The first round of voting has taken place and Priti Patel is out of the contest.
There are five remaining candidates in the running to the next leader of the Conservative Party.
The remaining steps of the contest are planned to be:
MPs will vote in multiple rounds. In each round, the candidate with the least votes is eliminated (candidates who were close to losing quite often drop out at this point as well) and the others go through to the next round of voting
If there are more than four nominees, MPs will vote on candidates to whittle them down to the final four in time for Conservative Party conference
The final four candidates will give their pitch at the conference (29th Sep to 2nd Oct)
MPs will continue voting to get down to the final two candidates
The Conservative Party membership will vote on the final two candidates
The new leader will be announced on 2nd November
The next vote among MPs is expected next week. Who will get the most votes in the second round?
(If two candidates are tied, the market will resolve 50/50)
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Jenrick gets five more votes than in the first round even as Badenoch slightly closes the gap.
Trades on this market were right to have him as firm favourite!