Britain's governing Conservative Party has set out its timetable for choosing a new leader, aiming to replace Theresa May as prime minister by the last week of July.

May is stepping down as party leader on Friday after failing to secure Parliament's backing for her Brexit deal.

Party officials say nominations for leader will close on Monday. Eleven lawmakers are running so far.

Lawmakers will hold a ballot on June 13, with any candidates who do not get at least 5% of votes dropping out. Further rounds will be held on June 18, 19 and 20, with the least popular candidate dropping out each time.

The final two candidates will be put to a postal ballot of about 160,000 Conservative members, with the winner announced the week of July 22.