Draft:October 2022 Conservative Party leadership formation

The October 2022 Conservative Party leadership election was triggered by Liz Truss's announcement that she would resign as Leader of the Conservative Party and Prime Minister of the United Kingdom, amid an economic and political crisis. In the July-September 2022 Conservative Party leadership election, Truss was elected to succeed Boris Johnson, who had resigned in an earlier government crisis following a string of controversies that characterised Johnson's premiership and severely damaged his personal reputation. Truss was appointed prime minister by Queen Elizabeth II two days before the monarch's death; her government's business was subsequently suspended during a national mourning period of 10 days. To tackle the cost of living and energy supply crises, Truss's government announced the Energy Price Guarantee to limit energy prices for households, businesses and public-sector organisations. Her government then announced large-scale borrowing and tax cuts in a mini-budget, which was widely criticised and largely reversed, having led to financial instability. Facing mounting criticism and loss of confidence in her leadership, Truss announced that she would resign as leader of the Conservative Party, and also announced that she would remain as prime minister until a successor was elected.

Following a change of rules by the 1922 Committee, each potential leader needed the support of at least 100 MPs to be a candidate in the vote, with a deadline of 2 pm on 24 October to secure enough nominations. Two candidates put their names forward: Penny Mordaunt, Leader of the House of Commons and Lord President of the Council, and Rishi Sunak, former Chancellor of the Exchequer. Johnson was expected to enter the contest; it was stated he had exceeded the required number of MP backers but nevertheless decided not to stand. On 24 October, Mordaunt withdrew from the contest less than two minutes before the deadline for nominations, leaving Sunak the only candidate in the contest and enabling him to become party leader without a ballot of MPs or party members. He assumed the premiership on 25 October. In his victory speech, Sunak promised to place economic stability and confidence at the heart of his government's agenda.