Britain's Conservative party on Monday said it would announce its next leader on November 2, after this month's historic election drubbing forced ex-prime minister Rishi Sunak to announce his resignation.
The British electorate brutally ended 14 years of Conservative rule by reducing the party to a rump of 121 MPs -- its worst ever result -- as the centre-left Labour opposition swept to a 174-seat majority.
The leadership contest is seen as crucial as questions swirl over the Tories' future direction.
Sunak's replacement will become the official leader of the opposition in parliament and spar with new Prime Minister Keir Starmer during the weekly "Prime Minister's Questions", viewed as a test of a parliamentarian's oratorical skills.
No candidate has officially put their name forward but several figures have been tipped for months as potential successors to Sunak.
Among them are former trade minister Kemi Badenoch, hardline ex-interior minister Suella Braverman, Britain's former top diplomat James Cleverly and ex-immigration minister Robert Jenrick.
The party's 1922 Committee, which is in charge of its internal organisation, set the rules of the race, with candidates able to declare their bids until July 29.
The 121 Conservative MPs will then vote twice to whittle down the contenders to two finalists, with party members deciding the winner during an online vote in October. The final result will be announced on November 2.
Sunak will stay on as Tory leader until his successor is designated.
Internal disunity contributed to the Tories' demise and sharp divisions are likely to be exposed after the insurgent far-right, anti-immigration Reform UK party successfully wooed many of its traditional voters at the July 4 election.
The 1922 Committee chairman Bob Blackman said he was "determined" that the Conservatives would hold "a respectful and thorough leadership debate".
"We must remember that the country -- and our members -- want to see us engaged in proper debate not personal attacks," he added.