Mint explainer: how the top contenders stand out in the race for UK PM

How did they get there

Just weeks after the markets rejected his mini-budget, Truss fired close political ally and Chancellor of the Exchequer Quasi Quarteng. He was replaced by Jeremy Hunt, a moderate former cabinet minister who overturned almost every important economic promise of the truce he made while running for prime minister. With its signature economic agenda scrapped and an ideological rival in charge of the country’s finances, the truce seemed increasingly embroiled. Matters got worse after Home Secretary Suella Braverman resigned. While Braverman claimed to have resigned because he violated the rules by using a personal email for work purposes, his resignation letter has prompted analysts to speculate otherwise. Braverman pointed to the many failures of the Truss government and indicated that Truss should resign and take responsibility for them.

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With his popularity among MPs, Conservative Party members and the general public, Truss accepted the inevitable and resigned.

How is the leadership election going to be held?

It seems clear that the ruling Conservative Party does not want a protracted battle for leadership. The fighting between Truss and Sunak lasted for weeks and left the party divided.

Graham Brady, a top party official, outlined the rules for the election. Only leaders with the support of 100 MPs would be eligible to claim the top post. If only one leader makes up that number, the leader will be elected prime minister the following Monday. If two or more candidates each receive the support of more than 100 MPs, there will be an instant vote among MPs on Monday. The final election by members of the Conservative Party will be held via an online vote on October 28.

What are the chances of Rishi Sunak?

Sunak is currently in the lead. He finished second behind Truss in the leadership competition that was held about two months ago. 33 MPs have already declared their support. His record as a competent economic manager during the COVID-19 pandemic will be seen as useful in times of severe economic crisis. Polling also indicates that Sunak is best placed to take on the opposition Labor Party in the election. However, it will not be smooth sailing. The fad is widely disliked among some classes. Rank and file members of the Conservative Party held him responsible for the collapse of Boris Johnson’s government. Many Conservative MPs are also suspecting Sunak. In any case, Sunak is almost certain to be one of the top two leaders in the race to become Britain’s next prime minister.

Who are the other candidates?

Two candidates are standing. The first is former PM Boris Johnson. Just a few months after leaving 10 Downing Street, he is struggling to return to office. Johnson is second only to Sunak in support with 27 lawmakers announcing his support. Johnson’s electoral track record is going for him as he led the Conservative Party to a decisive electoral victory in 2019. With the party losing the election, it has become an important consideration. Former Defense Minister Penny Mordaunt is also in the running. She was third in the race for PM after Truss and Sunak. He is seen as a strong performer in debate and may be acceptable to more conservative lawmakers who dislike Sunak. However, she has not served as a crisis leader and has no serious economic management experience.

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