Good afternoon and welcome to our liveblog. We’re just over an hour away from the nominations closing in the latest Tory leadership contest.

It’s Tadgh McNally here and I’ll be taking you through all the developments this afternoon.

So, what are the main developments so far today?

Currently, Rishi Sunak has over 190 Tory MPs publicly backing him to be the new leader of the party, while Penny Mordaunt is much lower with 26 public backers.

This gives Sunak the support of over half of the Tory MPs, leaving Mordaunt far behind.

However, Mordaunt’s campaign has insisted that they were “confident” that they would reach the 100 nomination threshold to be on the members ballot.

“We have now passed 90. For the sake of the party, it’s important our members have their say,” a campaign source told the PA news agency.

If Mordaunt fails to get the 100 nominations, Sunak would be coronated as the new Tory leader and UK Prime Minister.

There were some unexpected scenes last night, after former Prime Minister Boris Johnson announced he would not be throwing his hat in the ring to return to the top job.

Johnson flew back from his holiday in the Caribbean on Saturday and spent the weekend trying to build support for an extraordinary political comeback.

Boris Johnson outside Gatwick Airport on Saturday PA PA

However, he opted to drop out of the race despite saying he had 102 backers, saying it “would simply not be the right thing to do”.

“You can’t govern effectively unless you have a united party in Parliament,” he said.

“And though I have reached out to both Rishi and Penny – because I hoped that we could come together in the national interest – we have sadly not been able to work out a way of doing this.

“I believe I have much to offer but I am afraid that this is simply not the right time.”

How will the leadership contest work?

Unlike the last Tory leadership, the latest race is much more streamlined and will not last for months.

The entire process could be wrapped up today in fact.

So, to get on the ballot, a candidate needs a minimum of 100 backers nominating them.

Currently, only Rishi Sunak has hit this target publicly while Penny Mordaunt’s campaign has said it has hit 90 backers.

Nominations will close at 2pm this afternoon. 

What happens after this depends on whether or not there are two candidates.

If not, the candidate who ended up on the ballot will be elected as Tory leader and as Prime Minister.

If both Sunak and Mordaunt are on the ballot, an “indicative” vote will be held by Tory MPs between 6.30pm and 8.30pm, with a result to be announced at 9pm.

There is currently a hope that the loser of this “indicative” vote will drop out and allow the new leader to take charge without heading to the party members.

If not, the party members will be given a vote and the new leader will be unveiled on Friday.

There has been some significant movements in the last hour as well, with a senior Penny Mordaunt supporter calling for her to drop out of the leadership contest and back Rishi Sunak.

“Penny Mordaunt is a huge force for Conservatism; with the life-story, vision and courage to help lead a Conservative revival. I’m proud to support her,” said George Freeman in a tweet.

But given the urgent need for Conservative stability and unity this week, I’m urging her to join and back Rishi Sunak today.

Penny Mordaunt is a huge force for Conservatism; with the life-story, vision & courage to help lead a Conservative revival. I’m proud to support her.

But given the urgent need for Conservative Stability + Unity this week, I’m urging her to join & back @RishiSunak today. https://t.co/9mnn4XYB7D

— George Freeman MP (@GeorgeFreemanMP) October 24, 2022

Two very prominent groups of Tory MPs, One Nation Conservatives and the European Research Group (ERG), have confirmed that they will be supporting whoever is elected as the party leader.

In a statement, MP Damian Green, who chairs the One Nation grouping, said:

Following a meeting of the One Nation Caucus this morning, members agreed that they would wholeheartedly support whoever emerges as Prime Minister and that they welcomed the prospect of a moderate, pragmatic Conservative Government.

This will provide the stability the country needs.

The ERG announced earlier today that they were unable to agree on a candidate to back, so would not be voting as a single bloc.

We’re just a few minutes away from the nominations closing.

We are just waiting to see the Chair of the 1922 Committee, Graham Brady to appear.

NEW: Penny Mordaunt drops out of leadership race

In a statement on Twitter, Mordaunt confirmed that she would be pulling out of the leadership race and said she would be backing Rishi Sunak.

pic.twitter.com/w76rEvJdyQ

— Penny Mordaunt (@PennyMordaunt) October 24, 2022

Sunak elected

1922 Committee Chairman, Graham Brady, confirms that there was just one nomination received in the leadership race.

Rishi Sunak is the new leader of the Conservative Party and will address the party at 2.30pm.

Here is Penny Mordaunt’s statement in full.

Our Party is our membership. Whether we are elected representatives, activists, fundraisers or supporters. We all have a stake in who our leader is.

“These are unprecedented times. Despite the compressed timetable for the leadership contest it is clear that colleagues feel we need certainty today. They have taken this decision in good faith for the good of the country.

“Members should know that this proposition has been fairly and thoroughly tested by the agreed 1922 process.

“As a result, we have now chosen our next Prime Minister. This decision is an historic one and shows, once again, the diversity and talent of our party. Rishi has my full support.

“I am proud of the campaign we ran and grateful to all those, across all sides of our party, who gave me their backing.

“We all owe it to the country, to each other and to Rishi to unite and work together for the good of the nation. There is much work to be done.”

The Guardian has reported that Rishi Sunak’s address to Tory MPs at 2.30pm will be behind closed doors rather than a public address.

This will not be public, we’re told, it’s a behind closed doors address

— Jessica Elgot (@jessicaelgot) October 24, 2022

Former Conservative Prime Minister David Cameron has congratulated Rishi Sunak on his election as party leader.

Huge congratulations @RishiSunak on becoming PM to lead us through challenging times. I predicted a decade ago that @Conservatives would select our first Brit Indian PM & proud today that comes to be. I wish Rishi the v best, he has my wholehearted support https://t.co/yXLyo0hWTq

— David Cameron (@David_Cameron) October 24, 2022

Paul Brand from ITV News has said that Penny Mordaunt received 90 nominations for the Tory leadership, leaving her ten short of the 100 nominations required.

Penny Mordaunt’s team says she ended on 90 nominations, which will be verified later by 1922.

— Paul Brand (@PaulBrandITV) October 24, 2022

Labour have reiterated their calls for a general election following Rishi Sunak’s election as Tory party leader.

In a tweet, Deputy Labour leader Angela Rayner, said that Sunak had been “crowned without him saying a word about what he would do as PM”.

“He has no mandate, no answers and no ideas. Nobody voted for this,” said Rayner.

The public deserve their say on Britain’s future through a General Election. It’s time for a fresh start with Labour.

The Tories have crowned Rishi Sunak without him saying a word about what he would do as PM. He has no mandate, no answers and no ideas. Nobody voted for this.

The public deserve their say on Britain’s future through a General Election. It’s time for a fresh start with Labour.

— Angela Rayner 🌹 (@AngelaRayner) October 24, 2022

Nicola Sturgeon has also reacted to the news that Rishi Sunak will be the next UK Prime Minister.

In a tweet, Sturgeon congratulated Sunak on his elevation to the top job, saying that she will “do my best to build a constructive working relationship with him in the interests of those we serve”.

That he becomes the first British Asian to become PM is a genuinely significant moment. It certainly makes this a special #Diwali.

As for the politics, I’d suggest one immediate decision he should take and one he certainly should not. He should call an early General Election. And he should not – must not – unleash another round of austerity. Our public services will not withstand that.

For Scotland, of course, he becomes another PM we did not and, without doubt would not vote for even if given the chance. To escape the damage of Westminster governments with no mandate here, and take our future into our own hands, Scotland needs independence.

2/ That he becomes the first British Asian to become PM is a genuinely significant moment. It certainly makes this a special #Diwali

— Nicola Sturgeon (@NicolaSturgeon) October 24, 2022

Here is the moment that Rishi Sunak was announced as leader of the Conservative Party by Chairman of the 1922 Committee, Graham Brady.

There are reports coming out that Rishi Sunak called for Tory MPs to unite together after a fractious couple of weeks in the UK.

He’s also said to have promised a “government of all the talents”.

MP leaving ‘22 tells me Rishi Sunak has told Tory MPs: “We’ve got to unite & come together.” Promises “a government of all the talents”.

— Jon Craig (@joncraig) October 24, 2022

He is also said to have ruled out an early general election, despite calls from both Labour and the SNP.

Rishi Sunak said there will be no early election

— Kate Ferguson (@kateferguson4) October 24, 2022

Sunak’s predecessor and former Tory leadership rival, Liz Truss tweeted: “Congratulations @RishiSunak on being appointed as Leader of the Conservative Party and our next Prime Minister.

“You have my full support.”

Congratulations @RishiSunak on being appointed as Leader of the Conservative Party and our next Prime Minister.

You have my full support.

— Liz Truss (@trussliz) October 24, 2022

The Taoiseach has congratulated Sunak’s new position, saying:

“I look forward to working with you, as British PM, on the important issues we face on these islands, and globally.”

Congratulations @RishiSunak on becoming leader of the Conservative Party.

I look forward to working with you, as British PM, on the important issues we face on these islands, and globally.

— Micheál Martin (@MichealMartinTD) October 24, 2022

A protest by Greenpeace has been dispersed from the Central Lobby of the Houses of Parliament.

Approximately 20 protestors entered the lobby and staged a sit-in, as well as unfurling banners, before being removed by police.

The location was in view of Sky News cameras interviewing MPs.

Sunak has arrived at Conservative Campaign Headquarters in Westminster to cheers from Tory MPs gathered on the steps of the building, waiting to greet him.

He shook hands with and embraced MPs and waved at onlookers.

Sunak has taken the stage at Conservative Party HQ, saying that becoming Prime Minister is the “greatest privilege of his life.”

He delivered a short statement, paying tribute to his predecessor Liz Truss and continued:

“We face a profound economic challenge and we now need stability and unity.”

“I pledge I will serve you with integrity and humility and I will work day in and day out to deliver for the British people.”

Sunak has been told by DUP leader Jeffrey Donaldson that he must deal with the Northern Ireland Protocol if he wants to see Stormont restored, according to PA.

Donaldson  said: “There may be a focus on the unity of the Conservative Party, but the unity of our United Kingdom must be protected.

“The protocol is incompatible with the restoration of devolved government in Northern Ireland.

“If the prime minister wants to see a fully functioning Stormont, then he must deal with it once and for all.

“Delivering that solution would be a very powerful signal that he is focused on building a better future for everyone.”

Northern Ireland’s political leaders have been reacting to the news that the former chancellor will be the next prime minister, with the leader of the cross-community Alliance Party, Naomi Long, urging him to reform the devolved powersharing institutions.

Indian Prime Minister Narendra Modi said on Twitter: “Warmest congratulations @RishiSunak!

“As you become UK PM, I look forward to working closely together on global issues, and implementing Roadmap 2030.

“Special Diwali wishes to the ‘living bridge’ of UK Indians, as we transform our historic ties into a modern partnership.”

The BBC reports that Sunak should officially be appointed prime minister before midday tomorrow.

The broadcaster says Liz Truss will make a final statement outside Downing Street shortly after 10am tomorrow, before formally resigning at Buckingham Palace.

Sunak will then travel to the palace for an audience with the king, before making his own statement outside Downing Street at around 11.30am.

And that’s all from us today. Follow us tomorrow for more.