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There’s no doubt who has momentum in the Tory leadership contest now.

James Cleverly pole-vaulted his rivals to first place – reaping the benefits of a well-thought-through, warm conference speech designed to make the party feel good about itself.

Politics latest: Minister refuses to apologise over viral tweet

A pitch from the Tory centre that so far appears to be appealing to all sides. Hopes in rival camps that the conference counted for little have not borne out.

But this does not by itself guarantee victory and beyond that, still nothing is certain.

One more knockout round tomorrow before the 170,000 or so members get their say, what clues are there in the results and the briefings about what happens next?

Today told us three things, as the remaining teams battle it out tonight to ensure their candidate makes it to the final two.

What did we learn:

• Kemi Badenoch is explicitly pitching to the Tory right, suggesting she is making little effort to appeal to the bulk of Tom Tugendhat’s supporters who are mostly – though not exclusively – one-nation Conservatives. Tonight in a statement she demands “the right of the Conservative Party now needs to coalesce around Kemi” – this suggests she is still trying to nibble away at Robert Jenrick backers, even though she fell behind Jenrick today. This is a particularly bold strategy given some of the ERG (European Research Group) fell out with Ms Badenoch when Rishi Sunak was prime minister.

• Robert Jenrick is losing momentum. Rival camps are capitalising on a drop in support for Mr Jenrick, from 33 MP votes in the last round to 31 votes today. However, I was told by Jenrick supporters that he would get 35-40 votes today, suggesting that he has seriously underperformed expectations. It appears the conference has done him some damage – his speech appeared less well-received than others – costing him the top spot among MPs.

• Is James Cleverly so far out in front he dares to try and engineer Jenrick as his opponent in the final round? In the YouGov poll of Tory members taken before the conference speeches, Mr Jenrick was only four points ahead of Mr Cleverly, while Ms Badenoch was further in front. Given the margins between second and third place are so small, could he “lend” some votes to get an easier opponent over the line?

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Tugendhat out of Tory leadership race

YouGov polling revealed that among the general public, Tory MPs today ejected the most popular of the contenders for the crown – Mr Tugendhat, with Mr Cleverly and Mr Jenrick tied and Ms Badenoch the least popular.

But what do the all-important Tory members actually care about?

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YouGov’s AI Topic Quantifier got Tory members to say what qualities they wanted in a leader.

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Top of the list was the members’ desire for “integrity and honesty”, and second is “conservative values”. Only a tiny fraction – 2% – wanted “winning the election.”

This underlines why it remains far from clear what the outcome will be, wherever momentum may be tonight.

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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.

Politics latest: ‘A moment of intense peril’ for PM

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.

Read more:
How did your MP vote on Labour’s welfare bill?
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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