The process to select a new Prime Minister has just been accelerated by the Conservative Party

Mark Sands
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David Cameron Resigns After EU Referendum Result
David Cameron resigned after losing in last week's European referendum (Source: Getty)

The Conservative Party has reportedly agreed the timetable for its hunt for a new leader, and the UK's new Prime Minister.

David Cameron resigned on Friday, and said that he wanted a successor in place for the party conference in October.

However, according to reports the Conservatives have now accelerated the process, pledging to find a new leader by September 2.

The 1922 Committee, which sets out the rules for a leadership election, confirmed the timetable this afternoon.

Although Boris Johnson is widely considered the favourite, nominations will only formally open on Wednesday evening and will close at midday on Thursday.

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The process varies for selection depending on how many MPs are nominated.

If all nominations are for a single candidate, then they will automatically be elected party leader.

However, if more than one candidate puts their name forward, as is widely expected, then Tory MPs will vote to cut the list down to just two candidates.

At that point, there will be a poll of the party's membership to select the UK's new Prime Minister.

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