11 leaders Including Foreign Secretary Liz Truss, Home Secretary Priti Patel, Rehman Chishti and Rishi Sunak Announced their Candidacy for UK's Prime Minister

Many of the 11 leadership hopefuls looking to become the Tory party leader have set out competing tax plans as a core element of their proposals.

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Boris Johnson, Coronavirus

Foreign Secretary Liz Truss has officially joined the race for the Tory leadership, with Home Secretary Priti Patel potentially set to announce her candidacy.

A surprise entry has also been made by Foreign Office minister Rehman Chishti, meaning 11 Conservatives are now fighting to replace Boris Johnson as prime minister.

Many of the 11 leadership hopefuls looking to become the Tory party leader have set out competing tax plans as a core element of their proposals.

The 1922 Committee of backbench Tory MPs that organises contests will meet on Monday to decide the timetable and rules of the leadership race.

The two-stage process will see Conservative MPs whittle down the candidates to two, through voting rounds, before Tory party members decide the winner.

Three big names emerge

The bid by Truss, seen as a frontrunner in the Tory leadership contest, followed that of former defence minister Penny Mordaunt as the race expanded to 11 candidates.

Mordaunt, 49, an ex-navy reservist who has also held several senior ministerial roles, is not among the favourites to succeed Johnson in recent polls of Tory party members ultimately set to choose their new leader.

The early favourite is former finance minister Rishi Sunak, who launched his campaign Friday after helping to kickstart the cabinet revolt that led to Johnson's forced resignation Thursday. He is now drawing early fire from Johnson loyalists and rival candidates.

Sunak and former health minister Sajid Javid -- who has also declared his candidacy -- both resigned late Tuesday, prompting dozens of more junior colleagues to follow suit.

That forced Johnson to then quit as Tory leader 36 hours later.

But the 58-year-old leader, whose three-year premiership has been defined by scandal, the country's departure from the European Union and the Covid pandemic, said he would stay on until his successor is selected.

Candidates face a tough economic climate

The Tory leadership contest will begin against a gloomy economic background, with pressure growing for more spending on public services, and as public sector workers demand inflation linked pay rises or better. Serious problems remain with Brexit, and Covid numbers are rising again.

Tax has emerged as the key pledges for many of the candidates, but questions have been raised about how they will be paid for.

Taxation is already a key dividing line in the race, as Britain faces the toxic combination of high inflation and rampant cost-of-living increases alongside stagnant growth and relatively high tax rates.

11 leaders have announced their bids so far

● Former equalities minister Kemi Badenoch

● Attorney General Suella Braverman

● Newly-appointed Foreign Office minister Rehman Chishti

● Former health secretary Jeremy Hunt

● Former health secretary Sajid Javid

● Trade Minister Penny Mordaunt

● Transport Secretary Grant Shapps

● Former chancellor Rishi Sunak

● Foreign Secretary Liz Truss

● Backbencher Tom Tugendhat

● Chancellor Nadhim Zahawi

Booris Johnson Home Secretary Priti Patel Liz Truss Rehman Chishti and Rishi Sunak