There were only two candidates in the election, with John Smith always the clear favourite to win. The ballot took place on 18 July 1992. Affiliated organisations had 40% of the vote, while Constituency Labour Parties and the Parliamentary Labour Party had 30% each in the electoral college. Gordon Brown and Robin Cook were both seen as potential candidates, but didn't stand.
Shortly after Black Wednesday in September 1992, the Labour's lead in the polls began to rise and over the course of Smith's two year leadership, he was widely predicted to become the next prime minister, come the next General Election.