A crowded field of contenders is vying to replace Boris Johnson as the next Tory leader and prime minister. Each candidate had to receive at least 20 votes from Tory MPs by the Tuesday evening to progress to the next stage of the process.
The contest will whittle down the remaining candidates over the coming days until only two Tories remain. The final result to determine who will take over the top job is expected on 5 September.
Shortly before Tuesday's deadline, former health secretary Sajid Javid and junior minister Rehman Chishti pulled out of the race after failing to gather enough support.
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Here are the MPs who secured enough nominations to continue to the next round of the process and what they have to say on tax policy, one of the clear key issues in the contest.
Rishi Sunak
Age: 42
Experience: Two years as Chancellor of the Exchequer until he resigned on July 5 in protest at Boris Johnson’s leadership.
What did he do before politics? Hedge fund manager.
What does he say on tax? He promised to reduce the tax burden once inflation is under control. He said “it is a question of when, not if.” Sunak warned rivals promising lots more spending while lowering taxes is not credible.
Number of publicly-declared supporters as of 10am Wednesday: 48
Lowest odds: 6/4
Penny Mordaunt
Age: 49
Experience: Current Trade Minister, former Defence Secretary and International Development Secretary.
What did she do before politics? Was a magician’s assistant before a career in public relations.
What does she say about tax? She pledged to cut VAT on fuel by 50%, but insists she will maintain control of public finances.
Number of publicly-declared supporters as of 10am Wednesday: 29
Lowest odds: 13/8
Liz Truss
Age: 46
Experience: Current Foreign Secretary.
What did she do before politics? Was economist for Shell and Cable and Wireless before becoming deputy director for think tank Reform.
What does she say on tax? She pledged to cut taxes “from day one” and reverse former chancellor Sunak’s rise in National Insurance. She also promised to keep “corporation tax competitive.”
Number of publicly-declared supporters as of 10am Wednesday: 21
Lowest odds: 10/3
Nadhim Zahawi
Age: 55
Experience: Current Chancellor of the Exchequer, former Education Secretary.
What did he do before politics? Founded polling firm YouGov.
What does he say on tax? He promised to cut the basic rate income tax by 1p in 2023 and a further 1p in 2024. He pledged to abolish VAT and green levies on fuel for two years to help reduce bills.
Number of publicly-declared supporters as of 10am Wednesday: 13
Lowest odds: 66/1
Tom Tugendhat
Age: 49
Experience: Chairs the Commons Foreign Affairs Committee, backbench MP since 2015.
What did he do before politics? Served in the Army Intelligence Corps in Iraq and Afghanistan and as an adviser to the Chief of Defence Staff.
What does he say about tax? He pledged to cut fuel duty by 10p a litre and change tax incentives to encourage business investment. He confirmed the National Insurance increase would be scrapped.
Number of publicly-declared supporters as of 10am Wednesday: 20
Lowest odds: 16/1
Suella Braverman
Age: 42
Experience: Current Attorney General.
What did she do before entering politics? She was a barrister specialising in public law and judicial review cases, including defending the Home Office in immigration cases.
What does she say about tax? VAT on fuel and energy bills would be cut. Corporation tax would be reduced to attract and incentivise investment.
Number of publicly-declared supporters as of 10am Wednesday: 12
Lowest odds: 50/1
Jeremy Hunt
Age: 55
Experience: Former Foreign Secretary, Health Secretary and Culture Secretary.
What did he do before politics? Ran a marketing consultancy and then an education publishing firm.
What does he say on tax? Promised to cut corporation tax to 15% and remove business rates in the poorest areas for five years. He would keep the National Insurance increase and only reduce income tax if it was sustainable in a growing economy.
Number of publicly-declared supporters as of 10am Wednesday: 11
Lowest odds: 33/1
Kemi Badenoch
Age: 42
Experience: Former minister in the Levelling Up department and former equalities minister until she resigned on July 6.
What did she do before politics? Trained as an engineer before becoming an associate director at private bank Coutts, then moved to a senior role with the Spectator magazine.
What does she say on tax? She pledged to cut corporate and personal taxes but insists she will not be drawn into a tax bidding war over “my tax cuts are bigger than yours.”
Number of publicly-declared supporters as of 10am Wednesday: 19
Lowest odds: 10/1
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