The Tory leadership race is in the final stretch with both Rishi Sunak and Liz Truss hoping to fill the coveted role of Prime Minister.

Either the former Chancellor or Foreign Secretary will replace the outgoing Boris Johnson who resigned in July following a wave of mass resignations of his cabinet and party. 

Following the PM's resignation, the chairman of the 1922 committee Sir Graham Brady outlined a schedule for the leadership race from nominations to the final announcement.

Here is the schedule for the Tory leadership race, when a new PM will be appointed and what happens next.

What is the Tory leadership race schedule?

When nominations closed on July 12, eight candidates managed to secure enough votes to remain in the contest.

Over the following weeks, the hopefuls were whittled down over a first and second vote until two remained.

Between July and September, the Conservative party has held 12 hustings across the UK with the final event taking place in London on August 31.

Voting will close at 5 pm on Friday, September 2 with any ballots received after that time not being counted.

When will the new Prime Minister be announced?

Echo: Boris Johnson meeting The Queen. Credit: PABoris Johnson meeting The Queen. Credit: PA

We will know who the next Conservative leader and Prime Minister is on  Monday, September 5.

This is the same date that Westminster returns from recess.

The following day, Boris Johnson is expected to officially leave his office and tender his resignation to the Queen, alongside the new PM.

Buckingham Palace has confirmed that the Queen,94, will receive Mr Johnson on Tuesday, September 6 at her private Highlands home in Balmoral for the first time.

Usually, the formal occasion is held at Buckingham Palace but in a break in tradition, both the incoming and outgoing leaders will take the trip to Her Majesty's summer home.

When meeting the monarch, the new prime minister will be invited to form a government and they will assume their duties shortly afterwards.