October 2022 Conservative Party leadership election

The Conservative Party leadership election in October 2022 determined Liz Truss's successor as Leader of the Conservative Party and Prime Minister of the United Kingdom following her resignation on October 20, 2022.
By the end of October 24, the two favorites were Penny Mordaunt and Rishi Sunak. After Mordaunt dropped out of the election, Sunak became the leader on the same day, at 2pm.
Background.
July 2022 Conservative Party leadership election.
Eleven candidates put forward for the July 2022 party leadership election. Eight people were fully nominated by Conservative MPs: Kemi Badenoch, Suella Braverman, Jeremy Hunt, Penny Mordaunt, Rishi Sunak, Liz Truss, Tom Tugendhat and Nadhim Zahawi. After five rounds of voting, MPs chose Sunak and Truss to nominate party members to vote. Truss was elected by members on September 5 with 57.4 percent of the vote.
Economic policies.
Truss appointed Kwasi Kwarteng as Chancellor of the Exchequer. In September 2022, he announced a small budget with tax cuts and spending increases. What followed was a sharp fall in the value of the pound. This drew widespread criticism. Truss and Kwarteng defended the budget for more than a week before they started announcing the repeal of the most controversial measures:
The removal of the 45% income tax rate for the top earners; and the removal of the planned corporate income tax freeze.
Government crisis.
On October 14, 2022, Truss replaced Kwarteng with Jeremy Hunt.
On October 19, Suella Braverman resigned as Home Secretary.
There were allegations of manhandling, bullying, physical intimidation at a vote on Labour's motion to ban fracking that night. On October 20, 2022, Liz Truss met with the Chairman of the 1922 Committee Sir Graham Brady and Chairman of the Conservative Party Sir Jake Berry before announcing her resignation.
Election details.
On October 20 Truss wrote in her resignation letter that the election would be completed "within the next week." Sir Graham Brady instituted a fast procedure. 
Qualification.
Deadline for nominations was 2:00pm, October 24, 2022. Candidates needed support from at least 100 members of Congress by the deadline.
Candidates.
Withdrawn.
The following Conservative MP declared her intention to stand for leadership but subsequently withdrew from the race:
Declined.
Commentators suggested the following Conservative Party politicians as candidates, who declined to stand:
Results.
Penny Mordaunt dropped out of the election because she was unable to get the support of 100 MPs by the deadline of the election. This allowed Rishi Sunak to win the election unopposed, and became the Leader of the Conservative Party.