But who is the current odds on the favorite to become the next PM?
Here’s everything you need to know about it.
Who took part in the race?
The former soldier wrote in The Daily Telegraph: “I have served before – in the military and now in Parliament. Now I hope to follow the call as prime minister again.”
Although Tugendhat is currently the only name officially in the running, there are still many personalities who could potentially become the next prime minister if they too entered the leadership contest.
Elsewhere, Defense Secretary Ben Wallace and Secretary of State Liz Truss, who returned early from an international conference in Indonesia after Johnson’s resignation, are said to both have sizeable Conservative Party followings.
Other ministers considering a run include Transport Secretary Grant Shapps, Attorney General Suella Braverman and Cabinet Secretary Penny Mordaunt.
The latest odds
Here are the best odds for each potential candidate, aloud at the time of writingOddschecker:
- Ben Wallace-7/2
- Rishi Sunak – 27/5
- Penny Mordaunt – 33/5
- Tom Tugendhat – 44/5
- Andrea Jenkins- 44/5
- Sajid Javid – 23/2
- Liz Fachwerk – 25/2
- Jeremy Hunt – 25/2
- Nadhim Zahawi – 15/1
- Steve Baker – 29/1
- Dominik Raab – 33/1
How is the next prime minister determined?
James Cleverly, the recently appointed Education Secretary, promised on Friday (8 July) that a new Conservative party leader would be elected “professionally but in a timely manner”.
Both Conservative Party members and Conservative MPs have significant influence over the election of the new leader.
Through a voting process, Tory MPs will narrow the field of candidates to just two, after which party members decide which of the two they prefer.
A leader who resigns is typically unqualified under the regulations to run in upcoming leadership elections, making Johnson unlikely to run for leadership again.
After the turbulent events in Westminster, some MPs fear there will be “chaos” this summer if Johnson remains in 10th place amid the race for leadership, which could last for weeks or perhaps months.
Demands for Deputy Prime Minister Dominic Raab to be appointed interim PM pending a permanent replacement were backed by former Prime Minister Sir John Major.
As an alternative, he suggested shortening the election process for leadership and letting Tory MPs elect a new interim leader to take office, while party members across the country are urged to support their election.
At a cabinet meeting on Thursday (July 7), Johnson sought to reassure ministers that he would not take any new policy action for the remainder of his term in office, leaving all key tax and spending decisions to the incoming prime minister.
However, many in the party remain suspicious of his motives after he expressed anger at how he had been driven out by an unprecedented number of ministerial resignations.