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At a late-night drinks party this week, a senior Conservative took out his metaphorical sorting hat and assigned the Tory leadership candidates into Hogwart Houses.

According to this former minister who knows them all very well, Kemi Badenoch was Gryffindor “for courage”, Robert Jenrick was Slytherin due to “ambition”, James Cleverly was “loyal” Hufflepuff and Tom Tugendhat was Ravenclaw – “book-smart”.

It was a bit of fun, but it did make a more serious point.

Former centrist Mr Jenrick had, through ambition and some cunning, managed to muscle past other contenders on the right of the party – Suella Braverman, Priti Patel – to be the frontrunner in this race.

Kemi Badenoch, who prides herself on taking on a fight, telling hard truths and wading into culture wars, is a darling of the party because of her readiness to tell it as it is: and they both came into this party conference as the two frontrunners in this race.

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But this week it has been Mr Cleverly’s approach of party loyalty, steadfastness and friendship that has gained momentum as he impressed the hall in his “fireside chat” interview with GB News’s Christopher Hope – he got a standing ovation for that – and then delivered an assured performance on the main stage in the final act of this political beauty pageant.

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The former cabinet minister came to this conference trailing behind the two frontrunners with Tom Tugendhat. He leaves with some momentum as the bookies’ odds make him second favourite behind Mr Jenrick to win the leadership race, with Ms Badenoch pushed into third place.

His team – and the man himself – are clearly very pleased with how the week has played out. “We knew we were coming in with a job to do, and we executed it. It’s gone exactly how we planned.”

Whether he makes it to the final two is anyone’s guess – this is still a very open race with a possibility that Mr Jenrick, Ms Badenoch or Mr Cleverly end up as the leader.

Mr Tugendhat looks more likely next week to be knocked out by MPs in the ballot on 9 October after a rather flat reception in the hall – but it’s all in play for the other three.

Because, for all the cunning and the courage of the frontrunners, Mr Cleverly has bolstered his chances by calling on the party to be “more normal” again and reiterating his experience.

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Tory leadership candidates final pitches

“Now is not the time for an apprentice. I’m not doing this because I want to be something. I’m doing this because I want to do something.” His pitch was traditional Tory – lower taxes, more military spend, cut red tape. His tone was friendly, optimistic and fun.

Mr Jenrick, who has set his stall on tackling migration and leaving the ECHR, has been the front runner in the first two rounds with MPs, but failed to lift the room as he delivered a speech without notes or autocue. He came into this conference ahead but failed to seal the deal.

Ms Badenoch promised to “tell the truth about our party, our politics our future” and said she would start from “first principles” to dismantle the “Blair and Brown framework of ever increasing social, economic and legal control”.

Read more:
Badenoch ‘joking’ over civil servants ‘prison’ claim

Jenrick in touching distance of Badenoch – poll

After a bumpy week caused by controversy around various remarks she’s made on the fringes of this conference – be that on maternity pay, the minimum wage or civil servants needing to be “locked up’ – she will leave pleased at least with her pitch on stage.

There hasn’t been a gamechanger this week at conference, but Mr Cleverly has certainly played the game well and inserted himself into this race in a real way.

It will be up to MPs to decide whether the former foreign secretary will make the final two – but what he has proved is that ambition, courage and cunning are not the only routes to success.

What this week has also reminded us of is what a mammoth task whoever wins will have to rebuild the party after its worst election defeat in modern history.

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SEC Chair calls tokenization an ‘innovation’ in sign of regulatory shift

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<div>SEC Chair calls tokenization an 'innovation' in sign of regulatory shift</div>

<div>SEC Chair calls tokenization an 'innovation' in sign of regulatory shift</div>

In a media interview, Chair Paul Atkins pledged to empower businesses to innovate through tokenization.

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Just 25% of public think Sir Keir Starmer will win next election – with welfare row partly to blame

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Just 25% of public think Sir Keir Starmer will win next election - with welfare row partly to blame

Only a quarter of British adults think Sir Keir Starmer will win the next general election, as the party’s climbdown over welfare cuts affects its standing with the public.

A fresh poll by Ipsos, shared with Sky News, also found 63% do not feel confident the government is running the country competently, similar to levels scored by previous Conservative administrations under Boris Johnson and Rishi Sunak in July 2022 and February 2023, respectively.

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The survey of 1,080 adults aged 18-75 across Great Britain was conducted online between 27 and 30 June 2025, when Labour began making the first of its concessions, suggesting the party’s turmoil over its own benefits overhaul is partly to blame.

The prime minister was forced into an embarrassing climbdown on Tuesday night over his plans to slash welfare spending, after it became apparent he was in danger of losing the vote owing to a rebellion among his own MPs.

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Govt makes last-minute concession on welfare bill

The bill that was put to MPs for a vote was so watered down that the most controversial element – to tighten the eligibility criteria for personal independence payments (PIP) – was put on hold, pending a review into the assessment process by minister Stephen Timms that is due to report back in the autumn.

The government was forced into a U-turn after Labour MPs signalled publicly and privately that the previous concession made at the weekend to protect existing claimants from the new rules would not be enough.

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While the bill passed its first parliamentary hurdle last night, with a majority of 75, 49 Labour MPs still voted against it – the largest rebellion in a prime minister’s first year in office since 47 MPs voted against Tony Blair’s Lone Parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.

It left MPs to vote on only one element of the original plan – the cut to Universal Credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.

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Govt makes last-minute concession on welfare bill

An amendment brought by Labour MP Rachael Maskell, which aimed to prevent the bill progressing to the next stage, was defeated but 44 Labour MPs voted for it.

The incident has raised questions about Sir Keir’s authority just a year after the general election delivered him the first Labour landslide victory in decades.

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The PM faced down his party on welfare and lost

And on Wednesday, Downing Street insisted Rachel Reeves, the chancellor, was “not going anywhere” after her tearful appearance in the House of Commons during prime minister’s questions sparked speculation about her political future.

The Ipsos poll also found that two-thirds of British adults are not confident Labour has the right plans to change the way the benefits system works in the UK, including nearly half of 2024 Labour voters.

Keiran Pedley, director of UK Politics at Ipsos, said: “Labour rows over welfare reform haven’t just harmed the public’s view on whether they can make the right changes in that policy area, they are raising wider questions about their ability to govern too.

“The public is starting to doubt Labour’s ability to govern competently and seriously at the same levels they did with Boris Johnson and Rishi Sunak’s governments. Labour will hope that this government doesn’t end up going the same way.”

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Emotional Reeves a painful watch – and a reminder of tough decisions ahead

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Emotional Reeves a painful watch - and a reminder of tough decisions ahead

It is hard to think of a PMQs like it – it was a painful watch.

The prime minister battled on, his tone assured, even if his actual words were not always convincing.

But it was the chancellor next to him that attracted the most attention.

Rachel Reeves looked visibly upset.

Chancellor of the Exchequer Rachel Reeves (right) crying as Prime Minister Sir Keir Starmer speaks. Pic: Commons/UK Parliament/PA
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Chancellor of the Exchequer Rachel Reeves (right) crying as Prime Minister Sir Keir Starmer speaks. Pic: Commons/UK Parliament/PA

It is hard to know for sure right now what was going on behind the scenes, the reasons – predictable or otherwise – why she appeared to be emotional, but it was noticeable and it was difficult to watch.

Reeves looks visibly upset as Starmer defends welfare U-turn – politics latest

Her spokesperson says it was a personal matter that they will not be getting into.

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Even Kemi Badenoch, not usually the most nimble PMQs performer, singled her out. “She looks absolutely miserable,” she said.

Anyone wondering if Kemi Badenoch can kick a dog when it’s down has their answer today.

The Tory leader asked the PM if he could guarantee his chancellor’s future: he could not. “She has delivered, and we are grateful for it,” Sir Keir said, almost sounding like he was speaking in the past tense.

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Rachel Reeves looked visibly upset behind Keir Starmer at PMQs. Pic PA

It is important to say: Rachel Reeves’s face during one PMQs session is not enough to tell us everything, or even anything, we need to know.

But given the government has just faced its most bruising week yet, it was hard not to speculate. The prime minister’s spokesperson has said since PMQs that the chancellor has not offered her resignation and is not going anywhere.

But Rachel Reeves has surely seen an omen of the impossible decisions ahead.

How will she plug the estimated £5.5bn hole left by the welfare climbdown in the nation’s finances? Will she need to tweak her iron clad fiscal rules? Will she come back for more tax rises? What message does all of this send to the markets?

If a picture tells us a thousand words, Rachel Reeves’s face will surely be blazoned on the front pages tomorrow as a warning that no U-turn goes unpunished.

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