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Conservative Party deputy chair Matthew Vickers has resigned from his role in order to back Robert Jenrick in the Conservative Party leadership contest.

Mr Vickers also serves as shadow policing minister, but does not need to stand back from this role to declare his support for a candidate.

However, Conservative Campaign Headquarters (CCHQ) is remaining neutral in the contest, which is why Mr Vickers is standing down from his role there.

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He was first appointed to the deputy chairmanship in 2022 but has decided to stand down as he believes it is important to declare his support for the Newark MP.

The decision was made after he chaired a leadership hustings for northern Tory members.

All candidates except for Kemi Badenoch attended, as she was on holiday with her family.

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Mr Vickers said: “On Saturday, I chaired the northern hustings of the leadership contest.

“All the candidates were good, but Robert Jenrick was the standout. This process really matters – we have a mountain to climb and need a leader that can bring us back in one term. Having heard him up close, I firmly believe that that’s Robert.

“He had the clearest diagnosis of why we lost, and set out the most compelling vision for how we change, rebuild and win again.

“Of course, he is a strong communicator, but he crucially has the credibility we need to earn back the public’s trust.”

Mr Jenrick said: “It’s great to have the backing of such a well-respected Conservative campaigner and champion for levelling up in the North East.

“As we rebuild in opposition, we must return to our roots as a truly national party – of and for the entire country – mission-focussed on spreading opportunity to every corner of the UK.”

Pic: PA
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Mr Jenrick is one of six people running to replace Rishi Sunak. Pic: PA

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In previous leadership elections, Mr Vickers backed Rishi Sunak.

He is currently the MP for Stockton West, and was first elected to parliament in 2019 for the seat of Stockton South.

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According to a poll of 805 Tory party members carried out between 2 August and 12 August, James Cleverly is the most popular candidate to be the next party leader, with 26% supporting him.

He was followed by Dame Priti Patel on 20%, Ms Badenoch on 14%, Tom Tugendhat on 11%, Robert Jenrick on 10% and Mel Stride on 4% in the poll from Techne UK.

However, previous surveys have thrown up other results – and a consensus on a favourite has not emerged.

The current slate of six candidates will be narrowed down through votes among Tory MPs at the start of next month, until just four remain.

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They will take part in a “beauty contest” at the Conservative Party conference between 29 September and 2 October, with MPs voting again to whittle the contest down to two.

At this point, the whole Conservative membership will vote on the head to head, with a final winner to be declared on 2 November.

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Crypto treasuries top $100B for Ethereum’s 10th anniversary: Finance Redefined

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Crypto treasuries top 0B for Ethereum’s 10th anniversary: Finance Redefined

Crypto treasuries top 0B for Ethereum’s 10th anniversary: Finance Redefined

Ethereum’s 10th anniversary celebration was marked by an uptick in institutional demand for Ether as an alternative treasury reserve asset, prompting Wall Street to look past Bitcoin.

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Hong Kong stablecoin stocks slide as new rules take effect, experts see healthy reset

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Hong Kong stablecoin stocks slide as new rules take effect, experts see healthy reset

Hong Kong stablecoin stocks slide as new rules take effect, experts see healthy reset

Stablecoin-linked stocks in Hong Kong plunged by double digits amid the city’s new regulatory transition, but experts say it’s a healthy correction.

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Chancellor Rachel Reeves dodges wealth tax calls from predecessor

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Chancellor Rachel Reeves dodges wealth tax calls from predecessor

Chancellor Rachel Reeves has dodged calls from her predecessor Anneliese Dodds for a wealth tax to be considered ahead of this autumn’s budget.

When Sir Keir Starmer became Labour leader in 2020, Ms Dodds was his first pick for shadow chancellor. However, she did not last long and was replaced by Ms Reeves, who then got the government job after last year’s election win.

Speaking to the Sky News political editor Beth Rigby on the Electoral Dysfunction podcast, Ms Dodds said she had examined wealth taxes when she was briefly in the shadow chancellor job and how one could be implemented.

She said: “I would hope the Treasury is considering that kind of evidence, as well as other changes that have been put forward.”

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‘Rachel Reeves would hate what you just said’

Asked today if about Ms Dodds’ intervention, Ms Reeves said: “Decisions around tax are decisions that are made at a budget and we’ll make those decisions in the appropriate way, but the number-one priority of this government is to grow the economy.

“And that means bringing more investment into Britain, creating more good jobs paying decent wages here in Britain.

Listen here to hear Ms Dodds’ full comments:

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“We’ve got to get the balance right on taxation because we want that investment, we want those jobs to come here.

“That’s why we’re reforming the planning system, secured three trade deals in the first year of this Labour government, cutting back on unnecessary regulation, and reforming our pension system to unlock money for businesses to be able to invest here in the UK.”

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What is a wealth tax?

The government’s financial position is stretched ahead of the next budget, due at the end of autumn.

Ms Reeves has committed herself to not changing her fiscal rules, leaving little wiggle room to avoid tax rises or spending cuts.

This is due to the government’s inability to save money through policies like welfare reform, which were gutted due to a rebellion of backbench Labour MPs.

Last week, Business Secretary Jonathan Reynolds branded the suggestion of a wealth tax “daft” – but he has less influence over the writing of the budget than the chancellor.

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Meanwhile, reports from the Daily Telegraph suggested that Deputy Prime Minister Angela Rayner backed increasing taxes, including reinstating the pensions lifetime allowance and a higher corporation tax level for banks.

Ms Dodds also wants to see those considered.

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