Penny Mordaunt and Rishi Sunak are the only candidates who have formally declared, with Boris Johnson pulling out of the race after concluding "this is simply not the right time".

Monday is going to be an important day, and it could play out in various ways. Here are the key timings to look out for.

2pm

We will find out from the 1922 Committee of backbench MPs who has made it onto the ballot.

Hopefuls will need to have secured the backing of more than 100 MPs. The names of each candidate's proposer and seconder will be published, the other 98 names will not.

The latest Sky News tally shows Mr Sunak has 146 backers, while Ms Mordaunt has 25.

If only one of them meets this threshold, they will automatically become prime minister.

2.30pm

If more than one candidate remains in the race, they will take part in a hustings in Parliament.

This will be an opportunity for contenders to make their case to MPs, who will then vote in a secret ballot for the next prime minister.

6pm

If it is required, we will get the result of the first MPs' ballot at 6pm.

Should two candidates still be in the race, this vote won't mean that anyone leaves the contest - but it will show the level of support for each candidate in the parliamentary party.

We will know the number, but not the names, of MPs backing each contender. Parliamentary party unity was a major problem under Liz Truss and Boris Johnson, and the numbers could end up swaying the way some members vote.

Beyond tomorrow

If there are still two candidates in the race after tomorrow, the membership will vote for the next party leader online.

The result will be announced on Friday.

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Conservative Party Chairman Jake Berry suggested on Thursday that there will be one broadcast event so members can hear from the two candidates.