July 16, 2024, 08:40 | Updated: July 16, 2024, 09:27
The Conservatives are expected to decide their leadership race this week, with Iain Duncan Smith tipped for a return, according to MPs.
Rishi Sunak is reportedly unwilling to stay in office for a possible early budget in September and wants to hand over the reins as soon as possible after spending time with his family.
LBC understands that Conservative Party leadership candidates are preparing to formally launch their bids before the summer recess, with a contest for MPs and members running until August.
The Conservative Party’s steering committee is expected to formalize the schedule this week.
However, several conservatives said they believed the vote should be extended until the end of the year to allow time for reflection.
The move follows a public row between Suella Braverman and Kemi Badenoch, with colleagues saying they were “unnecessarily disrupting” the Conservatives’ chances of rebuilding the party.
Oliver Dowden, the former deputy prime minister, himself is said to have stepped down from the role of interim head of government.
Iain Duncan Smith has been appointed to officially steer the ship while a new person is chosen by MPs and party members.
Friends of the former leader say he has not been officially approached for the position.
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Insiders also believe there could be a possible early budget statement in September, something Sunak is keen to avoid.
The Treasury said the date would be revealed in due course.
Robert Jenrick, Suella Braverman, Kemi Badenoch, Victoria Atkins, Tom Tugendhat and James Cleverly are among those considering leadership runs and assessing possible endorsements.
Jenrick is said to be using former leader Mark Spencer to win over MPs.
The developments follow the latest high-profile spat between Conservative leadership rivals Ms Braverman and Ms Bedenoch, a dispute described as “unnecessarily disruptive” to the Conservative Party.