remain as prime minister until a successor has been chosen. Thank you.”
Massive challenge for Truss successor to unite party
It’s astonishing, just three and a half months ago I was standing in this very spot reporting on the resignation of the previous prime minister from the Conservative leadership.
Here we are just 100-odd days later and his successor, Liz Truss, performs that same walk and utters a very similar set of words.
If you thought yesterday was chaotic, the chaos is going to deepen. In the next few days another prime minister is going to emerge.
Conservative MPs hope they can dredge a name out of their ranks amongst themselves to avoid a contest among Conservative Party members. That would take several months in order to present yet another leader to the country.
That new prime minister – if they can find someone who can unite the party – and that is a massive if – will then face a huge challenge around legitimacy.
But we should remember, constitutionally, we live in a parliamentary democracy and if a new prime minister can command a majority in the House of Commons, they have the constitutional right to serve until the next general election legally has to happen.