Rifkind pulls out – Cameron’s price eases

As had been widely predicted the former Foreign Secretary who returned to the House in May after a gap of eight years, Sir Malcom Rifkind, has pulled out of the Tory leadership race.

He said he wanted the party to be led by a One Nation Conservative which is thought to mean that he will line up behind his cabinet colleague in last Tory Government, Ken Clarke.

The move makes next Tuesday’s first ballot of MPs even more significant because the bottom of the poll will automatically be dropped. If Rifkind had stayed he would undoubtedly have come bottom and the initial voting could have been seen as very much a taking of the temperature. Those who had signed up for Davis would have been able to see whether the pledged levels of support were actually forthcoming. Now they will not have that comfort.

The reaction of the betting markets has been an easing of the David Cameron price – now back at more than evens at 1.04/1.

Mike Smithson