UK PM Election Results 2022 LIVE Updates: UK's Priti Patel resigns as Home Secretary

If Sunak is elected, the 42-year-old will go on to make history as the first Prime Minister of the UK of Indian heritage -- whose Indian grandmother migrated to Britain over 60 years ago from East Africa.

If Truss wins, she will become the UK's third female prime minister following Theresa May and Margaret Thatcher.

On Wednesday at 12 noon (local time), the newly elected leader of the Conservative government will address their first Prime Minister's Questions in the House of Commons.

Later on Tuesday afternoon, the newly appointed Prime Minister will arrive back at Downing Street to make his or her inaugural speech before getting on with the task of announcing key Cabinet posts.

Hours later, his successor will arrive separately in Scotland to be formally appointed Prime Minister by Queen Elizabeth II at her Balmoral Castle residence -- marking the first time in history that the appointment is made outside of England and Buckingham Palace as the 96-year-old monarch reduces her travels with age.

On Tuesday, the day will begin with a farewell speech by outgoing Prime Minister Boris Johnson on the steps of his Downing Street office one last time before he is flown out to Aberdeenshire in Scotland for his audience with the Queen to formally resign as the head of government.

The rest of Monday will involve the winning candidate putting the final touches to his or her Cabinet posts.

The newly elected Tory leader will make a brief acceptance speech soon after at the Queen Elizabeth II Conference Centre in central London -- near Downing Street.

The two finalists in the race will find out around 10 minutes before the public announcement as to who between them has clinched the top job at 10 Downing Street.

The 47-year-old pitched her campaign on the pledge of immediate tax cuts to tackle the cost-of-living crisis facing the country, in contrast with Sunak's approach of wanting to focus on fighting soaring inflation and using targeted measures to offer support for the crisis.

Foreign Secretary Liz Truss, who came in second in ballots of Tory MPs, has dominated the race among the wider party electorate who have been voting online and by post to elect their new leader.

If elected, 42-year-old Sunak will go on to make history as the first Prime Minister of the UK of Indian heritage -- whose Indian grandmother migrated to Britain over 60 years ago from East Africa.

Since the launch of his campaign, Sunak was a clear frontrunner for his parliamentary party colleagues who voted him through as a finalist in the race to succeed Johnson.

The winner will be announced at 1700 IST by Sir Graham Brady -- chair of the 1922 Committee of backbench Tory MPs and returning officer of the leadership election.

The final countdown in the over six-week-long gruelling campaign for the governing Conservative Party to elect a new leader who will succeed ousted Boris Johnson as British Prime Minister is now underway, with the winner between Rishi Sunak and Liz Truss to be declared on Monday.