The defence secretary says he hopes the Conservatives can "swiftly return to focusing on the issues".

We're ending our live coverage now, thanks for joining us today in the wake of a frantic week in UK politics.

You can keep up with the latest developments on the Conservative Party leadership contest here.

We'll be ending our coverage of the contest to be the next Conservative Party leader (and prime minister) shortly. Here is a recap of what's been happening today:

• Defence Secretary Ben Wallace has ruled himself out of the Tory leadership race. He was one of the bookies' favourites to succeed Boris Johnson but said his focus was on his current job and keeping the country safe
• New Education minister Andrea Jenkyns says she " should have shown more composure" as she appeared to raise her middle finger while entering Downing Street ahead of Johnson's resignation speech. She says she made the rude gesture as a response to "baying mob"
• A No 10 source has told the BBC that ex-Chancellor Rishi Sunak has a "short memory". Boris Johnson's allies feel the PM is the reason Mr Sunak became a household name and they expected more loyalty in return
• Some MPs, including Mark Spencer and Liam Fox, have backed Rishi Sunak's bid, describing him as the "best candidate" and "best placed" to deal with economic issues
• Tom Tugendhat, the first Conservative MP to put himself forward, has set out what he believes the party needs and has said he hopes to "deliver a fresh start"
• Former Equalities minister Kemi Badenoch has become the latest to launch a bid as the leadership race gathers pace

After today's news that early bookies' favourite Ben Wallace has ruled himself out of the running, it's worth reminding you where things currently stand.

Rishi Sunak, Tom Tugendhat, Suella Braverman and Kemi Badenoch have confirmed they will stand, while Sajid Javid, Grant Shapps and Jeremy Hunt say they are considering running.

Steve Baker, Michael Gove, Dominic Raab, James Cleverly and Matt Hancock have all ruled themselves out.

Other possible candidates include Penny Mordaunt and Foreign Secretary Liz Truss.

So who are the bookmakers' favourites? Oddschecker collates the odds from a number of bookies - here's the latest.

Image source, .

Leadership hopefuls will want Wallace's backingpublished at 13:56 British Summer Time 9 July 2022

13:56 BST 9 July 2022

David Wallace Lockhart
BBC political correspondent

Image source, PA Media

It's recently looked like Ben Wallace was in a particularly strong position.

The defence secretary is popular with grassroots Conservatives. He's been topping surveys that the website Conservative Home runs of party members.

Given they're the electorate that will ultimately choose the next prime minister, he seemed like a candidate who could get all the way to No 10 if he wanted to.

But he's decided it's not for him. He gave it consideration, but ultimately says he wants to focus on his current job.

The big question now, is who he will endorse? Any candidate getting him on board would likely get a big boost.

I suspect he'll be fielding a few phone calls from other leadership hopefuls this afternoon.

New education minister Andrea Jenkyns has said she " should have shown more composure" as she appeared to make a rude gesture while entering Downing Street.

In a widely-shared video she is seen showing the crowd her middle finger while on her way to No 10.

On Saturday, the leader of the House of Commons Mark Spencer said he did not condone Ms Jenkyns' actions but he added that "emotions were pretty raw" on the day the clip was filmed.

In a tweet Ms Jenkyns said that on that day a "baying mob outside the gates were insulting MPs on their way in as is sadly all too common."

She said she had previously received abuse and death threats, two of which are currently being investigated by the police.

"I had reached the end of my tether," she said, adding: "I responded and stood up for myself...I should have shown more composure but am only human."

Read more.

Image source, Reuters

More now on Ben Wallace declaring he won't contest the leadership race, which he says was made after "careful consideration" with colleagues and family members.

The announcement will come as a surprise to some given that the defence secretary was the bookies' favourite to succeed Boris Johnson as Tory Party leader.

Oddschecker, which collates the odds from a number of bookies, had placed Rishi Sunak as the second favourite to lead the party, followed by Penny Mordaunt, Tom Tugendhat and Liz Truss.

So far, Sunak and Tugendhat have already declared their leadership bids, along with Suella Braverman and Kemi Badenoch.

We are also expecting to hear from Sajid Javid, Grant Shapps and Jeremy Hunt in the coming days as the leadership race gathers pace.

Defence Secretary Ben Wallace, the bookies' favourite to become Boris Johnson's successor, has announced he is not running for the leadership of the Conservative Party.

Wallace says it was "not an easy choice", but his focus is on his current job as defence secretary and "keeping this great country safe".

David Wallace Lockhart
BBC political correspondent

Image source, Reuters

Former Chancellor Rishi Sunak was one of the first to resign from Boris Johnson's cabinet this week, shortly after ex-Health Secretary Sajid Javid - leading to a wave of ministerial resignations which culminated in the end of Mr Johnson's prime ministerial career.

It appears Johnson is disappointed with the actions of his former right-hand man, with a No 10 source telling me Rishi Sunak has a "short memory".

Boris Johnson's allies feel he's the reason the former chancellor became a household name, with the PM giving him a significant promotion to run the Treasury in 2020.

They expected more loyalty in return.

Relationships between prime ministers and chancellors can be famously difficult. It appears Johnson and Sunak will now go down as a partnership that ended in bad blood.

So what does Boris Johnson do now? Prime minister's typically don't get involved in leadership contests for their successor.

But Johnson is not a typical leader.

He may stay above the fray. But it's safe to say Rishi Sunak won't be getting his endorsement.

Image source, PA Media

Also on the airwaves this morning was Conservative MP Liam Fox, who argues former Chancellor Rishi Sunak is best placed to deal with the economic challenges facing the country.

The ex-chancellor is the most high profile figure so far to have entered the race.

Announcing his decision to stand in a social media video, external, Mr Sunak said he wanted to "restore trust, rebuild the economy and reunite the country".

Speaking to the BBC's Today programme, Mr Fox described him as "an outstanding individual".

"What I want to see is somebody who’s actually got a plan to see the spending of the government controlled over time," the North Somerset MP added.

"What we can’t do is continue to spend money we haven’t got and leave the burden on future taxpayers," he said.

Image source, EPA

Mark Spencer, the leader of the House of Commons, has said Rishi Sunak is the best candidate to replace Boris Johnson.

Speaking to the BBC, Spencer points out that during the Covid pandemic Sunak developed the furlough scheme and was responsible for saving "millions of jobs", adding "that's a fantastic track record."

"We have come out of Covid with one of the best economies in the G7 and I think that again is down to Rishi's management and I think that demonstrates he has got the experience and the ability to do the job."

There's been a suggestion this morning - from senior backbencher Sir Charles Walker - that the leadership contest could be wrapped up by early August, if the process is "truncated".

We're expecting a timetable to be set out after the 1922 Committee meets on Monday afternoon to decide how to move forward.

For now, we can guide you through the process with this graphic - as you'll see, there are quite a few hoops to jump through before a new leader, and therefore PM, is chosen.

Image source, .

Chris Mason
Political editor

Image source, Reuters

This is the week we found out, barring something totally unforeseen, who will lead the Labour Party into the next general election: Sir Keir Starmer.

And we found out who definitely won't be leading the Conservatives into it: Boris Johnson.

For two months, the work of detectives in Durham hit the pause button on Sir Keir Starmer's leadership of Labour, after he decided he would resign if he was fined, consistent with his demand that it should have meant the same for Boris Johnson.

Sir Keir is relieved.

But in the time it took for the police to reach a decision that allows him to draw the strongest contrast with the prime minister, Mr Johnson has resigned.

As the PM's political woes multiplied in recent months, he was, for Labour and others, a political target the size of a barn door.

And Sir Keir sought to define himself as everything Boris Johnson was not.

But now Mr Johnson will soon be the former prime minister, the Labour leader now faces the moving target of a range of possible future ones.

And whoever replaces Mr Johnson may not present Sir Keir with quite the same scope for critique as he's had in recent months.

Read more.

Image source, i, Guardian

Rishi Sunak's bid is the lead story for most of Saturday's papers.

The Times describes Mr Sunak's three minute launch video - with the tag-line, "Ready for Rishi" - as "slickly produced" and says his launch stole a march on his rivals.

The Daily Telegraph says the former chancellor is widely considered the favourite but adds attacks on him from supporters of other candidates are mounting.

The Financial Times headline is "Sunak accused of treachery", with the paper reporting allies of Boris Johnson are blaming him for triggering the prime minister's exit.

The Guardian says tax cuts are expected to feature heavily in what is likely to be a chaotic, and at times bitter, leadership race.

"Let Battle Begin" is its headline.

Read the full paper review here.

Tom Tugendhat, the first Conservative MP to put himself forward, has set out what he believes the party needs under new leadership in a newspaper article.

The chairman of the Commons Foreign Affairs Committee says he hopes to "deliver a fresh start" as the party must "act now to restore trust and repair integrity in British politics" and ensure a "clean slate".

Writing in The Times Scotland, external, he says he wants to "to unite the party around conservative principles, renewing our pursuit of economic growth and a strengthened Union".

He says: "If we are to defeat Labour and the SNP-Green coalition, our party will need a fresh start under serious and tested leadership."

Tugendhat, the MP for Tonbridge and Malling and a former soldier, announced his bid yesterday.

Staying with Steve Baker, the Tory backbencher has offered his thoughts on former chancellor Rishi Sunak's bid.

He said Sunak is in a "bind" where he will have to defend high taxes in the leadership contest.

The MP for Wycombe said he was a huge fan of Sunak's but said that he will have to defend his recent tax policies.

He added that he believes current tax levels are doing more harm than good.

MP Steve Baker has ruled himself out of the Conservative leadership contest after previously suggesting he might consider a bid.

The former Brexit minister is instead backing Attorney General Suella Braverman for the top job.

Speaking to BBC Breakfast, Baker said he was being realistic in not running, adding that without cabinet experience, it would be difficult to make it to the final two candidates.

"As much as I would love to seriously run, I will get the prime minister I want with Suella," he said.

Baker said she has "fierce resolve", "great authenticity", and possesses "all the right Conservative values".

A senior Tory backbench MP says he anticipates the shortlist of two could known by 21 July when Parliament breaks for the summer.

And speaking on BBC Radio 4's Today programme, Sir Charles Walker said it's possible the winner could be chosen in less than a month.

The timescale for the contest will be decided by the 1922 Committee of backbench Tory MPs.

Sir Charles, a former joint acting chairman of the committee, urged the leadership candidates not to "knock lumps out of each other", adding those with "no hope" should drop out of the contest "for the greater good".

"I think we've got to get through the thinning process very, very quickly, he said.

Sir Charles said the process of selecting a new Tory leader could be "truncated" by waiving regional hustings, but acknowledged this would favour the better known candidate.

Image source, UK Parliament

Former equalities minister Kemi Badenoch has become the fourth person to announce a bid for leader of the Conservative party.

The MP for Saffron Walden, who resigned her job earlier this week, says she wants to lead a government that will "tell the truth".

Writing in the Times, external, she says "without change the Conservative Party, Britain and the Western world will continue to drift", adding that the nation needs a "strong but limited government focused on the essentials".

Badenoch, who joins Rishi Sunak, Tom Tugendhat and Suella Braverman in the leadership race, also hits out at "identity politics" and says Boris Johnson was "a symptom of the problems we face, not the cause of them".

She says she supports lower taxes "to boost growth and productivity, and accompanied by tight spending discipline".

You can read more here.

It has certainly been a busy few days in politics following Boris Johnson's resignation announcement on Thursday.

Here is a recap of what's been happening:

• MPs have started throwing their hats in the ring for the battle to become Conservative leader and PM
• Former equalities minister Kemi Badenoch has become the latest Conservative MP to enter the race
• Rishi Sunak launched his bid on Friday afternoon, with a Ready for Rishi campaign
• Tom Tugendhat, chair of foreign affairs committee, and Attorney General Suella Braverman have already thrown their names into the hat
• Brexiteer Steve Baker has said he'll be backing Attorney General Suella Braverman's bid

• Others tipped to be considering joining the race include former health secretary Sajid Javid, current Defence Secretary Ben Wallace, and former foreign secretary Jeremy Hunt
• A timetable for the Tory leadership race is due to be confirmed next week and the new prime minister is expected to be in position by September