The Conservative Party has announced the process by which it will select its next leader.

The party was badly beaten by Labour in the general election in July, but leader Rishi Sunak did not immediately step down.

The former Prime Minister will stay in place while the party engages in a leadership contest to replace him, and the Tories have now announced how that contest will work.

Here's what you need to know.

Why is Rishi Sunak staying?

The former Prime Minister will be the leader of the opposition until a new leader can be found.

He has formally stepped down, triggering a leadership contest, but will stay as acting leader until a new one is found.

How will the contest work?

Candidates will need a proposer, a seconder and 8 nominations to proceed to the ballot.

Nominations open tomorrow at 7pm and will close at 2.30pm on Monday.

Once that deadline has passed, the parliamentary party will narrow down the candidates to four.

What happens then?

The four candidates will have the chance to make their case to the wider party at the Conservative conference in September.

At that point the parliamentary party will reduce the field to two, who members will then vote on.

The returning officer will be Bob Blackman MP, the chairman of the 1922 Committee.

What is the 1922 Committee?

It's a group made up of all backbench Tory MPs, i.e those who are not part of the government - which is all of them at the moment - and are not frontbench members of the opposition.

The committee oversees the election of party leaders, or any Conservative party-led vote of confidence in a current leader.

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Who is likely to win?

Kemi Badenoch is the current favourite, followed by Robert Jenrick, Tom Tugenhadt, James Cleverly and Priti Patel.

However, we won't know who is likely to be in with a shot at the leadership until nominations are in.

Liz Truss was a surprise winner in 2022, so these things don't always go as people expect.

When will the new leader be appointed?

November 2.

What have the key people involved in the process said?

Mr Sunak said: “It’s in the national interest for us to have a smooth and orderly transition to a new Leader of the Opposition so I will stay in post until November 2nd, and the result of our leadership election.

“This will allow our party to fulfil its role as the official opposition professionally and effectively. I believe this is what is best for the Conservative Party and, most importantly, our country.

“It would be inappropriate for me to make any comment about the leadership campaign or candidates. I am confident that this timetable decided by the Party Board and the 1922 Committee will allow for a thoughtful, professional and respectful contest.”

Mr Blackman said: “Following discussions between the Party Board and the 1922 executive, the timetable for the election of a new leader of the Conservative Party has been agreed.

“Over August, candidates will be able to engage with the voluntary party before in September, the parliamentary party selects 4 candidates to go to conference.   The parliamentary party will then pick the 2 candidates who go forward to the members ballot with the new leader elected on the 2nd of November.

“I am determined that our party will have a respectful and thorough leadership debate. I believe that this timetable will allow for this.

“While there are significant debates to be had about our party’s future, we must remember that the country—and our members—want to see us engaged in proper debate not personal attacks.   

“I am confident that this process will allow for this. I am delighted that Rishi Sunak will remain in post until the 2nd of November and the election of a new leader. This will allow for a smooth and orderly process.”

Richard Fuller MP, chair of the Conservative Party said:  “This process has party members at its heart.  

“I very much welcome Rishi Sunak’s decision to remain as leader until the election of a new leader thereby enabling this full engagement of candidates with members.   

“Party conference will be a great opportunity for our hard working volunteers to meet the leading candidates and make their views known to MPs before the final two candidates are put to a final vote by Party members.  

“Party members will be the voice of this leadership campaign.”