Standard procedure is for the PM to remain in post until a new leader is elected - Theresa May and David Cameron both stayed until a new PM was chosen. No reason Boris should be any different - especially given its almost summer recess so there will be little going on anyway. I've heard that the 1922 Committee are likely to get the candidates whittled down to two before parliament breaks for summer, that way the candidates can be put to the wider party and a new leader in place by the time parliament returns for the Autumn session. Seems reasonable enough to me.
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