London politics latest LIVE: Liz Truss vows to cut tax ‘on day one’ as she joins leadership race

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London politics latest LIVE: Liz Truss vows to cut tax ‘on day one’ as she joins leadership race

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he timetable and rules of the contest to replace Boris Johnson as leader of the Conservative Party and prime minister were announced on Monday evening.

Sir Graham Brady, chair of the 1922 Committee of backbench Tory MPs, said nominations would open and close on Tuesday.

A first ballot of Conservative MPs will be held on Wednesday with a second vote taking place on Thursday, he said.

Crucially, he also announced that each candidate would need at least 20 nominations from fellow Tory MPs to make it onto the first ballot – a higher number than in previous contests.

It comes after one of the contenders to replace Mr Johnson, Sajid Javid warned the Conservatives face “electoral oblivion” if they do not change.

Launching his bid to be prime minister on Monday, the former health secretary said: “Over the last couple of years, our reputation on most values and policies has slid away. 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.”

So far 11 Tory MPs have put themselves forward for the top job following Boris Johnson’s resignation last week – with Home Secretary Priti Patel set to decide whether she’ll join the race. Earlier, Liz Truss joined the bidding war, vowing to cut taxes “from day one” and scrapping the NI hike that hit in April.

Live updates

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Sir Graham Brady: ‘We didn’t want a cast of thousands’ in tory election

The chairman of the 1922 Committee Sir Graham Brady said the rule changes to raise the bar on who can enter the contest to electa new tory leader was to ensure there is “not a cast of thousands” entering the race.

He told Sky News that lifting the number of MPs required to back a candidate from eight to 20 in the first round would slim the field.

“We want to make sure we don’t have cast of thousands”, he said.

He added that there would be no hustings in the first round of voting but there would be for the second.

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Nominations for next Tory leader to close on Tuesday

Sir Graham Brady, chairman of the 1922 Committee, said nominations to be leader of the Conservative Party will close on Tuesday.

He said the first ballot will take place on Wednesday and candidates will be expected to have 20 supporters, including their proposer and seconder.

The names of the proposer and seconder will be made public.

Candidates must win at least 30 votes from party colleagues to progress.

A second ballot is planned for Thursday.

If the number of candidates has not then been narrowed down to two, ballots are expected to begin again on Monday next week.

Sir Graham said the new leader would be announced on September 5 but would not say when the final vote would take place.

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Final result to be announced on September 5, says Sir Graham Brady

Sir Graham Brady has said the final result of the Tory leadership contest should be announced on September 5 after a run-off between the final two candidates in a postal ballot of party members.

The first ballot of Tory MPs in the election of a new leader will take place this Wednesday with candidates requiring the support of 20 MPs to stand, the chairman of the 1922 Committee said.

So far, 11 Tory MPs have thrown their hat in the ring to be the next leader of the Conservative Party and Prime Minister.

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Governor of Bank of England says Nadhim Zahawi wrong to promise tax cuts in media round

The Governor of the Bank of England has said he does not agree with Chancellor Nadhim Zahawi for promising tax cuts in media interviews.

Andrew Bailey said that there are some things that should only be said when the Chancellor is announcing a Budget.

Mr Bailey was being quizzed by MPs, including over the promises made by Mr Zahawi to cut income tax by 2p over the next two years as part of his campaign to become the next Tory leader.

He said: “I don’t like offering views on the constitution, but I don’t think things that should be done in Budgets can ultimately be done outside Budgets but, obviously, all of you have all sorts of views on these matters.”

Mr Zahawi is one of many candidates vying to cut taxes if they become the next prime minister.

Others, including Attorney General Suella Braverman, Foreign Secretary Liz Truss and former foreign and health secretary Jeremy Hunt, have also promised to reduce taxes.

Former minister Robert Jenrick, who is backing Rishi Sunak for the top job, on Monday criticised the candidates for “announcing fantasy tax cuts to help get through a leadership election, I think, is unwise”.

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Tory MP warns Jacob Rees-Mogg to stay out of election race

Tory MP Steve Baker warned Cabinet minister Jacob Rees-Mogg against standing in the Tory leadership contest, warning he would fail to win a general election.

The campaign manager for Attorney General Suella Braverman told BBC Radio 4’s PM programme: “There’s a danger of fragmentation.

“Kemi Badenoch has decided to stand, I’m afraid as much fond as I am of Kemi, it’s a bit improbable.

“She hasn’t been in the Cabinet; Suella has been in the Cabinet and without Cabinet experience it’s difficult to see that somebody – while we’re in power – should become prime minister.

“There is a grave danger of fragmentation, Priti (Patel, the Home Secretary) is standing, Jacob is apparently standing.

“We’ll see whether he actually does. I love Jacob like a brother but he wouldn’t win a general election, I’m quite sure, so I hope to dissuade him, amongst others. It’s a nonsense to have candidates standing all over the place.”

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Sajid Javid grilled over tax affairs at Tory leadership campaign launch

Sajid Javid was repeatedly challenged about his personal tax affairs.

The Tory leadership hopeful has previously disclosed that for six years while working as an international banker and before entering politics he was non-domiciled for tax purposes.

But under questioning from reporters he refused to give details of which jurisdictions he paid taxes in.

At his leadership launch he said: “I believe I’ve been open and transparent about this. I’ve set out before this campaign that, because… before politics my job was an international job, I travelled a lot.

“I lived in the (United) States, I lived in the UK, I lived in Singapore, I was tax resident in different countries, as part of my job, it had an impact on my statuses. That’s not unusual.

“I had a tax adviser, accountants that would help me with my international taxes, I moved around a lot.

“And the test for me was to make sure that whatever you do, when it comes to your taxes, your personal tax affairs, that is always correct, proper, within all the rules, and that was met at all times.

“So I am perfectly happy about that. And I am certain that I’ve never had an issue with HMRC. I’ve never had a tax investigation. I’ve always been transparent, fully transparent, with the tax authorities.”

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Sajid Javid will hold daily press briefings if he becomes PM

Sajid Javid said he will hold briefings for the media on a daily basis after Boris Johnson ditched the idea.

Asked at the launch of his campaign if he would carry out the briefings he replied “yes”.

The briefings were to be run by Allegra Stratton, who resigned over the parties held at Downing Street.

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Sajid Javid ‘feels the heat’ as launches Tory leadership campaign

Sajid Javid launched his Tory leadership campaign in a sweltering conference room where he mopped his brow and told assembled journalists “it’s hot in here”.

He launched his bid to be Prime Minister by issuing copies of his economic plan and fielding questions on his vision for Britain.

On development in London he hinted at more skyscrapers saying: “I think we can sensibly build upwards”. He also said tax cuts were needed to boost growth.

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Sajid Javid says Tories faced ‘electoral oblivion’ under Boris Johnson

Sajid Javid has warned that the Conservatives face “electoral oblivion” if they do not change.

Launching his bid to be prime minister, the former health secretary said: “Over the last couple of years, our reputation on most values and policies has slid away. 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.”

Mr Javid added 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.”

He said: “We cannot be complacent about the situation we are now in. This is a ‘wake up and smell the coffee’ moment.”

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Sajid Javid says Tory leadership race ‘’cannot become like Game of Thrones’ as he launches bid to be leader

Sajid Javid appealed for Tory leadership contenders to play fair in the race or risk the process descending into a ‘Game of Thrones’ like battle as he also issued a pledge to cut taxes and an economic plan.

He said at a campaign launch: “Today I’m launching my new Conservative economic plan. This is a substantive document. If we can’t grow our economy we can’t get a hearing on any other issue. We need tax cuts for growth. We are not owed a prosperous future.”

He said: “We have to unite our best ideas and best people … the public want to see less personalities and more plain old getting on with the job. Let’s come out of this as one team. We are the most successful multi-racial democracy in the world.”