READY FOR RISHI? INDIAN ORIGIN MP RISHI SUNAK EMERGING AS TOP CHOICE TO REPLACE LIZ TRUSS AS UK PM

In the last three years, the UK has had two prime ministers, two home secretaries, and two finance ministers. Britain is going through a series of firsts with Liz Truss' resignation as the leader of the Conservative party due to criticism surrounding her mini-budget. She surpassed George Canning, who held the position of prime minister for almost four months in 1827, as the British leader with the shortest tenure (45 days).

If Rishi Sunak-related sources are to be trusted, the Indian-origin MP already has the support of more than 100 MPs, the necessary number to be recognised as a candidate for the position of Tory party leader and, therefore, the PM.

According to Graham Brady, chair of the 1922 committee that creates the rules for the Conservative party, the next leader will be chosen before the financial statement on October 31. This is an important move, especially in light of the market's decreased sensitivity following Liz Truss' significant tax cuts. The pound crashed when she announced her resignation as prime minister, and it has only just seemed to stabilise.

The members of the Tory party, who triumphed easily in the most recent general election under Boris Johnson's leadership, will still choose the nominee for the position of party leader. The Labour Party and a few other local parties are calling for a general election. That cannot be automatically called until the ruling party is unable to form a government, which is not the case at the moment.

Nominations continue to be submitted, and the window for doing so will remain open until Monday, October 24 at 2:00 p.m. A candidate must have the support of at least 100 MPs in order to be considered for the position of prime minister. There are 357 Tory MPs in the Parliament, thus three candidates may submit nominations.

The first round of voting for MPs will be on October 24 between 3:30 and 5:30 pm. The results will be revealed that day at 6:00 pm. If a second indicative vote is required, it will take place at 6:30 pm in order to let party members know which of the remaining two candidates MPs favour. The outcome of this indicative vote shall be announced by 9:00 p.m. on the same day.

There is a potential that the two remaining candidates will agree on who will be the prime minister. If this doesn't happen, Tory party members will cast their votes through a secure online voting system. Voting will finish on October 28 at 11 p.m., and the results will be announced that evening. The UK should have a new prime minister by October 28.

If Rishi Sunak runs as the first candidate, Penny Mordant, who placed third in the previous leadership race, could run as the second. Sunak, 42, was feeling positive about his 'Ready for Rishi' leadership campaign before his first defeat against Liz Truss.

If he receives the support of 100 MPs, Boris Johnson might be the third candidate for the position of prime minister. Even after his abrupt resignation due to controversies, Boris Johnson continues to have the backing of some Tory MPs. The biggest challenge for Rishi Sunak would be convincing the MPs in Johnson's support.

In addition to Rishi Sunak and Boris Johnson, Penny Mordant is a strong candidate who is unburdened by any past issues. She has a new face, a clean slate, and a solid recent record.