Eight candidates have entered the contest to succeed British Prime Minister Boris Johnson as the leader of the ruling Conservative Party.

Johnson announced his resignation as leader of the party last Thursday. He said he will step down as prime minister once his successor has been chosen.

The list of candidates released on Tuesday includes former finance minister Rishi Sunak, Foreign Secretary Liz Truss, junior trade minister Penny Mordaunt and House of Commons foreign affairs committee chair Tom Tugendhat.

The field of hopefuls has been narrowed down because the party raised the number of nominations that each contender must secure from lawmakers to 20.

The first round of voting by lawmakers is scheduled to take place on Wednesday.

Further rounds will be held until only two contenders remain.

Party members across the country will choose between the finalists.

The winner will be announced on September 5.

Issues that are likely to come up during the campaign are tax cuts and other economic stimulus measures, as inflation is dealing a blow to peoples' lives.