Update: Nominations for new Conservative party leader open tomorrow

At a crisis meeting in Westminster, it concurred unanimously the competition should be run under the exact same rules as 2005, that will see MPs decide on two nominees to set to the broader membership.

The rapid procedure would seem to favour nominees that are recognized. Tomorrow the system must be signed off by the party board and the full assembly of the backbench committee.

Pro- home secretary Theresa May and Brexit Boris Johnson, who backed Stay, are directing a bunch of at least 10 senior figures tipped to be rivals in the battle.

Nevertheless, 1922 chairman Graham Brady indicated the procedure could be finished significantly faster.

Under the suggested schedule, nominations would start as it is rubber stamped by backbenchers at their regular Wednesday evening assembly and close at midday the next day.

“We subsequently urge the procedure for electing a fresh leader of the Conservative Party should commence — with the start of any parliamentary votes that was required — and end no later than Friday although an earlier decision may not be impossible,” said Mr Brady.

Other competitions could additionally contain pro-Stay MPs: company secretary Sajid Javid; education secretary Nicky Morgan, pensions and work secretary Stephen Crabb, and climate and energy secretary Amber Rudd.

Jeremy Hunt can also be reported to be among those considering a chance at the direction despite saying the health secretary brief was his “last huge occupation in politics”.

Leading Brexit campaigner Andrea Leadsom is anticipated to stand, according to reports.