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What's happened today?
At the end of another busy day in Westminster, here are the key developments:
Five candidates now remain in the Conservative leadership contest after a second round of voting by MPs
The former chancellor, Rishi Sunak, topped the poll with 101 votes, meaning he is closing in on the 120 votes needed to guarantee him a place in the final two
Trade minister Penny Mordaunt finished second on 83. Her stock is rising with polling suggesting she'd win a head-to-head contest against any of the other candidates if she makes it through to the final two.
She's also the bookies' favourite, surging ahead of Sunak after her launch yesterday
Foreign Secretary Liz Truss launched her campaign earlier today and gained another 14 votes on her first round result
The attorney general, Suella Braverman, was knocked out after securing the backing of only 27 MPs - the smallest number of votes. She has since lent her support to Truss
All five candidates have agreed to take part in the first TV debate, on Channel 4 tomorrow at 19:30 BST. Further debates are planned on ITV and Sky
Government plans on ice as Tories jostle for leadership
The bill is one of a number of policy decisions currently in limbo as the Conservative Party seeks to appoint a new leader to replace current prime minister Boris Johnson.
As well as the Online Safety Bill, decisions on public sector pay, the Northern Ireland Protocol, tax cuts and the cost of living crisis are all on hold as the country awaits Johnson's successor.
Opposition parties have accused ministers of "giving up on governing", while government sources have blamed delays on Labour - for using up limited Parliamentary time with a no confidence vote in the government.
Labour has rejected the accusation arguing the government is in charge of the timetable.
At her campaign launch earlier today, Foreign Secretary Liz Truss spoke about the post-Brexit trade deals she had secured for the UK:
“As trade secretary I struck dozens of trade deals with major partners such as Australia and Japan, when people told me it wouldn’t be possible."
It’s correct that the UK has dozens of deals in place. However the vast majority are "rollover" deals - copying the terms of deals the UK already had when it was an EU member, rather than creating new benefits.
Since leaving the EU, the UK has negotiated two new deals from scratch – with Australia and New Zealand.
The UK has also negotiated several deals that build on existing EU deals, such as the one with Japan.
There are now five people left vying to take over from Boris Johnson as Tory leader and UK prime minister. So who are they and what do they stand for?
Has a focus on the economy, ruling out tax cuts before public finances improve.
Says she'll cut VAT on fuel and raise the basic and middle earner income tax thresholds in line with inflation.
Promises immediate tax cuts, reversal of the National Insurance increase and a long-term commitment to reducing the size of the state.
Says she'll introduce tax cuts and low regulation, while being critical of net zero emissions target.
Pledges to cut National Insurance and fuel duty, and to increase investment outside of the South East.
Buckland gets behind race leader Sunak
Rishi Sunak has also been receiving some public backing tonight.
Robert Buckland, Welsh secretary and former justice secretary, told TalkTV: "I have decided that in light of the particular challenges that this country is facing - the economic challenges - that the best person to lead this country is Rishi Sunak."
Earlier Sunak topped the second Tory leadership ballot - with 101 votes.
Brexiteer Steve Baker also backing Liz Truss
Former Suella Braverman backer Steve Baker has also confirmed he will be supporting Liz Truss.
Announcing his shift to the foreign secretary, the prominent Brexiteer says: "Suella has my complete loyalty. What she has decided, I will support."
Braverman backing Truss - welcome news for foreign secretary
Suella Braverman's backing will be welcome
news for Liz Truss.
Of course, it doesn't guarantee that all of
her 26 backers will follow her lead.
But there have been calls for the right to
unite behind one candidate and this will further the case for that candidate to
be Liz Truss.
Braverman had described herself as the
only "authentic Brexiteer" in the contest, despite Penny Mordaunt, Kemi
Badenoch and Rishi Sunak all backing Leave.
fact that she has chosen Liz Truss, who campaigned for Remain, will further
shore up the foreign secretary's credentials among Eurosceptics.
Badenoch says she's disappointed Braverman will back Truss
Kemi Badenoch says she is "disappointed" that Suella Braverman will back Liz Truss as the next Tory leader.
Speaking on LBC, Badenoch says: "I am disappointed. Suella and I are friends, I'm friends with Tom Tugendhat as well, Rishi and Liz were my senior ministers, so it's all very close to home."
Badenoch says she's "in it to win it".
She says she appreciates why her colleagues are supporting those they think are "most likely to give them a job, or who has been there the longest, that's the easy thing to do".
But, she adds, "the tough thing to do is to take a risk and try something different".
BreakingBraverman backs Truss, say sources
Just a couple of hours ago, Suella Braverman, the attorney general, was eliminated from the contest to decide who'll replace Boris Johnson.
Now she's giving her backing to Liz Truss, foreign secretary and Braverman's cabinet colleague, sources close to her told the PA news agency.
Sunak 'prepared to give everything' as PM
Rishi Sunak has said he is "prepared to give everything I have in service to our nation", should he become Tory leader and prime minister.
In a Twitter post and video, the ex-chancellor thanks his supporters and says "we can bring our party together and beat Labour".
Sunak's tweet appears to have been originally posted shortly after the result, but may not have appearing in many feeds due to issues on the social media platform which caused it to go down for many users.
Quote Message: I am prepared to give everything I have in service to our nation. Together we can restore trust, rebuild our economy and reunite the country."
I am prepared to give everything I have in service to our nation. Together we can restore trust, rebuild our economy and reunite the country."
Badenoch delighted growing number of MPs backed her
Kemi Badenoch has thanked colleagues in the Conservative party for their "growing support".
In a tweet, she said: "I am delighted that a growing number of my colleagues have faith in my vision for a return to honest politics and conservative principles."
"Thank you for your support," Badenoch said.
She came fourth in today's second ballot, with 49 votes, up from 40 in the first round.
Badenoch said she's looking forward to the TV debates, as "now is the time for change," she added.
Tugendhat up for challenge despite 'odds against' him
Tom Tugendhat has responded to his vote lagging behind his rivals by saying he has "never turned down a challenge because the odds were against me".
"I don't plan to start now," he writes on Twitter, telling his four rivals that he will see them at the upcoming leadership debates - the first of which is scheduled on Channel 4 tomorrow night at 19:30 BST.
What’s the timetable for the remaining contest?
So, two rounds of voting down, and the list of candidates has been reduced to five. Here’s what we know about the timetable for the remainder of the contest.
First up, a schedule change - the Sky News leader's debate has been moved to a day later than previously planned, on Tuesday evening at 20:00 BST.
The channel says the decision was taken after "consultation with the
candidates and the Conservative Party’s 1922 Committee" to ensure the voting timetable wasn't affected by the broadcast.
Returning to the overall contest, in less than a week's time we'll have a shortlist of two.
The schedule for this is:
Friday 15 July - the first debate will take place on Channel 4 at 19:30
Sunday 17 July - second debate hosted on ITV at 19:00
Monday 18 July - Third round of voting with results at 20:00
Tuesday 19 July - Fourth round of voting, as well as the third debate on Sky News
Wednesday 20 July – Final round of voting takes place
Hustings for members of the Conservative Party will then be held around the country - starting from Friday 22 July.
The winner will be announced on Monday 5 September.
WATCH: Sir Keir Starmer says Tories are 'tearing each other apart'
The Labour leader said the Conservative Party was “totally dysfunctional” and "in complete disarray".
Sir Keir Starmer said people were struggling to pay their bills while watching a "travelling circus of fighting" in the Tory party as it chooses a successor to Boris Johnson.
Braverman undecided on which candidate to back
Suella Braverman, who today finished bottom of the pack with 27 votes, and was eliminated from the contest for Conservative Party leadership, has refused to say who she will back going forward.
The attorney general told the BBC she had "personal friendships" with all the remaining candidates, but as the "only authentic Brexiteer" among them, she added, she would now have to find "a person who will faithfully represent those views in the best possible way".
She said illegal immigration, cutting taxes to ease cost of living pressures, delivering Brexit "in the fullest possible way" and "an uncompromising line on identity politics" were among her key concerns.
She appeared to criticise Penny Mordaunt's stance on identity politics, saying; "my perception of Penny is that she takes a different view to me... but I am willing to be persuaded otherwise".
"All of the candidates have merits... so I am really open-minded and I am looking at all of them," she told Radio 4's PM programme.
Who is Penny Mordaunt?
PA MediaCopyright: PA Media
Brexiteer, Royal Navy reservist, and former magician's assistant.
Penny Mordaunt is perhaps one of the lesser known candidates on the slate - but the 49-year-old has emerged as a serious contender, coming second in both rounds of voting.
Let's take a closer look at her background.
She was named after HMS Penelope – the first cruiser to be able to perform a complete about turn in her own length – a manoeuvre she once joked she hoped she'd never have to deploy in her political life.
Growing up in Portsmouth, her mother died of breast cancer while she was in her teens, and she later worked as a magician's assistant to fund her way through sixth form.
She's credited her interest in politics to working in Romanian orphanages during her gap year.
After studying Philosophy at Reading University, she went to work for the Conservatives as head of youth under then-Prime Minister John Major.
In 2005, she stood for Parliament unsuccessfully, but won her Portsmouth North seat in 2010.
Once in Parliament, she trained to be a Royal Navy reservist, and later became communities and then armed forces minister under David Cameron.
She worked her way up to her first cabinet post in Theresa May's government, before becoming the UK's first female defence secretary in 2019.
She was appointed paymaster general and then trade minister under Boris Johnson, and was not among the dozens of ministers who quit in the days before Johnson's resignation.
Labour is scared of Mordaunt, Ellwood says
More from Penny Mordaunt supporter Tobias Ellwood, who has said she is the candidate to beat Labour at the next general election.
He says he hopes Tory party members will consider who is most likely to succeed against Sir Keir Starmer.
Ellwood adds that Conservatives have not been performing well in recent local and by-elections, but argues that there is "every chance we can turn this around" if the party rallies around Mordaunt.
Quote Message: The polls show that Labour is scared of Penny Mordaunt, that's why we should support her.
The polls show that Labour is scared of Penny Mordaunt, that's why we should support her.
Sunak 'wants focus on issues'
BBC political correspondent
As in the first round, Rishi Sunak has topped the poll - moving from 88 to 101 votes.
A campaign source calls for candidates and their teams to moderate their attacks: "Remember that someone will win and we will all have to get behind them. Remind people on all sides that we are all in the Conservative party. [We're] not going to speak ill of anyone.
"Rishi is very clear to focus on issues. That is the tone he set and that’s what he expects of everyone today."
On suggestions that votes could be lent to another candidate for tactical reasons, the source says: “There’s no funny games going on. If you support Rishi, vote for Rishi, the end.”
What's the latest?
If you're just joining us, we've just come out the other side of another round of voting. Here's how things stand:
The latest ballot:
Attorney General Suella Braverman has been knocked out of the contest
Former chancellor Rishi Sunak won, securing 101 votes
Trade Minister Penny Mordaunt came second again with 83 votes, followed by Foreign Secretary Liz Truss who gathered 64
Former equalities minister Kemi Badenoch and senior backbencher Tom Tugendhat also remain in contention
Polling suggests Mordaunt would win a head-to-head contest against any of the other candidates if she is one of the two put forward to the Tory membership
She is also the bookies' favourite - surging ahead of Sunak after her launch yesterday
All candidates are now looking to scoop up votes from those who had supported Braverman
All five candidates have agreed to the first TV debate, scheduled for 19:30 BST on Channel 4 on Friday - with further debates on ITV and Sky News being planned