Tory leadership result: Liz Truss or Rishi Sunak to be named next UK prime minister today

The winner of the Conservative Party leadership contest will be announced at 12.30pm UK time

The race between Liz Truss and Rishi Sunak was triggered when Prime Minister Boris Johnson resigned in early July after support from his ministers and MPs collapsed. AFP

The British public will learn who the country’s new prime minister will be on Monday afternoon when the outcome of the Conservative Party leadership race is revealed.

The winner of the contest, widely expected to be Foreign Secretary Liz Truss, will be announced at 12.30pm UK time (3.30pm UAE time).

She has been competing against former chancellor of the exchequer Rishi Sunak.

UK Prime Minister Boris Johnson, who is expected to give his farewell speech on the steps of Downing Street tomorrow, will travel to Balmoral to tender his resignation to Queen Elizabeth II.

The new prime minister will travel to Scotland tomorrow to meet the queen and be formally asked to form a government.

The race between Ms Truss and Mr Sunak began when Mr Johnson announced his resignation in early July after support from his ministers and MPs collapsed.

A field of 11 candidates was whittled down to the final pair in a series of Tory MP ballots.

Mr Sunak initially had the most support from his fellow MPs, but Ms Truss proved to be more popular among the party's grassroots.

If she wins, Ms Truss, 47, will become the UK's third female prime minister, following Theresa May and Margaret Thatcher.

Ms Truss has been ahead of Mr Sunak, 42, in polling among the estimated 200,000 Tory members eligible to vote.

Postal and online voting closed on Friday after eight weeks of campaigning that Ms Truss described as "the longest job interview in history".

The new prime minister will take over amid a cost of living crisis, with soaring inflation, which is being driven mainly by rising energy prices.

Energy bills are set to rise to about £3,500 ($4,015) this winter for the average household, pushing many people into fuel poverty.

Ms Truss is said to be considering a freeze on energy bills for millions of households if she wins the contest.

Scottish Power has already put forward a £100 billion plan for a two-year energy bill freeze that will be financed by loans underwritten by the Treasury.

Candidates Rishi Sunak and Liz Truss at the Conservative Party leadership election hustings at Wembley Arena, London. This was the final hustings attended by Tory Party members who will vote for the new leader and next prime minister. EPA

Liz Truss addresses Conservative Party members at Wembley Arena. AP

Mr Sunak puts forward his case to be leader while speaking at Wembley Arena. Bloomberg

Mr Sunak visits his family's old business, Bassett Pharmacy in Southampton, while on the campaign trail. Reuters

Ms Truss speaks to staff at Condimentum Ltd at the Food Enterprise Park in Norwich. Getty Images

A Rishi Sunak supporter at a hustings event in Norfolk. PA

Mr Sunak greets people at a leadership hustings in Manchester. Bloomberg

Ms Truss poses for a selfie with a supporter as she arrives for the event in Manchester. Getty

Rishi Sunak looks through the sights of an anti-tank missile launcher, supplied to Ukraine, during a visit to the Thales Defence System plant in Belfast, Northern Ireland. AP

Liz Truss at a Conservative Party leadership campaign event in Belfast. Getty

Liz Truss meets supporters before a hustings in Perth, Scotland. Getty

Rishi Sunak speaks during a campaign visit to Cluny Castle in Inverurie, Scotland. Getty

Police hold back protesters outside Perth Concert Hall, Scotland, where Conservative leadership candidates Liz Truss and Rishi Sunak were speaking. PA

A mural showing the two leadership contestants appears on a wall in Belfast, Northern Ireland. AP

Rishi Sunak during a visit to St John's Wood Synagogue, north London. PA

Liz Truss at the Conservative Party leadership election hustings in Cheltenham. EPA

Rishi Sunak during a hustings event in Cheltenham. Reuters

Liz Truss speaks to scientists during a campaign visit to a life sciences laboratory at Alderley Park in Manchester. PA

Rishi Sunak during a campaign hustings in Darlington, England. Bloomberg

Liz Truss meets party members before she speaks at the Darlington campaign hustings. Getty

Rishi Sunak arrives for the Darlington hustings. Getty

Liz Truss plays pool during a visit to the Onside Future Youth Zone in London. Reuters

Rishi Sunak looks at a book with Teddy Openshaw, 4, as his father, Henry, looks on after a Conservative leadership campaign event in Ribble Valley, Lancashire, England. Getty

Liz Truss plays table tennis with former Conservative party leader Iain Duncan Smith during a visit to the Onside Future Youth Zone in London. Reuters

Liz Truss with supporters at a campaign event in Solihull, England. Reuters

Rishi Sunak attends a campaign event held by his party in Bexhill, England. Reuters

A protester is removed as Ms Truss speaks during the Conservative Party leadership hustings in Eastbourne. Bloomberg

Mr Sunak speaks at an event in Edinburgh. PA

Ms Truss leaves the hall in Exeter, south-west England, after her speech to a Conservative Party membership hustings. Getty

Mr Sunak speaks at the University of Exeter in south-west England. AP

A supporter of Ms Truss at a Conservative Party hustings in Exeter, south-west England. Getty

Ms Truss at a hustings event at the Pavilion conference centre at Elland Road in Leeds. PA

Mr Sunak in Salisbury watching a screening of the Uefa Women's Euro 2022 final between England and Germany at Wembley stadium. England won 2-1 in extra time. PA

Ms Truss before the Uefa Women's Euro 2022 final at Wembley stadium in London. AFP

Mr Sunak meets Tory members at Fontwell Park Racecourse. Reuters

Ms Truss at an event in Dereham, Norfolk. AFP

Mr Sunak in Ropley, near Winchester, Hampshire. PA

Ms Truss speaks as Conservative Member of Parliament Tom Tugendhat looks on at a Conservative Party leadership campaign event at Biggin Hill Airport. Getty

Ms Truss on the campaign trail in Woodford Green, on the outskirts of London. Reuters

Mr Sunak at a Conservative Party hustings event in Leeds. AFP

Ms Truss speaks at the hustings event in Leeds. AFP

Sunak and Truss-themed souvenirs at a stand during the Leeds hustings event. Reuters

Ms Truss, and her mother, Patricia, arrive for the hustings event. Getty

Ms Truss poses with supporters in Morley, England. Getty

Mr Sunak delivers a speech during a campaign event in Newmarket. AFP

Ms Truss and Jake Berry, MP for Rossendale and Darwen, during a visit to a broadband interchange company in Leeds. PA

Mr Sunak answers questions as he takes part in the hustings in Leeds. AFP

Ms Truss speaks at an event at a private house with members of the Conservative Party in Woodford Green. PA

Ms Truss and Mr Sunak pose for a picture before a BBC leadership debate at Victoria Hall in Hanley. Getty

Ms Truss addresses Mr Sunak during the televised debate. Getty

Mr Sunak, with daughters Krishna and Anushka, and wife Akshata Murthy, during a visit to Vaculug tyre specialists at Gonerby Hill Foot, Grantham. PA

Ms Truss speaks to people while campaigning in Marden. Getty

Ms Truss celebrates after being named, along with Mr Sunak, one of the final two candidates in the race to become the UK's next prime minister. PA

Mr Sunak outside his campaign office in central London. EPA

Ms Truss outside Downing Street in London. Reuters

Rishi Sunak meets Conservative Party members and activists, in Teesport, Redcar. Reuters

Conservative leadership candidates Mr Sunak, Ms Truss, Kemi Badenoch, presenter Julie Etchingham, Tom Tugendhat and Penny Mordaunt during 'Britain's Next Prime Minister: The ITV Debate' in London. EPA

Ms Badenoch arrives at Here East studios in Stratford, east London, before a live television debate. PA

Mr Sunak arrives at a London event to launch his campaign to be the next Conservative Party leader and UK prime minister. Reuters

Mr Tugendhat appears on the BBC One current affairs programme, 'Sunday Morning'. PA

Ms Badenoch, Ms Mordaunt, Mr Sunak, Ms Truss and Mr Tugendhat before the live television debate. PA

Ms Mordaunt arrives for the launch of her Conservative leadership campaign at the Cinnamon Club in Westminster. PA

Ms Truss speaks at the launch event for her campaign to become the next leader of the Tory Party and Britain's prime minister, in London. EPA

Chancellor of the Exchequer Nadhim Zahawi, one of the candidates who has been knocked out of the race, giving a speech at the Churchill War Rooms. PA

Former leadership candidate Jeremy Hunt appearing on the BBC One current affairs programme, 'Sunday Morning'. PA

Sajid Javid attending the launch of his campaign to be Conservative Party leader and prime minister, at the Cinnamon Club in London. He has since been knocked out of the contest. PA

Rehman Chishti is interviewed after announcing his bid to become the next prime minister. Mr Chishti is no longer in the race. Getty

Mr Tugendhat speaking at the launch of his campaign. PA

Culture Secretary Nadine Dorries and Conservative MP Iain Duncan Smith arrive for the Truss campaign launch event. Getty

Former leadership candidate Attorney General Suella Braverman at the Churchill War Rooms in central London. PA

Supporters of Mr Sunak wait for his arrival ahead of the campaign launch. Bloomberg

Mr Tugendhat makes a speech at the launch of his campaign. PA

Mr Javid mops his brow while launching his campaign. Getty

Ms Truss leaves for work after her announcement that she would be running for the leadership of the Conservative Party. Getty

An energy company source said members of Ms Truss's campaign have “extremely actively explored” the idea, The Telegraph reported.

UK Business Secretary Kwasi Kwarteng, who has been tipped to become chancellor if Ms Truss wins, is reportedly “very open” to options for a freeze.

Another industry source said the proposal was being scrutinised by Ms Truss's campaign.

“I’m confident there will be a mechanism introduced that freezes bills," the source said.

Another source said the idea was discussed “quite a lot in the past fortnight".

A spokesman for the Truss campaign declined to comment.

On Sunday, Ms Truss said she would take “immediate action” on energy bills during her first week in office, but declined to give details.

She has also pledged to start cutting taxes from "day one" if named leader, including reversing April's increase in national insurance and next year's corporation tax increase from 19 per cent to 25 per cent.

The national insurance rise would mean the poorest people stand to gain about £7, while the wealthiest could gain about £2,000.

Ms Truss said the plan was fair, despite it benefiting higher earners.

"The people at the top of the income distribution pay more tax," she told the BBC's Sunday With Laura Kuenssberg programme.

"So inevitably when you cut taxes, you tend to benefit people who are more likely to pay tax. Of course, there are some people who don't pay tax at all.

"But to look at everything through the lens of redistribution I believe is wrong because what I am about is about growing the economy. And growing the economy benefits everybody."

Writing in the Financial Times on Monday, Mr Kwarteng tried to reassure markets by saying there would need to be “some fiscal loosening”, but that the new government would act in “a fiscally responsible way”.

“Liz is committed to a lean state and, as the immediate shock subsides, we will work to reduce the debt-to-GDP ratio over time," he said.

Ms Truss said she would would work tirelessly to make sure everyone has the “opportunity to go as far as their talent and hard work takes them”, The Sun reported.

“I have a bold plan to see Britain through difficult times and get us out the other side stronger. I won’t let anyone talk this great country down," she said.

“I will do everything in my power to make sure everyone, no matter where they are from, has the opportunity to go as far as their talent and hard work takes them.”

What happens after leadership winner is announced?

The announcement by Conservative officials of who will take over as leader sets in motion a chain of events.

Mr Johnson will deliver a farewell speech before formally tendering his resignation to the queen, after which she will appoint his successor in a so-called kissing of hands ceremony.

For the first time in her reign, the 96-year-old monarch will appoint the prime minister at her Scottish retreat, Balmoral, rather than at Buckingham Palace in London.

The queen has suffered mobility problems and has cancelled several public engagements.

The next prime minister will be the 15th since the queen took the throne.