Both former Health Secretary Jeremy Hunt and Chancellor Nadhim Zahawi have been eliminated from the Conservative leadership race after the first round of voting.

The race to replace Boris Johnson after he resigned as Prime Minister and Tory party leader is hotting up.

The senior Conservatives failed to get the 30 votes that were required to get to the next stage of the leadership contest on Wednesday afternoon.

Nominations for the top job closed on Tuesday evening where a list of eight MPs earned enough support to get on the ballot. 

Isle of Wight County Press: Sir Graham Brady (3rd from left) chairman of the 1922 Committee, announces the results of the first ballot round in the Conservative Party leadership contest, in the Houses of Parliament, London.. Credit: PASir Graham Brady (3rd from left) chairman of the 1922 Committee, announces the results of the first ballot round in the Conservative Party leadership contest, in the Houses of Parliament, London.. Credit: PA

Sir Graham Brady, the chairman of the Conservative 1922 committee overseeing the contest, read out the results in a crowded Committee Room 14 in the House of Commons.

Who is still running for Prime Minister and Conservative Party leader?

These are the remaining candidates for Conservative Party leader after Wednesday's elimination:

  • Rishi Sunak
  • Penny Mordaunt
  • Liz Truss
  • Tom Tugendhat
  • Kemi Badenockh
  • Suella Braverman

When will we have a new Conserative Party leader and Prime Minister?

Successive rounds of voting will continue until two candidates remain.

Then, the vote goes to an estimated 180,000 Conservative Party members around the country to elect the new leader.

The result - and our new Prime Minister - will be revealed on September 5.

Boris Johnson has confirmed that he will officially hand his resignation to the Queen the following day.

New Conservative leader betting odds

These are the betting odds on the next leader of the Conservative Party from Betfair:

  • Penny Mordaunt: 4/5
  • Rishi Sunak: 4/1
  • Liz Truss: 9/2
  • Kemi Badenoch: 22/1
  • Tom Tugendhat: 54/1
  • Suella Braverman: 199/1

Betfair spokesperson Sam Rosbottom said: "Despite Rishi Sunak winning the first Tory leadership contest with 88 votes, Penny Mordaunt, who received 67, remains the clear 4/5 odds-on favourite to replace Boris Johnson, while the former chancellor trails behind at 4/1. Liz Truss won 50 votes, the third-highest number, and is 9/2 to move into No.10."

For up-to-the-minute odds, visit the Betfair Exchange website.