We're finishing our live coverage of the leadership race for now.

Here's a round-up of today's developments:

• Both Rishi Sunak and Liz Truss gave their first broadcast interviews since making the final shortlist
• Liz Truss spoke to Radio 4's Today programme. She said the past 20 years of economic policy haven't delivered growth, that she was wrong to vote remain in the Brexit referendum, and that she had wanted Johnson to stay on in No 10
• Rishi Sunak told LBC why he thinks tax cuts are bad for families in the long run, said he helped to avert a December lockdown, defended himself against "backstabber" claims and said "evidence shows" the Tories would lose the next election if Liz Truss was at the helm
• YouGov released its latest poll, external, showing Truss is leading Sunak by 62% to 38% among Tory members, a 24-point lead
• The Institute for Fiscal Studies said Truss's plans to cut taxes would cost at least £30bn and "likely" break the existing fiscal rules
• A video of Liz Truss giving an anti-monarchist speech at a Liberal Democrats conference in 1994 continues to haunt her, with the Lib Dems having some fun with it in an email to the media today
• Outgoing PM Boris Johnson released a ministerial statement , externaldetailing what he says are his government's achievements since 2019 - "Brexit, COVID, public services, the economy, and the world stage"

Today's live page editors were Owen Amos, Emma Owen and Jeremy Gahagan. The writers were Marita Moloney, Andrew Humphrey, Laura Gozzi, Jack Burgess, Sam Hancock, Aoife Walsh, Catherine Evans, Tiffany Wertheimer and Nathan Williams.

Image source, Reuters / PA Media

Stepping back a second, what do we know about the two remaining in the race?

Rishi Sunak launched his leadership bid with a focus on the economy, ruling out tax cuts before public finances improve. He accused rivals, including Truss, of spouting “fantasy economics” in their campaigns. He's now gone as far as saying Truss would lose a general election to Labour.

Despite his reputation being dented by a controversy over his wife's tax affairs – and being fined for breaching lockdown rules – Sunak came out on top in every round of voting by MPs. His backers include Deputy PM Dominic Raab, Transport Secretary Grant Shapps and former health secretary Jeremy Hunt.

Image source, .

Liz Truss, on the other hand, has promised immediate tax cuts, a reversal of the national insurance hike introduced by Sunak, and a long-term commitment to reducing the size of the state. She says the economic policies pursued for the last 20 years have not delivered growth.

Popular among Conservative Party members, Truss secured early backing from Boris Johnson loyalists including Nadine Dorries, the culture secretary, and Jacob Rees-Mogg – as well as staunch Brexiteer Suella Braverman - despite the fact Truss voted Remain in the 2016 referendum.

Image source, .

Back to Liz Truss now, and when she spoke to the BBC's Today programme this morning, presenter Nick Robinson asked her if she could name one leading economist who supported her assertion that her tax cut plans wouldn't increase inflation.

She could, and his name is Patrick Minford, who she said had explained how cutting taxes could solve the cost of living crisis.

And this evening Mr Minford backed her up, telling Radio 4's PM programme that "I support the policies, they're sound".

"If you stimulate innovation, business innovation by keeping corporation tax down, and don't put up National Insurance contributions, which raise wage costs, you're having quite a stimulative effect on the supply side."

Image source, PA Media

If you're just joining us, Rushi Sunak has just taken part in his first broadcast interview since making the final two in the Tory leadership race.

Here's a recap of what he said during his chat with Andrew Marr on LBC:

'I'm best placed to beat Labour'

• The former chancellor said he should take on Keir Starmer, adding that "all the evidence we have today" suggests that Liz Truss would fail to win an election

'Another lockdown averted'

• Sunak says he averted a national lockdown last December. A press conference to announce it was "hours away" and he successfully fought to stop it.

'Common sense Thatcherite on taxes'

• Sweeping reforms to drive growth are needed before lowering taxes, Sunak said, as he reiterated his plan to cut personal taxes once inflation is more manageable.

'Honest about challenges'

• The next prime minister must restore trust in government, and promises need to be delivered, he said. When it comes to the difficulties facing people, such as cost of living surges, he has shown that he will act to help people get through.

Image source, PA Media

When asked what he would say to those who accuse him of being a "backstabber", Sunak says: "I worked closely with the PM for last two and a bit years and I'm very proud of many things we achieved," and says he is "sorry" he had to resign: "it's not a decision I took lightly."

On Johnson's legacy, Sunak says that he believes he was the only one person who could do what he did - break the Brexit deadlock and deliver the election victory, but that eventually "it got to a point where enough was enough."

Sunak adds that re-appointing a new ethics adviser would definitely be one of the first things he would do as prime minister, and does not rule out asking Lord Geidt to return to his post - although he says the conversation hasn't taken place.

"Restoring trust is what I want to bring to the job, and the first thing I would do is put in place structures and accountability so that all of you can have faith that the system will work," Sunak says.

Sunak goes on to address the reason the leadership contest came about in the first place, which he says was caused by a "breakdown in trust".

He says the next prime minister will need to restore faith in the government and be honest with people and the challenges that lie ahead.

It's also about discussing the change that he can bring as PM, while not promising things that can't be delivered, he adds.

"The biggest part of rebuilding trust in government and politicians is to deliver the things that they say," he says.

"I don't want to promise things that I don't believe can be delivered to make my life easier."

Next up is a series of questions on some wider policies:

• On the Rwanda migration policy, Sunak says he wants to make it work and for the UK to "take control of our borders"
• A listener wants to know if he had ever opened and used offshore banking trusts in a tax haven. Sunak answers "no"
• He says the only issue that his children to talk to him about is climate change, and he is committed to the government's target to tackle the crisis
• He says onshore windfarms are "tricky" but offshore is incredibly successful at providing cheap energy

Image source, PA Media

Sunak now discusses his background and faith, saying he is a practising Hindu and visited his local temple a few weeks ago in Southampton.

"Every year our family takes care of a lunch and we cook for everybody. It was really nice to be back home," he says.

"And I did the equivalent of a Sunday school when I was younger, and I went to go and see the kids who were doing it now and have a chat with them. Those are my roots. That's where I came from."

Sunak goes on to talk about the opportunities available to his parents when they moved to the UK from east Africa 60 years ago.

"I want to spread that same opportunity to millions of other children and grandchildren," he says.

Image source, Reuters

Sunak reveals that last December he flew back from a government trip overseas "to stop us sleepwalking into another national lockdown" due to the Omicron variant.

A press conference to announce a lockdown was "hours away" and he successfully fought to stop it, he says.

Sunak says he returned to the UK and "fought very hard against the system... I'm glad I won the argument. It shows I'm prepared to push hard for the things I believe in even, when it's difficult."

Next, income tax, and Marr raises the fact that Sunak offered a penny off income tax in two years' time. Sunak responds that another cut will be delivered over the term of the current government.

"It's consistent with us making sure we get a grip of inflation and not making the problem worse, because I want to put more money in the pocket," he says.

Sunak goes on to talk about the cost of living support available, saying: "One of the last things I did as chancellor was stand up and announce a significant amount of support to help everybody get through the autumn and winter, because we knew that energy bills were going to rise substantially to around £3000.

"And on average, that's about £1000 extra this year on people's energy bills than they had to pay last year.

"It's an enormous sum of money and the support that we've announced put around £1200 in the pockets of the most vulnerable."

Image source, @LBC

Now the former chancellor is asked about Brexit, he says voting Leave was the "right thing to do". He also says there are two concrete things he would do as PM which are made possible as a result of Brexit.

Setting up free ports around the country would be a priority, says Sunak. The free ports that can be created now that the UK has left the EU are "more supportive of growth and investment", he says, using the example of Teesside "which is already attracting companies like GE".

Financial services is another sector which Brexit will boost, he adds.

"People think of financial services as the City, when in fact two thirds of it is based outside London and the South East... A sweeping set of reforms on financial services regulations that put power back here from Brussels is about to be introduced in Parliament."

"Financial services regulations can unlock tens of billions in capital that can then be invested around the UK in real businesses - while free ports can create tens of thousands of well paid jobs where we need them," he says.

Rishi Sunak has previously described himself as following the principals of Margaret Thatcher, but Andrew Marr wants to find out what that means.

Marr says that the rise in Corporation Tax doesn't sound very Thatcherite, but Sunak counters that even with an increase to 25% the UK would still have lower Corporation Tax than many developed nations.

Sunak says he embodies Thatcherism in his aspiration to introduce "sweeping sets of reforms" that will "drive growth".

He also says that Thatcher "gripped inflation" before lowering taxes and he would follow her example to deliver tax cuts that create growth, without increasing inflation.

Image source, .

The former chancellor has always been cautious of tax cuts, and is asked about the impact of borrowing £30bn for unfunded tax cuts – he says a “huge borrowing spree would only make it worse”.

“I do want to cut taxes, but do it in a way that delivers what we want and isn’t inflationary,” he says.

He’s worried that cutting taxes could "embed" the current inflation which will “make families poorer”.

"Debt and borrowing is not a good thing, we should try and avoid it”, he adds.

Image source, LBC

Rishi Sunak's first question from Marr is whether he can beat Labour in the next general election.

The former chancellor responds that it's "pretty clear" he is the best placed person to take on Keir Starmer, adding that he has the experience to handle difficult situations and give people a glimpse of a radical government that can deliver on its promises.

He says he shares Tory Party members' values as he was brought up in a household where family, work and education are prioritised.

Sunak does not respond when asked why Liz Truss is not the right person to lead the party, adding that he would prefer to focus on his own campaign.

Image source, .

Rishi Sunak has just joined Andrew Marr on LBC for his first broadcast interview since entering the leadership race.

Stay with us as we bring you the latest updates.

Image source, .

Former cabinet minister Theresa Villiers, a backer of Rishi Sunak, says it was "painful for a Conservative to watch" parts of ITV's leadership debate - where the rivals clashed and got personal - and wants to see a "positive" tone to the contest going forward.

She says Sunak and Truss are "two great candidates" but thinks Sunak would be "a fresh start", despite serving in Boris Johnson's cabinet, she adds he would make a better prime minister.

Villiers also says Sunak would "take a Thatcherite approach" by aiming to reduce taxes but only when the country can afford to do it.

Image source, Reuters

We'll soon be hearing from Tory leadership hopeful Rishi Sunak.

In his first broadcast interview since the contest began, the former chancellor will be speaking to Andrew Marr on LBC at 18:00 BST.

Stay with us as we bring you the latest updates.

Liz Truss is currently beating Rishi Sunak 62% to 38% in the race to replace Boris Johnson as prime minister and Conservative party leader, according to a fresh poll.

A new YouGov poll found 31% of Tory members plan to vote for Sunak and 49% intend to vote for Truss. The poll found 15% don’t yet know how they will vote, while 6% say they will abstain.

This means the foreign secretary is leading by 62% to 38% among those who will vote, a 24-point lead.

Ben King
Business reporter, BBC News

Image source, Reuters

Liz Truss's plans to cut taxes would cost at least £30bn, "likely" breaking the existing fiscal rules, the Institute for Fiscal Studies (IFS) has said.

Truss has promised to cut the health and social care levy - a 1.25% rise in national insurance, cancel a planned increase in corporation tax from 19% to 25%, and suspend the "green energy levy" added to energy bills.

The fiscal rules - which were introduced by Rishi Sunak when he was chancellor - commit the government not to borrow to fund current spending (as opposed to investment), and to have the national debt falling as a percentage of national income, after three years.

Based on current forecasts the government could cut around £30bn and still meet those rules, but given that the forecasts are subject to "a huge amount of uncertainty" and the planned cuts would cost at least £30bn, the IFS judges that the rules are "likely" to be broken.

Truss told BBC Radio 4's Today Programme "the tax cut plans... are affordable within our current fiscal rules, so we would still see debt falling after three years".

Esme Stallard
BBC News, Climate change reporter

Image source, Getty Images

Energy independence for the UK is one key battleground in the Tory leadership contest.

Just yesterday Rishi Sunak’s camp released an Energy Sovereignty Strategy with a new legal target for the UK to be energy independent by 2045.

Then, this morning, Liz Truss told BBC Radio 4 she wanted to “unleash the gas supplies that we have in this country in the North Sea”. But would this make the UK more independent?

The UK has been a net importer of energy since 2004 - in 2020 imports accounted for over half of UK gas supply., external This increased reliance on imports has followed various closures of oil refineries and extraction sites.

An increase in extraction of oil and gas in the UK’s fields could, in principle, reduce the need for imports but this is assuming that the fuel would get sold domestically.

The North Sea fields are run by private or state-backed companies, such as Chinese firm CNOOC, and therefore the UK government does not have control as to where the energy is sold. In fact, 24% of 2020’s natural gas production, external in the UK was exported – mainly to Europe.

Sunak and Truss will also need to demonstrate they can achieve the existing target to fully decarbonise – not produce carbon dioxide – from the UK’s electricity grid by 2035.