We'll be back tomorrow with the latest updates - please join us then.

Today's page was written by Sam Hancock, Dulcie Lee, Emily McGarvey, Aoife Walsh, Thomas Mackintosh, Laura Gozzi, Jasmine Andersson, Jack Burgess and Marita Moloney.

It was edited by Nathan Williams, Owen Amos, Lauren Turner, Claire Heald and Chris Giles.

We're pausing our live coverage of the Conservative leadership race soon.

But before we go, here's a recap of today's main developments:

• Eight candidates have made it through to the first ballot for the Tory leadership after each receiving support from at least 20 MPs
• The remaining leadership hopefuls are Kemi Badenoch, Suella Braverman, Jeremy Hunt, Penny Mordaunt, Rishi Sunak, Liz Truss, Tom Tugendhat and Nadhim Zahawi
• The eight candidates spoke at their first hustings in Parliament tonight, setting out their case to fellow Tory MPs in a closed session
• Sajid Javid, Grant Shapps and Rehman Chishti all bowed out of the race today
• Rishi Sunak and Penny Mordaunt are currently joint favourite in the contest, according to betting odds
• The winner will be announced on 5 September

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We understand the eight candidates who all want to be the next PM have finished speaking to their fellow Tory MPs at tonight's hustings.

The leadership contenders were given 12 minutes to make their case ahead of the first round of votes tomorrow.

Wednesday is set to be another busy day, with those vying to succeed Boris Johnson facing a vote after PMQs from 13:30 to 15:30 BST.

Candidates must secure at least 30 votes each to make it to the next round, with a result expected by early evening.

The leadership race will eventually be whittled down to two candidates by the end of next week, after which they will have the summer recess to win the support of the Tory membership before the final result on 5 September.

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Image source,Getty Images

Former Cabinet minister David Davis, who is backing Penny Mordaunt, has denied that leadership candidate Rishi Sunak is "hated" by many Tory MPs.

Earlier, Davis told BBC Radio 4's PM programme: "I don't think he's hated at all.

"We need a change of policy.

"If Rishi's going to stick with this policy, which has landed us with a recession and higher-than-average inflation for our economic peers, then I want to change that".

He called the former chancellor a "perfectly charming, nice individual".

Image source,Reuters

It's been a busy day with Tory MPs voicing their support for the party leadership contenders, with dozens publicly declaring their endorsements of who they'd like the next PM to be.

But former Conservative Party leader Sir Iain Duncan Smith is remaining tight-lipped about who he'd like to see take charge.

Speaking from the House of Commons where the eight candidates are speaking at hustings tonight, Duncan Smith told Sky News he's been "impressed" by all the contenders so far.

"This for once wasn't about Europe, it wasn't directly about taxation but was about how do you work to improve the quality of life for those who are the poorest in society," he says.

"It forced candidates to stop the to-and-fro bickering about who will cut taxes and not cut taxes and actually get down to talking about real lives."

Patrick Flynn, political analyst at the betting exchange SMarkets, has been running his figures on who might win this contest, and at what stage all the others will be beaten in the votes by MPs.

According to his model, Suella Braverman, Jeremy Hunt, Kemi Badenoch and Nadim Zahawi will be eliminated in the first three ballots among MPs; Tom Tugendhat and Liz Truss will go after that; Rishi Sunak and Penny Mordaunt will make the final two.

At that stage, all Conservative Party members are able to vote, with the result due on 5 September.

Flynn explained his workings - he looks at how different demographics of MPs have endorsed candidates so far and how those who supported different runners in past contests are shaping up now.

He also looks at MPs voting records on social and economic issues and where their constituencies lie on Brexit.

While some commentators have predicted a quick falling away of candidates, Flynn suggests we could be in for up to five rounds of voting before two rivals emerge.

We're getting some insight from the hustings where eight candidates contesting the Tory leadership race are setting out their stalls.

The BBC's Carolyn Quinn is among the reporters gathered in the corridor outside the committee room in the House of Commons.

She reports how bookmakers' favourite Rishi Sunak is also keen to get ahead at the hustings, arriving early for his speaking slot.

The former chancellor is forced to head away from the committee room while leadership rival Tom Tugendhat takes to the podium.

Jeremy Hunt's been talking to LBC Radio, before he headed off to the hustings, now ongoing in Parliament.

He says it would be "immoral" to offer personal tax cuts as part of a leadership bid, funded from borrowing. He promotes corporate tax cuts.

Hunt says he's costed his substantial tax cut pledges and admits "they are expensive" - but argues he could "do this within the fiscal rule that says that debt has to fall as a proportion of GDP over the period".

He argues that while corporation tax cuts are "not vote winners", they would lead to economic growth by the time of the next election.

Ione Wells
Political Correspondent, BBC News

The hustings are taking place as we speak in a House of Commons committee room. Cameras are not allowed in, so reporters are waiting in the corridor outside.

Liz Truss has left after having her allotted 12 minutes to speak.

Asked how it was, she says “very hot”. In terms of atmosphere or temperature? “Everything!”, comes the reply.

Jeremy Hunt has now gone in… to slightly less banging on tables (the traditional way backbench Tories express their approval).

A Tory organiser outside also described the room - saying “it’s absolutely sweltering”.

MP for Gosport Caroline Dinenage says she'll be throwing her weight behind Penny Mordaunt.

She's backing her friend and old schoolmate Mordaunt, an arch Brexiteer, even though she herself voted to remain.

"Thefact is she brings people together from across the party, and all the different political views," she tells the BBC's Ros Atkins. "She unites us."

Dinenage also says Mordaunt has made "fully costed" pledges, such as cutting the cost of fuel.

"She's not going wild on unfunded commitments," she adds.

Sir Graham Brady, chairman of the Conservative Party's 1922 Committee, which organises leadership contests, announces the names of the eight Conservative leadership contenders.

They are Kemi Badenoch, Suella Braverman, Jeremy Hunt, Penny Mordaunt, Rishi Sunak, Liz Truss, Tom Tugendhat and Nadhim Zahawi.

Each has the backing of at least 20 fellow MPs.

Former Health Secretary Sajid Javid and Rehman Chishti MP withdrew from the contest just minutes before the deadline.

The first ballot and its result happen on Wednesday.

Former equalities minister Kemi Badenoch MP has also been tweeting, sharing her gratitude after making it through to the final eight.

Chancellor Nadhim Zahawi MP has Tweeted he's "honoured" to make it through to the final eight leadership candidates.

The eight candidates are just about to start speaking at the first hustings in Parliament. They're getting 12 minutes each to try to persuade Conservative MPs they should be the one to take over as party leader and prime minister.

They're going to be speaking in this order: Liz Truss, Jeremy Hunt, Tom Tugendhat, Rishi Sunak, Suella Braverman, Kemi Badenoch, Nadhim Zahawim and then Penny Mordaunt.

We are not expecting to be able to follow along with the hustings live - it's something just for Tory MPs - but will bring you any reaction as soon as we have it.

Iain Watson
Political correspondent

At the hustings - that begin at 19:00 BST in Parliament - roughly half of the audience will not be persuadable because they've already said who they're backing.

Others like Priti Patel and Sajid Javid have said they are yet to make up their minds.

But only part of their decision will be based on the performance this evening.

Some already have in mind who they might be potentially backing but if someone was to come in with a better job offer dependent on their support, that might persuade them.

It's not entirely going to be a merit-based process. Twelve minutes - you probably spend longer looking for a new car or new house than choosing a new prime minister.

The hustings may be crucial for a few MPs choosing how to vote - but there will be other considerations, including personal ones, at play.

Worth remembering too that we haven't had all of the candidates' campaign launches yet. Penny Mordaunt is due to hold hers tomorrow.

Now that eight candidates have secured enough support, the 358 Tory MPs will hold a series of votes until only two candidates remain:

• In the first round, any candidate receiving fewer than 30 votes is eliminated
• If all candidates reach that number, the one with the fewest votes is eliminated
• Rounds of voting continue until two candidates remain

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The first ballot will take place on Wednesday 13 July, from 13:30 to 15:30, with the result announced later tomorrow.

The final two candidates should be known by the end of next week.

After a series of hustings events around the country over the summer - when the remaining two candidates set out their plans - party members will pick the winner in a postal vote.

We now know that there are eight people officially in the race to be the next Conservative party leader - and the next prime minister.

Rishi Sunak, the former chancellor, is now the joint favourite with Penny Mordaunt, according to betting odds. They're followed by Liz Truss, Tom Tugendhat and Kemi Badenoch.

A bit more from Graham Brady. He says the first round ballot will take place on Wednesday, from 13:30 to 15:30.

The result will be announced "as soon as we can after that", he says.

The first hustings are happening in Parliament this evening, starting in just under an hour.

The eight candidates will have 12 minutes each to speak, ahead of tomorrow's vote.

Any candidate receiving fewer than 30 votes from the 358 Tory MPs will be eliminated in this first round. If all candidates reach that number, the one with the fewest votes is eliminated.

Rounds of voting continue until only two candidates remain, then the vote goes out to Conservative Party members across the UK.

The final result of that summer ballot, and the name of a new prime minister, comes on 5 September

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Now we hear from Sir Graham Brady, chairman of the 1922 Committee of backbench MPs.

He says eight candidates have been nominated: Kemi Badenoch, Suella Braverman, Jeremy Hunt, Penny Mordaunt, Rishi Sunak, Liz Truss, Tom Tugendhat and Nadhim Zahawi.

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Former Health Secretary Sajid Javid withdraws from the contest to be the next Conservative Party leader.

He says: "Serving in government is a true privilege. It has been just seven days since I took the difficult decision to resign from the most important job I have ever had, as health secretary during a pandemic."

"Since then, I have set out the values and policies I think are right for the future of our great country."

"I believe the party must now look outwards, not inwards, if we are to win again."

"There is an abundance of both ideas and talent in our party. One of the candidates will be given the honour of becoming prime minister."

"I look forward to seeing the debate unfold and to see colleagues working together as a united Conservative Party once the leadership election is concluded."