David Wallace Lockhart
Political correspondent, BBC News

Image source, EPA

When senior Tories announce the rules for this contest this evening the number of candidates could become smaller quite swiftly, as one key decision will be about a threshold.

At the last leadership election, any candidate needed eight MPs backing them just to get into the first round of voting.

The Tories now have more MPs due to a big general election victory in 2019. There is talk of the number increasing, potentially to around 20.

The idea is that any candidate would have to show they have a serious base of support in the parliamentary party.

If that initial threshold is quite high, some potential candidates may simply be unable to meet it. They’ll be out before they’ve even really begun running in earnest.

Some candidates don’t have close to 20 colleagues backing them yet. But plenty of MPs have yet to declare their allegiance.

It’s important to remember these leadership contests can be unpredictable. Often a candidate who isn’t the favourite can go quite far once things get underway.

Image source, PA Media

The group of Tory MPs who will decide the timetable for the leadership race have just elected their new top team.

The 1922 Committee will keep Sir Graham Brady as chair, while Nus Ghani and Will Wragg were re-elected as vice chairs.

The rest of the executive is made up of: Aaron Bell, Miriam Cates, Jo Gideon, Richard Graham, Chris Green, Robert Halfon, Sally-Ann Hart, Andrew Jones, Tom Randall, David Simmonds, John Stevenson, and Martin Vickers.

This is the group of people who are now deciding the leadership contest rules, to decide the next leader, and which we'll get sight of before the day's end.

As we've been reporting, former Health Secretary Sajid Javid gave a speech this afternoon to launch his Tory leadership campaign.

Javid warned the Conservative Party it should not be complacent "about the situation we are now in".

He says the British people are looking for a competent leader, and the public will tell the Conservatives what it thinks through the "powerful language" of the vote.

Political academic Prof Matthew Goodwin describes the leadership contest as "significant" and has been detailing two reasons why he thinks so.

"For many voters - who won't be included in this contest - they will be looking on at this internal Conservative battle," Prof Goodwin tells the BBC News Channel.

"This is the first time since 2005 the Tories have had a big leadership election about what kind of party they want to be.

"We've had two leadership elections after the Brexit referendum, but they were all about Brexit. So this is really important for the Conservative Party - where does it want to go?

"Secondly, this is also the most diverse leadership election in British political history - that too is a really significant moment.

"Lots of MPs coming forward who are representing modern Britain which I think is a good thing."

Image source, Getty Images

Some breaking news to bring you.

In the last few moments it has been confirmed that thousands of train drivers across the UK have voted overwhelmingly to strike over pay.

It increases the threat of huge disruption to rail services this summer and adds to the mounting list of issues facing the government.

Transport secretary Grant Shapps, who's standing in the Tory leadership race, has previously said he wouldn't intervene in preventing rail strikes, despite unions calling for talks.

Members of the drivers union Aslef at eight train companies backed campaigns of industrial action.

Aslef members at Chiltern, LNER, Northern, TransPennine Express, Arriva Rail London, Great Western, Southeastern and West Midlands Trains voted by around 9-1 in favour of strikes on turnouts of more than 80%.

Mick Whelan, general secretary of Aslef, said: "Strikes are always the last resort.

"We don't want to inconvenience passengers - our friends and families use public transport, too - and we don't want to lose money by going on strike but we've been forced into this position by the companies driven by the Government.

You can read more on this breaking story here.

Image source, .

Some more from Sajid Javid as he outlines his case to be the next Tory leader.

He addresses mudslinging between candidates over the weekend.

"I'm sorry to say that looking at some of the stories from the weekend press it hasn't been a good start.

"Poisonous gossip and attack memos and allegations being thrown around," Javid says.

"Some people say you have to play the game. I refuse to accept that.

"This is not the House of Cards or the Game of Thrones - and the people who are here just because they enjoy the game they are in the wrong place.

"This is a time for pulling together. Not apart."

Image source, Reuters

Temperatures have climbed to 31°C in central London and it looks like Sajid Javid is feeling the heat as he continues to launch his leadership bid.

The former health secretary issues a warning to his party, saying the Tories face "electoral oblivion" if they do not change.

"Over the last couple of years, our reputation on most values and policies has slid away," he says.

"Too many people now believe that Labour are fit to govern. Some of them say that Labour are more competent and even more likely to cut taxes."

Javid adds that the political situation was starting to "feel very familiar", referring to the Tory party's defeat in 1997, saying: "The way things were going recently, I feared our party was on a trajectory to the same electoral oblivion once again."

Image source, Reuters

Inside a sizzling hot room in central London, Sajid Javid describes the leadership contest as "a wake up and smell the coffee moment".

The former health secretary says recent sleaze and scandal in Downing Street had damaged the public perception of politics and that he "fully supports" a TV debate among candidates.

Javid adds: "We need to face outwards not inwards. All candidates will make their case.

"My advice, my plea is for months members of the public have been watching behaviours in Downing Street and they are dismayed by what they are watching.

"They need to see we are focusing on the issues that really matter."

Tax has quickly become a dominant topic in the pitches of leadership hopefuls.

The latest to lay out their tax plans is newly-appointed Chancellor Nadhim Zahawi, who has pledged to cut income tax in 2023 and 2024 if elected as Tory leader (and therefore PM).

He says he'll reduce the basic rate of income tax to 19p next year and 18p the following year.

Speaking at a Conservative event in the sweltering Churchill War Rooms in central London, he tells his audience tax and spending has been "skyrocketing" for "too many years".

Over in Westminster, today's sitting of the House of Commons was delayed by an hour after water started pouring from the ceiling.

MPs trying to enter the chamber were turned away as staff got to work on a clean-up operation, including laying out buckets to catch drips around the green benches.

Commons Speaker Sir Lindsay Hoyle has now confirmed an air-conditioning unit was to blame for the disruption, saying he's been assured "it's safe for us to sit in the chamber."

Tax cuts have become the top topic in the Tory leadership race - but former chancellor Lord Lamont has criticised leadership hopefuls' "unfunded tax cut" promises.

Speaking on Radio 4's World at One programme he warned of spiralling debt and warned of a danger of the contest descending into a sort of "Dutch auction of tax cuts".

"There is a danger at this point when the public finances, the amount we are borrowing, is not in a strong state," Lord Lamont said.

"I'm all in favour of people putting forward tax cuts, if they say where they're going to find the money."

Chris Mason
Political editor

Image source, Reuters

So far, in short, we see the former chancellor Rishi Sunak leaping to the front when it comes to endorsements from fellow MPs.

And we see every other candidate, in one way or another, taking a potshot at him, particularly on the issue of tax.

The reason is this: by any modern comparison, tax and government spending is through the roof.

Plenty of Conservatives find this, well, un-Conservative.

And who's been chancellor for the last few years? Ah yes, Mr Sunak.

It's a useful reminder too as we hear the avalanche of aspirations that will tumble towards us in the coming hours and days.

Remember who these candidates are talking to: firstly Conservative MPs, and then members of the Conservative Party around the country.

Read more on this story here.

Speaking in his first public appearance since resigning as Conservative leader, Boris Johnson said he would not back any candidates because he doesn't want to "damage anyone's chances".

But he predicts the outcome of the leadership election will be "good".

Far from a household name, MP Rehman Chishti has been telling the BBC why he launched his bid for the Tory leadership late last night.

He's described what happened at Number 10 Downing Street in recent months as "completely unacceptable".

The Gillingham and Rainham tells BBC News: "I'll be honest with you, I've not been planning a leadership campaign for a year. Or two years. Not at all.

"I bring fresh ideas. I don't have many people working on my campaign.

"It is about self-belief, determination."

Image source, .

Image source, PA Media

Tax cuts have become the number one topic of the Conservative leadership race.

Paul Johnson, director of The Institute for Fiscal Studies - an economic think-tank - has been putting some of what we're hearing in context.

Are taxes at their highest since World War Two?

Taxes are indeed rising to their highest level since the late 1940s, says Johnson. That's partly to do with the pandemic, but mostly it's due to the growth of the "welfare state", he says, for example rising spending on the NHS over decades.

At the same time, the economy has been growing at a "feeble rate" for the last 15 years, says Johnson. Compared to other Western European countries, he says, the UK has relatively low levels of taxation and public spending.

Some candidates say that a low corporation tax rate will "pay for itself" to some degree - due to increased economic activity - is this accurate?

Corporation tax, in Johnson's view, should ideally be at a lower rate because it taxes company profits, so affects decisions on investment which can boost the economy.

While cutting corporation tax won't pay for itself, in the long-run it might have some positive impact on economic growth, he says.

He says the first ten years of Conservative government, starting in 2010, was focused on significantly cutting corporation tax during a period of austerity. But we've recently seen an "about turn" by Rishi Sunak, who as chancellor announced plans to increase it from 19% to 25%.

Could tax cuts make inflation worse?

At the moment inflation is heading towards 10%, says Johnson, and with prices rising at that rate "you don't normally want to be putting significant additional amounts of money into the economy".

Big tax cuts funded by borrowing, in the short term, might have "some small effect in the wrong direction" on inflation. It might also result in the Bank of England increasing interest rates "a little bit further and a little bit faster" than they would have done.

BBC Radio 5 Live

People from around the country have been telling BBC Radio 5 Live who they want to be the next Conservative Party leader and why.

John in Nottingham “would like to put forward Liz Truss”.

He thinks she would be “fantastic... because she finds solutions and that’s what we’re going to need”.

Lisa in Reading believes the country needs “a fresh start” so the next leader “can’t be somebody in the existing cabinet”.

Ron in Kidderminster wants to hear “how the candidates are going to deal with the serious issues that we’re facing today”.

“We’ve got the cost of living crisis and astonishingly high gas and energy prices, a horrible dependence on oil and gas from unfriendly nations - it goes on and on,” he says.

Akhila in Cambridge is a Conservative Party member and is split between Penny Mordaunt and Rishi Sunak.

She believes Mordaunt “brings integrity... and has been an inspiration for women”.

Whereas, she thinks Sunak “has the ability to unite the country and make difficult decisions and perhaps that’s what we need right now”.

You can read more about all the candidates vying to be leader here.

Image source, PA Media

It's been a busy morning as candidates set out their stall in the hope of replacing Boris Johnson as prime minister. Here's the latest:

• Prime Minister Boris Johnson says he doesn't want to "damage anybody's chances" by supporting a candidate to replace him
• In his first public appearance since resigning as Conservative Party leader, he says he's "determined" to deliver the mandate he was elected on in 2019 during his final few weeks as PM
• Labour leader Keir Starmer says the Tory candidates are in an "arms race of fantasy economics" after many pledged tax cuts
• We'll know who the final two candidates are by next Thursday, according to Bob Blackman, a member of the 1922 Committee which is organising the race
• Candidates may need as many as Tory 36 MPs (out of 358) to progress to the second round, Blackman said. We'll get more detail on this later
• Chancellor Nadhim Zahawi has again said he is being "smeared" over his finances, after newspapers reported that the authorities were looking into his tax affair
• Foreign Secretary Liz Truss became the latest big name to enter the race, pledging to cut taxes "from day one"

Later today, we'll get the full timetable of the leadership election - and find out when we'll know who will be our next prime minister.

And now here is more on what the candidates have said about taxation - and which ones they want to cut.

Image source, Reuters

Penny Mordaunt

Policy: Cut VAT on fuel in half, from 20% to 10%

Quote: "I am a small state, low-tax Conservative, but I believe in using the levers of government to support jobs and livelihoods through different economic situations."

Image source, Reuters

Tom Tugendhat

Policy: Scrap April’s National Insurance rise and reduce fuel tax

Quote: "Taxes, bluntly, are too high and there is an emerging consensus across the party that they must come down. Un-conservative tariffs, that push up prices for consumers, should be dropped."

Image source, Reuters

Grant Shapps

Policy: Freeze next year's corporation tax rise and bring forward the proposed 1p cut to income tax

Quote: "We are in a cost-of-living squeeze, the reduction - 1p off the income tax rate - should happen now.

"If I become prime minister we’ll have an emergency budget."

Kemi Badenoch

Policy: Lower taxes, but hasn't yet given specifics

Quote: "By promising too much and trying to solve every problem, politicians don’t reassure and inspire, they disappoint and drive disillusion.

"We need strong but limited government focused on the essentials."

Image source, PA Media

Rehman Chisti

Policy: Unspecified lower taxes

Quote: "For me it’s important to ensure that everyone who works hard, is determined, who perseveres - that they have a government on their side. That means lower taxes, small state, big society."

Taxation is going to be a key battleground in the Tory leadership contest.

There are two broad groups among the declared candidates, who are lining themselves up against former chancellor Rishi Sunak over the issue.

Some want tax cuts much more quickly, whereas others are trying to claim the middle ground.

Image source, Jonathan Brady/PA Wire

Rishi Sunak

Policy: He has not yet set out his economic pitch for this battle but quit as chancellor in Boris Johnson's government last week citing a major row over how and when to cut tax. There, he has overseen tax rises including the 1.25p National Insurance increase that came into effect in April and the corporation tax rise (on company profits) from 19 to 25%, which comes into effect in 2023.

Quote: "Someone has to grip this moment and make the right decisions."

Image source, REUTERS/Peter Nicholls

Liz Truss

Policy: Scrap April’s National Insurance increase immediately and cut corporation tax

Quote: "It isn’t right to be putting up taxes now."

Image source, REUTERS/Peter Nicholls

Sajid Javid

Policy: Immediate 10p cut to fuel duty, bring forward next year's planned 1p cut to income tax, scrap April’s National Insurance increase, gradually reduce corporation tax

Quote: "There are some people who believe we can’t have the tax cuts until we have growth. I don’t think that is right.

"I think you must start with the tax cuts to kick start the growth."

Nadim Zahawi

Policy: Cut corporation tax, income tax and business rates by cutting government department running costs by 20%

Quote: "It's only right that we exercise fiscal discipline when it comes to public-sector pay.

"Why? Because if we do that, we can bear down on inflation."

Jeremy Hunt

Policy: Reduce corporation tax to 15% in the autumn budget and freeze business rates for the poorest areas for five years

Quote: "I want to cut all taxes. The way we do that is to get the economy growing, get businesses paying more profits, paying more tax, investing more, employing more."

Image source, REUTERS/Phil Noble

Suella Braverman

Policy: Cut VAT on energy and reduce planned tax increases

Quote: "Get government spending under control. We must remember that every pound we spend comes out of your pocket first."