The race to succeed Theresa May has officially begun as the PM announced her decision to step down on 7 June, following months of intense pressure from inside and outside her party.

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A statement from the Tory party chairman and the backbench 1922 Committee said nominations for the leadership will close in the week starting 10 June.

MPs will then whittle the candidates down to two by the end of June, before party members - all 124,000 of them - choose the UK’s next PM, with May’s successor aiming to be in place before Parliament's summer recess at the end of July.

So far, four MPs have announced they will run for the leadership - Foreign Secretary Jeremy Hunt, former foreign secretary Boris Johnson, former work and pensions secretary Esther McVey and International Development Secretary Rory Stewart. But who will win? Mark and Pete weigh up the options.
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