Eight candidates remained in the race on Tuesday night after each of them received the support of at least 20 MPs.
They are Rishi Sunak, Liz Truss, Tom Tugendhat, Penny Mordaunt, Kemi Badenoch, Nadhim Zahawi, Jeremy Hunt and Suella Braverman.
Sajid Javid, the former health secretary, dropped out of the leadership race just moments before nominations closed.
A second vote will be held on Wednesday, when the surviving candidates will need to have increased their support to 30 MPs.
From Thursday, the deputies will go to the runoff. The candidate with the least support will be eliminated after each round until only two candidates remain.
Rishi Sunak has the support of more than 40 MPs, ensuring his survival at least till Thursday.
But ultimately the bookies will be looking beyond the run-off, when 200,000 Conservative Party members across the country will choose between the bottom two.
This is where Penny Mordaunt currently has the most support. If she were to make it to the final two against Rishi Sunak, the majority would vote for her, according to a survey by ConservativeHome.
But that final vote is some way off.
Expect the bookmakers’ odds and polls to change over the next few months as the finalists see their platforms scrutinized before the final result is announced on September 5.
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