Britain to have new PM by 5 September as Tory leadership rules announced

Chair of 1922 Committee says candidates will now need 20 MP backers to enter, in move to speed up process

Britain’s new prime minister will be announced on 5 September, it has been announced, as the starting gun was fired on a Tory leadership race that will see the hopefuls whittled down to two by Thursday.

With just two contenders so far having the support of the 20 Tory MPs needed to get them on to the ballot, the nine remaining hopefuls were scrambling to shore up support by Tuesday night before knockout votes begin on Wednesday afternoon, with the first results announced later that day.

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