Who's going to be Britain's next Prime Minister and how will he/she be chosen?

 
Shruti Tripathi Chopra
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David Cameron resigned yesterday after Britain voted to leave the EU (Source: Getty)

David Cameron's resignation after Britain voted to leave the EU has sparked speculation about the country's next Prime Minister.

Former London mayor Boris Johnson is the bookies' favourite for being Cameron's successor. In the past the Leave champion has vehemently denied ambitions to become Prime Minister saying the likelihood of him leading the country is “about as good as the chances of finding Elvis [Presley] on Mars or my being reincarnated as an olive”.

Here's who could be Britain's next Prime Minister, according to Paddy Power:

Boris Johnson 4/6

George Osborne 25/1

Theresa May 9/4

Michael Gove 11/2

Stephen Crabb 20/1

Read more: Cameron's resignation: Politicos, analysts and business lobby react

Here's how Britain's next Prime Minister will be chosen:

Britain will get a new Prime Minister in October when Cameron steps down from his role.

To choose the next leader, two sitting Tory MPs will need to nominate candidates in a submission to Graham Brady, the chair of the 1922 committee which oversees any election of a new party leader or any Conservative party-led vote of confidence.

Should members choose one person, he/she wins and becomes Prime Minister. If three to four members are selected then MPs are required to narrow the choices down to two candidates.

After two people are chosen, another ballot of Tory members will be conducted by post.

The winner will be announced after the deadline to cast votes is decided and votes are counted.

Brexit Britain: What you need to know

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