Time’s up Theresa, but who comes next as Prime Minister?

Well, not quite. Theresa May is still very much the Prime Minister, having bought herself yet another stay of execution by promising to set a timetable for her departure from Number 10 in a couple of weeks time.

Her announcement, while not as final as many of her MPs would have liked, has effectively fired the starting gun for what is likely to be the most densely populated leadership race in Tory Party history.

Dozens of MPs are currently whiling away the hours in front of the abacus, trying to work out whether or not they have enough support to launch a bid for power.

Barely a day goes by without a 'wide-ranging' speech being delivered, where a minister touches on as many policy areas as possible in a bid to flex their leadership credentials.

Boris Johnson's declaration of intent puts him as the current bookies favourite.

He has the name recognition and is popular among Tory members, but whether he has the support to get onto the ballot paper as one of the final two candidates is another matter.

Under party rules, MPs hold a series of ballots if there is more than two candidates, before members vote for a leader from the final pair.

With Mr Johnson having built up a sizeable list of enemies among Conservatives in the Commons, his appearance in the final vote is no foregone conclusion.

However, with many Tories fearing for their seats at the next general election, some will undoubtedly reason that Mr Johnson's gung-ho style and populism may just give them the edge when the country heads to the polls.

Mr Johnson's support for a 'hard' Brexit is another tick in the box for those to the right of the party, which is where the heart of Dominic Raab's tilt lies.

He is considered by many as the 'true' Brexiteer, having quit as Brexit Secretary in opposition to the Prime Minister's withdrawal bill.

However, like Mr Johnson, he may have blotted his copy book by voting for it at the third time of asking, explaining that he had changed his mind as any sort of Brexit at all was in peril.

Crucially, Mr Raab has managed to garner support from both sides of the party, with Brexiteer David Davis in his camp, as well as the more centre-leaning Maria Miller.

Grassroots Tories believe the winning contender will be the one who manages to bring the party together – not just on Brexit, but on all policy areas.

West Midlands Mayor Andy Street, a pro-Europe Tory who is very much in favour of 'one nation' Conservatism, said: "Whoever takes over will first and foremost have to unite the party.

"They will also have to continue to lead the party from the moderate centre ground, which Theresa May has done.

"That is always how the Conservative Party wins elections. On top of this, the new leader has to get on with an active domestic agenda.

"The party needs to come up with many, many more domestic ideas about addressing social issues and improving skill levels, for example."

Initiating policies that cater for the whole country is a key demand for many Tory MPs in the Black Country.

They include Walsall North MP Eddie Hughes, who has called for a new form of 'blue collar Conservatism' – focusing on issues including housing – to boost support in working class areas.

"Brexit may have caught people's attention in some of the country's more deprived areas to vote Conservative, but now we need to come up with policies that mean something to those voters and address their concerns," he said.

"When she became leader Theresa May nailed it with her speech about burning injustices, but then the Government got distracted by Brexit."

Foreign Secretary Jeremy Hunt is among the frontrunners ploughing a similar furrow, calling for the Tories to be a party of "aspiration for all" and pushing his claims as a reformer.

Meanwhile Michael Gove, who brought the curtain down on Mr Johnson's leadership bid in 2016 with a sharp dagger to the back, has spent the last three years rebuilding his reputation through an impressive stint as Environment Secretary.

He has grown in popularity, but may find himself playing second fiddle to the likes of Health Secretary Matt Hancock and Home Secretary Sajid Javid, both of whom have steadily risen through the ranks.

New Defence Secretary Penny Mordaunt has appeared on the scene from nowhere, delivering a powerful maiden speech in her new post that went down well with many MPs.

Her predecessor, South Staffordshire MP Gavin Williamson, is now a 100/1 outsider to be installed in Number 10.

But while any ambitions for the top job may be on hold, the former Chief Whip is likely to have a major say in who gets there.

The same could be said for 50/1 shot Amber Rudd, who caused outrage during the Windrush scandal when she was Home Secretary, but is seen in some circles as a kingmaker.

Other possibilities include Esther McVey, who says she plans to run, and Commons leader Andrea Leadsom, who fancies another crack after dropping out of the race in 2016.

One MP who is unlikely to be running, according to the bookies, is Transport Secretary Chris Grayling. He is priced up at 250/1 for Tory leader – the same price as Nigel Farage.