A new Conservative leader should be in place by September 2, the party's 1922 Committee executive has recommended.

Nominations open on Wednesday and close at noon on Thursday.

The contest will see MPs pick two candidates to put to the wider membership - the same rules as 2005 - it was agreed at an emergency meeting in Westminster.

Boris Johnson and Theresa May are the favourites tipped to be contenders in the battle to succeed David Cameron.

The speedy process is set to be signed off by the party board on Tuesday and at a full meeting of the backbench committee on Wednesday.