A bit more now from Tory contender Tom Tugendhat.

Asked about originally being opposed to Brexit, but now saying he'd "unleash its advantages" as prime minister, Tugendhat commends Boris Johnson for "getting Brexit done" but says policies need to be changed in the UK Treasury to deliver its benefits - including "changing the way we invest around the country, opening up our economy and, of course, opening up trade agreements".

Image source, .

On to tax - the issue some believe will define this leadership race - Tugendhat, chairman of the Foreign Affairs Committee, reminds listeners he was "one of a few Tory MPs" who didn't vote for the most recent National Insurance tax hike.

He says the UK needs to be "going for growth" - and you can only get that, he adds, by taking the brakes off the economy.

Challenged as to what he'd say to the former chancellor, Rishi Sunak, who's said he also wants growth but doesn't believe in fairy tales when it comes to tax cuts, Tugendhat laughs and says: "I'm sure he's told Margaret Thatcher that."

Image source, PA Media

Let's hear from Tom Tugendhat - chair of the Foreign Affairs Committee - and one of the 11 Tory leadership candidates.

Speaking to BBC Radio 4's Today programme, the MP, who's received some vocal support from colleagues, defends his lack of Whitehall experience and says he offers "real world experience" instead.

"What I'm bringing is the experience of having run organisations in some of the hardest places in the world - like Helmand in Afghanistan," he says, before listing his tours as a British soldier.

Labour's Jon Ashworth, the shadow work and pensions secretary, says the tax cutting pledges proposed by Conservative leadership candidates will cause “economic chaos”.

Ashworth says Labour leader Sir Keir Starmer will today deliver a speech offering an "ambitious and optimistic plan" aimed at growing the economy.

Ashworth says this involves cutting business rates through introducing a temporary digital transaction tax, and using the proceeds to fund the cuts.

Labour will set out plans to invest in mental health services through the proceeds from imposing VAT on private school fees, he says.

Ashworth says the party is also focused on employment reform and investing in science, research and development and industry.

He tells BBC Radio 4's Today programme: "I think that contrasts starkly with the total of £200bn worth of unfunded tax cuts we've seen from this parade of conservative candidates for the leadership tax cuts."

A lot of mud being flung already in race to replace Johnsonpublished at 07:24 British Summer Time 11 July 2022

07:24 BST 11 July 2022

Nick Eardley
Political correspondent

We're up to 11 candidates now and it could be 12 by the end of the day - Home Secretary Priti Patel was weighing up her options last night, I'm told she was 50/50 on whether to go for it or not.

I think tax is going to be the defining issue of this campaign, with a lot of Conservative MPs frustrated at how high the tax burden is, and it's roughly breaking down into three camps at the moment...

You have Rishi Sunak defending his legacy as chancellor, saying 'politicians can't tell the public fairy tales and need to be realistic about when we can cut taxes'. So he's a medium-term tax cutter.

You have those in the middle, like Jeremy Hunt, who are saying 'let's cut business tax now but wait to cut personal taxes' like income tax or VAT.

And then you have those on the hawkish wing - the likes of Sajid Javid and Liz Truss - who are saying 'let's cut tax now'.

Image source, .

We'll find out the final rules of the leadership contest today but it looks highly likely that candidates will need the backing of around 20 MPs to even get on the ballot later this week, so that could see the 11 or 12 down to seven or eight pretty quickly.

Tory MPs will then vote over the next couple of weeks to whittle that list down to two.

Rishi Sunak is the strong favourite to get onto that final shortlist at the moment - the competition is really to be the candidate defining yourself as not Rishi Sunak - but there seems to be a lot of mud being flung already so a lot could change.

News of Liz Truss throwing her hat into the ring means the list of people gunning to be the new Conservative leader has grown to 11.

Here's a reminder of all the names:

• former equalities minister Kemi Badenoch
• Attorney General Suella Braverman
• newly-appointed Foreign Office minister Rehman Chishti
• former health secretary Jeremy Hunt
• former health secretary Sajid Javid
• Trade Minister Penny Mordaunt
• Transport Secretary Grant Shapps
• former chancellor Rishi Sunak
• Foreign Secretary Liz Truss
• backbencher Tom Tugendhat
• Chancellor Nadhim Zahawi

Tory backbenchers are due to meet later today to finalise the rules and timetable for the contest.

Image source, .

Jonathan Blake
BBC political correspondent

This wide field of candidates could be narrowed down significantly within days.

Conservative backbenchers will meet on Monday to finalise the rules and timetable for the contest.

They're likely to set a relatively high bar for the number of confirmed supporters needed to enter the first round of voting among MPs.

The hopefuls will then have to scramble for backers before nominations close, likely on Tuesday evening.

A final two are expected to be chosen by the start of Parliament's summer break on July 21st.

Then it's over to the Conservative Party membership to pick the winner and our next prime minister.

Tax has emerged as the key pledges for many of the candidates, but questions have been raised about how they will be paid for.

Read more from Jonathan Blake here

Image source, Reuters

Foreign Secretary Liz Truss has become the latest big name to announce her bid for the Tory leadership, in a move many had been anticipating for days.

Declaring her plans in the Daily Telegraph, external, Truss pledged to start cutting taxes "from day one", including slashing corporation tax, reversing the National Insurance hike and reforming business rates.

"Colleagues know I mean what I say and only make promises I can keep. I can be trusted to deliver", Truss said last night, adding she would "fight the election as a Conservative and govern as a Conservative".

The newly-appointed Foreign Office Minister Rehman Chishti also declared his candidacy on Sunday.

Good morning and welcome to our live coverage as the race to replace Boris Johnson as prime minister and Conservative party leader continues.

Stick with us as we'll be bringing you all the latest developments throughout the day.

But first, here’s a recap of what’s been happening:

• A total of 11 candidates are now in the running to become leader of the Conservative party: Liz Truss, Kemi Badenoch, Penny Mordaunt, Rehman Chishti, Sajid Javid, Jeremy Hunt, Grant Shapps, Nadhim Zahawi, Suella Braverman, Tom Tugendhat, and Rishi Sunak
• The 1922 Committee of backbench Tory MPs will meet on Monday to decide the timetable and rules of the leadership race
• Over the weekend, a number of candidates set out competing tax plans as a core element of their proposal, as well as restoring trust in the government
• Truss indicated that she would echo her rivals in planning to slash corporation tax, reverse the National Insurance hike and reform business rates
• Labour have reiterated their pledge to call a no confidence vote tomorrow if the prime minister doesn't leave No 10