Moderate Conservatives Seeking Unity Candidate To Replace Truss-ITV

Paul Brand at ITV tweets: "Understand One Nation [moderate] Conservative MPs have been meeting this morning to try and coalesce around a single candidate to replace Liz Truss. Conversations ongoing and no agreement yet. But active moves afoot to decide upon one single successor."

• The lack of a clear successor to Truss is one of the few factors that may provide the incumbent with some slim hope of remaining in office.
• Former chancellor and Truss' challenger in the summer leadership contest Rishi Sunak is seen as a potential option, and is the favourite according to political betting markets. However, he is opposed strongly by the libertarian 'Trussite' wing of the party, as well as those still loyal to former PM Boris Johnson.
• Second in the running is Leader of the Commons Penny Mordaunt. She does not carry the same political baggage as Sunak within the party, but is not viewed as much of a heavyweight politician as Sunak is.
• Broad expectations are that if this group of Conservatives can find a unity candidate, Jeremy Hunt would remain as chancellor of the exchequer.
• MPs keen to avoid a split contest that could involve multiple rounds of MPs voting or even a vote going to the party membership given the uncertainty that could spark turmoil in financial markets.