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| George Osborne says he will not enter Tory leadership race | |
| (about 1 hour later) | |
| Chancellor George Osborne says he will not seek to replace Prime Minister David Cameron when he stands down later this year. | Chancellor George Osborne says he will not seek to replace Prime Minister David Cameron when he stands down later this year. |
| Mr Osborne said: "I don't think I can be the person to bring this party together at the moment." | |
| Meanwhile, Health Secretary Jeremy Hunt has suggested Britain could hold another vote on the EU. | Meanwhile, Health Secretary Jeremy Hunt has suggested Britain could hold another vote on the EU. |
| He said a deal should be made allowing UK access to the single market and a compromise on free movement of workers. | He said a deal should be made allowing UK access to the single market and a compromise on free movement of workers. |
| The public could then vote on the proposal via another referendum or a general election, said Mr Hunt, who BBC correspondent Chris Mason says is considering a bid for the party leadership. | The public could then vote on the proposal via another referendum or a general election, said Mr Hunt, who BBC correspondent Chris Mason says is considering a bid for the party leadership. |
| Nominations for the Conservative Party leadership will open on Wednesday and close the following day and - if the proposed timetable for the contest is approved by the 1922 committee and the Conservative Party board - a new prime minister and party leader will be in place by 2 September at the latest. | |
| Mr Cameron had said he would quit as prime minister and Conservative leader by October, after the UK voted by 52% to 48% to leave the EU. He had campaigned hard for a Remain victory. | Mr Cameron had said he would quit as prime minister and Conservative leader by October, after the UK voted by 52% to 48% to leave the EU. He had campaigned hard for a Remain victory. |
| Mr Osborne - who announced his intention not to stand in the Tory leadership race in the Times newspaper - said he could not provide the unity the party needs. | |
| Speaking on BBC Radio 4's Today programme, he said: "I was full-throttled in arguing for remaining in the EU and because half my party wanted to leave the EU I don't think I can be the person to bring this party together, at the moment." | |
| The chancellor said the right candidate to lead the party and the country was the person who is "able to articulate the clearest, crispest version of what relationship we are seeking" with the EU. | |
| His view, he said, was that the relationship should involve "the best possible terms of trade" for services and goods. | |
| Asked if believed the next leader could be someone who campaigned for Remain, Mr Osborne said: "Absolutely." | |
| But he said he was not backing any candidate "at the moment". | |
| Mr Osborne said his focus was on the UK's financial and economic situation. | |
| On the outcome of the referendum, Mr Osborne said he "regretted", but accepted, the result. | |
| He stood by his warnings of the impact of an EU exit, saying that life will "not be as rosy" outside the country "is going to be poorer as a result". | |
| He also warned there would have to be tax rises and spending cuts to safeguard the public finances. | |
| Leadership poll | |
| Writing in the Times, the chancellor also said that Mr Cameron had "sensibly delayed" triggering Article 50 - the formal notification of an intention to leave the EU. | |
| "Only the UK can do this, and we should not be rushed. It should only happen when we have a clear view of what our new relationship with our European allies should be, and this will need time and cool heads to determine." | "Only the UK can do this, and we should not be rushed. It should only happen when we have a clear view of what our new relationship with our European allies should be, and this will need time and cool heads to determine." |
| Mr Osborne also said that reports of racism towards immigrants since the Brexit vote on Thursday were "unacceptable and appalling". | |
| "We must be uncompromising in our response: this is not the British way. This is not who we are." | "We must be uncompromising in our response: this is not the British way. This is not who we are." |
| In an article for the Daily Telegraph, Mr Hunt said the UK should negotiate a "Norway plus" option for the UK with Brussels, which would see "full access to the single market with a sensible compromise on free movement rules". | In an article for the Daily Telegraph, Mr Hunt said the UK should negotiate a "Norway plus" option for the UK with Brussels, which would see "full access to the single market with a sensible compromise on free movement rules". |
| He added: "We must not invoke Article 50 straight away because that puts a time limit of two years on negotiations, after which we could be thrown out with no deal at all. | He added: "We must not invoke Article 50 straight away because that puts a time limit of two years on negotiations, after which we could be thrown out with no deal at all. |
| "So before setting the clock ticking we need to negotiate a deal and put it to the British people, either in a referendum or through the Conservative manifesto at a fresh general election." | "So before setting the clock ticking we need to negotiate a deal and put it to the British people, either in a referendum or through the Conservative manifesto at a fresh general election." |
| According to a YouGov poll for the Times, Home Secretary Theresa May is favoured by 31% of Conservative voters to become the next leader, against 24% for Mr Johnson. | According to a YouGov poll for the Times, Home Secretary Theresa May is favoured by 31% of Conservative voters to become the next leader, against 24% for Mr Johnson. |
| The Conservative leadership election rules | The Conservative leadership election rules |
| The party's 1922 committee will oversee the contest. Its executive has suggested the contest should follow the system used to elect David Cameron in 2005, which would see MPs pick two candidates to put to the wider membership. | The party's 1922 committee will oversee the contest. Its executive has suggested the contest should follow the system used to elect David Cameron in 2005, which would see MPs pick two candidates to put to the wider membership. |
| MPs wanting to stand need to be nominated by two others to get onto the ballot paper. If there are three or more candidates, a ballot or series of ballots will be held of all the party's 331 MPs to whittle down the field to two. In each round, the candidate with the fewest votes will be eliminated. | MPs wanting to stand need to be nominated by two others to get onto the ballot paper. If there are three or more candidates, a ballot or series of ballots will be held of all the party's 331 MPs to whittle down the field to two. In each round, the candidate with the fewest votes will be eliminated. |
| After that, a vote of the wider party - in which all Conservative members will have a say - will be held to choose the winner, with hustings taking place. | After that, a vote of the wider party - in which all Conservative members will have a say - will be held to choose the winner, with hustings taking place. |
| The suggested timetable is for a leader to be in place by 2 September, with nominations opening on Wednesday 29 June and closing by noon on Thursday 30 June. However, this will have to be approved by the Conservative Party's board and the 1922 committee as a whole. | The suggested timetable is for a leader to be in place by 2 September, with nominations opening on Wednesday 29 June and closing by noon on Thursday 30 June. However, this will have to be approved by the Conservative Party's board and the 1922 committee as a whole. |
| If agreed, it means the party will have a new leader in time for its autumn conference, which starts on 2 October - the deadline David Cameron had set when he announced his intention to resign. | If agreed, it means the party will have a new leader in time for its autumn conference, which starts on 2 October - the deadline David Cameron had set when he announced his intention to resign. |