GBP traders - The new UK Prime Minister will be announced Tuesday morning London time
Boris Johnson will be announced as new PM at 11.45am London time, which is 1045GMT.
- US east coast time, that's 6.45am.
Jeremy Hunt and Boris Johnson are the final two contenders, but Johnson is way ahead in the betting. To the point its a lay down misere (not sure BoJo will like that analogy).
This has been a long time coming. it was May 24 when Theresa May announced she planned to resign. During the process, where 160,000 members of the Conservative Party were lobbied by the contenders, 9 of the 11 candidates for the top job have been knocked out, leaving BJ and Hunt surviving.
What comes immediately after Tuesday's official confirmation of the winner?
- The first action by the new leader will be to make a speech
- The following day, Wednesday July 24, Theresa May will front for her final session as Prime Minister at PM's question time.
- May will then speak with media, head off to see the Queen at Buckingham Palace, offering her formal resignation
- Johnson will then meet with the Queen and get his orders to form a new government
- Johnson is then off to his new home, Number 10 Downing Street
- On Thursday Johnson will appoint his Cabinet and ministerial team, this may continue the following day.
Parliament will head off on its summer holiday and will resume on September 3.