New Prime Minister: When is the new Prime Minister announced? Liz Truss or Rishi Sunak to become Tory leader after ballot

The Conservative Party’s leadership race is entering the final stages, with less than one week to go until the nation learns its new Prime Minister.

It’s been a summer of campaigning for Liz Truss and Rishi Sunak; the party’s final two candidates in contention to become Prime Minister when Boris Johnson leaves No. 10 Downing Street.

Mr Johnson announced his intention to step down from the top job in July, adding that he would remain in post until a new leader was confirmed.

When his successor is chosen, he will officially tender his resignation to Her Majesty the Queen.

Liz Truss or Rishi Sunak will be announced as the new Conservative Party leader on September 5. Pictures: Anthony Devlin/Getty Images.

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Ms Truss is currently Foreign Secretary, while Mr Sunak was previously Chancellor of the Exchequer in Mr Johnson’s cabinet.

Let’s take a look at when the announcement will be made, and what to expect in the new PM’s first few weeks.

When will the UK’s new Prime Minister be announced?

There have been a series of ballots throughout the Tory leadership race, carried out to determine the final two candidates in the running.

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Now there will be a final vote of Conservative Party members – which will close at 5pm on Friday, September 2 – to select the leader.

Sir Graham Brady, chairman of the 1922 Committee, will then reveal the winner publicly on Monday, September 5.

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Mr Johnson will have to officially resign, before Ms Truss or Mr Sunak can meet with the Queen.

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In this meeting, she will then ask the new Prime Minister to form a Government in her name.

What will the new Prime Minister’s first priorities be?

Calls have been growing over the summer holidays for the new Prime Minister to announce further action in response to the ongoing cost-of-living crisis.

These calls intensified in the wake of the new energy price cap announcement last week; a rise of more than 80%, as confirmed by Ofgem.

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The average household’s yearly bill will rise from £1,971 to £3,549 from October 1, before the price cap is adjusted again on New Year’s Eve.

Chancellor Nadhim Zahawi confirmed that work is ongoing on proposals to offer more support to families, regardless of who becomes Prime Minister on September 5.