Tom Tugendhat and Robert Jenrick join Tory leadership race as James Cleverly leads with MP endorsements - live

While the Tories are busy choosing their next party leader, the Institute for Fiscal Studies has announced that mortgage rate rises pushed an estimated 320,000 more people into poverty during their time in power.

In 2022/23, the average mortgage rate was around 2.3%, translating to interest payments of £240 per month for a household with a typical outstanding mortgage, a report from the IFS said.

“But a 10th of households faced a mortgage interest rate of at least 4.7%, equivalent to £490 per month,” it continued.

The report said official poverty measures apply a single average interest rate to all households.

Absolute poverty among mortgage holders, officially 7.9% in 2022/23, is underestimated by around 70,000 people, according to the report.

Reacting to the figures, Labour’s treasury chief secretary, Darren Jones MP, said: “People are still paying the price of the Tories’ disastrous mini-budget that sent mortgages and rents spiralling.

“Reckless Conservative choices hit family and public finances alike, leaving the worst economic inheritance since the Second World War.

“This new Labour government will take the difficult decisions to fix the foundations of our economy so we can rebuild Britain and make every part of the country better off.”

Kemi Badenoch, who has been involved in a number of high-profile clashes, is seen as a strong contender. She had a good run when she competed for the leadership in 2022, Archie Mitchell writes.

A combative former business secretary and one-time darling of the Conservative right, she was seen to have blotted her copy book, however, when she canned a pledged bonfire of EU red tape. She has yet to formally announce her candidacy but was one of seven candidates to request nomination forms for the contest.

Suella Braverman is another former home secretary, who caused a shock when she dramatically resigned from Mr Sunak’s cabinet. At the time, she warned him that his Rwanda deportation plan would fail and that he was leading the party into electoral oblivion.

Her more extreme attacks on her own party are seen as helping the chances of her opponents, including Priti Patel. And she has suffered early setbacks, with key supporters, including right-winger Danny Kruger and her long-time mentor Sir John Hayes, backing rivals instead.

Ms Braverman also requested a leadership pack – but she has also not yet formally launched her bid.

Robert Jenrick is expected to officially launch his leadership campaign next Friday.

By tomorrow, all candidates to stand in the contest will be announced with the deadline for nominations set on Monday next week.

At the rally event, the MP for Newark will launch his bid and attempt to convince Tories that he can lead the party from the opposition.

Following the Tory leadership announcement, Robert Jenrick has promised to “bring the party together” if he becomes the new leader.

Danny Kruger, his campaign manager, is expected to submit the nomination this morning.

The Tory MP said: “To have any path back to government we must win back those voters we have lost - across the board but particularly to Reform. At the same time, we have to bring our party together, united behind one set of coherent Conservative principles.

“The British people need to be convinced that we are the most responsible and competent party of government for us to have any chance of winning in 2029, especially when we know Labour are set to fail on so many important issues for our country. Rob Jenrick will do that. He has the energy, temperament and policy agenda to take on our rivals and lead us back to power in five years.”

Robert Jenrick has announced he will stand to replace Rishi Sunak as the next leader of the Conservative Party.

According to the Telegraph, he has managed to make it to the ballot paper after gathering the support of 10 Conservative MPs.

A one-time close ally of Mr Sunak, he also turned on the former PM over issues such as immigration and housebuilding in the dying days of his premiership.

Some Tory MPs, on both wings of the party, are wary of his apparent change of heart on the issue. But he is seen as someone with the politics to win back right-wing voters lost to Reform UK, with the personality of David Cameron to help the Tories win back voters lost to the Liberal Democrats in the blue wall.

He is also yet to formally kick off a campaign, but is one of the seven expected candidates who have picked up nomination papers.

Nigel Farage has accused Tory leadership candidates of only “pretending” to want to leave the European Convention on Human Rights.

The Reform UK leader said ditching the ECHR had become a priority for contenders because his party is now a political “force”.

Mr Farage has previously used his maiden speech in the Commons to call for a referendum to stop the membership.

He tweeted this morning: “ECHR membership is a Tory leadership issue because Reform are a force. The difference is we want to leave and they just pretend.”

Conservative leadership candidate Tom Tugendhat has denied that his suggestion that he would be prepared to leave the European Convention on Human Rights (ECHR) is political opportunism.

“No, I’ve been very, very clear I am prepared to make any decision that will keep the British people safe,” he told GB News when questioned about his change of tone on the issue.

“I am prepared to leave the ECHR, or indeed any other institution that doesn’t serve the interests of the British people.”

Mr Tugendhat talked up his experience as former security minister and in the armed forces, saying he has a “track record of delivery” for the British people.

With Tories starting to throw their hat in the ring, others, have decided to not run at the race.

Victoria Atkins announces she will not stand for the Tory leadership and claimed it was never her intention to put her name forward.

The former health secretary had previously left the door open for a leadership bid in the run-up to the General Election.

Ms Atkins, who held her Louth and Horncastle seat with a reduced majority, had been discussed as a contender from the more moderate wing of the party.

She was reportedly talked up by former deputy prime minister Oliver Dowden, in a leaked recording from December, as a “star” capable of leading the Tories.

But in a Telegraph article on Wednesday night she said: “I am flattered that many people in the House and beyond have asked me to stand, but it has never been my intention to run in this contest.”

Another former contender to leave the ring was Jeremy Hunt.

Having previously run for leader in 2019 and 2022, Mr Hunt has ruled himself out of having a third go.

After surviving a scare to cling on to his Godalming and Ash seat at the General Election, the shadow chancellor told GB News the “time has passed” for a further attempt.

Tom Tugendhat has emerged as an early frontrunner in the Tory leadership contest because he has the lowest negative rating with members of the public.

According to Savanta, the former security minister has a net rating of -3 with the wider public and +28 with 2024 Tory voters.

It comes in stark contrast to former home secretary Priti Patel who has scored -28 net rating with the public and +7 with Conservative voters.

The pair are among seven MPs understood to be entering their names into the race as nominations open today for contenders to replace Rishi Sunak. They are set to close on Monday with those getting the support of 10 other Tory MPs allowed to go forward.

Our political editor David Maddox has the full story: