The Tory leadership race will come to an end today as the new Conservative party leader and the UK's new Prime Minister is announced.

Either the former Chancellor or Foreign Secretary will replace the outgoing Boris Johnson who resigned in July following a wave of mass resignations of his cabinet and party.

Following the PM's resignation, the chairman of the 1922 committee Sir Graham Brady outlined a schedule for the leadership race from nominations to the final announcement.

The Northern Echo: Rishi Sunak and Liz Truss during a hustings event at Wembley Arena (Stefan Rousseau/PA) Rishi Sunak and Liz Truss during a hustings event at Wembley Arena (Stefan Rousseau/PA)

Here is the schedule for the Tory leadership race, when a new PM will be appointed and what happens next.

What is the Tory leadership race schedule?

When nominations closed on July 12, eight candidates managed to secure enough votes to remain in the contest.

Over the following weeks, the hopefuls were whittled down over a first and second vote until two remained.

Between July and September, the Conservative party held 12 hustings across the UK with the final event taking place in London on August 31.

Voting closed at 5 pm on Friday, September 2 with any ballots received after that time not being counted.

When will the new Prime Minister be announced?

The Northern Echo: Boris Johnson meeting The Queen. Credit: PABoris Johnson meeting The Queen. Credit: PA

We will know who the next Conservative leader and Prime Minister is on  Monday, September 5.

This is the same date that Westminster returns from recess.

The announcement, which will be made by Sir Graham Brady, is expected at 12.30 pm.

How to watch the new Prime Minister announcement today

The new Prime Minister announcement will be covered across multiple outlets.

Sky News will have live coverage from Downing Street and Westminster which you can access on the Sky News Politics Hub, as well as on YouTube.

Sophy Ridge’s The Take will also return on Wednesday, September, 7 on Thursday, September 8.

BBC One will also be airing a BBC News Special at 12 pm, with BBC Two's Politics Live airing at 1 pm after the announcement.

It is also expected to be covered on the ITV Lunchtime News at 1:30 pm.

What happens after a new Prime Minister is appointed?

Following the results, the new PM will choose their final Cabinet and ministerial roles.

They will also write their prime ministerial speech.

The following day, Boris Johnson is expected to officially leave his office and tender his resignation to the Queen, alongside the new PM.

Buckingham Palace has confirmed that the Queen, 96, will receive Mr Johnson on Tuesday, September 6 at her private Highlands home in Balmoral for the first time.

READ MORE: Meghan Markle joins Prince Harry at One Young World Summit for keynote speech

READ MORE: George Alagiah opens up about BBC return as he continues to fight bowel cancer

Usually, the formal occasion is held at Buckingham Palace but in a break in tradition, both the incoming and outgoing leaders will take the trip to Her Majesty's summer home.

When meeting the monarch, the new prime minister will be invited to form a government and they will assume their duties shortly afterwards.

These duties include flying back to London to deliver their speech outside Downing Street, which is expected at around 4 pm.

The new leader will then announce their chosen Cabinet with a meeting of the new ministers expected ahead of the PM's first Prime Minister Questions on Wednesday.