Now correctly known as the Man Booker Prize, but referred to colloquially as the "Booker", this literary prize is sponsored by Man Group and administered by the National Book League in the United Kingdom. It is awarded to the best full-length novel written in English by a citizen of the UK, the Commonwealth, Eire, Pakistan or South Africa. Publishers are invited to submit entries with scheduled publication dates (in the United Kingdom) between 1 October of the previous year and 31 September of the award year.

The number of books to be submitted by each publisher is limited to two, although others can be included for previous winners and shortlisted novelists. In addition the judges can call for books to be submitted for the prize that have not been forthcoming from the publishers. This is usually from small presses but has been known to include some novels from larger publishers as well. The prize itself (currently valued at 50,000 pounds Sterling) is awarded in late October. Shortlisted novelists also receive 2,500 pounds Sterling.

These recent rule changes bring a form of sanity to the prize-giving exercise which previously appeared to be getting completely out of hand.