The timetable and rules of the contest to replace Boris Johnson as leader of the Conservative Party and prime minister were announced on Monday evening.
Sir Graham Brady, chair of the 1922 Committee of backbench Tory MPs, said nominations would open and close on Tuesday.
A first ballot of Conservative MPs will be held on Wednesday with a second vote taking place on Thursday, he said.
Crucially, he also announced that each candidate would need at least 20 nominations from fellow Tory MPs to make it onto the first ballot - a higher number than in previous contests.
It comes after one of the contenders to replace Mr Johnson, Sajid Javid warned the Conservatives face “electoral oblivion” if they do not change.
Launching his bid to be prime minister on Monday, the former health secretary said: “Over the last couple of years, our reputation on most values and policies has slid away. Too many people now believe that Labour are fit to govern. Some of them say that Labour are more competent and even more likely to cut taxes.”
So far 11 Tory MPs have put themselves forward for the top job following Boris Johnson’s resignation last week - with Home Secretary Priti Patel set to decide whether she’ll join the race. Earlier, Liz Truss joined the bidding war, vowing to cut taxes “from day one” and scrapping the NI hike that hit in April.
Sir Graham Brady: ‘We didn’t want a cast of thousands’ in tory election
20:17 , John Dunne
The chairman of the 1922 Committee Sir Graham Brady said the rule changes to raise the bar on who can enter the contest to electa new tory leader was to ensure there is “not a cast of thousands” entering the race.
He told Sky News that lifting the number of MPs required to back a candidate from eight to 20 in the first round would slim the field.
“We want to make sure we don’t have cast of thousands”, he said.
He added that there would be no hustings in the first round of voting but there would be for the second.
Nominations for next Tory leader to close on Tuesday
20:02 , Elly Blake
Sir Graham Brady, chairman of the 1922 Committee, said nominations to be leader of the Conservative Party will close on Tuesday.
He said the first ballot will take place on Wednesday and candidates will be expected to have 20 supporters, including their proposer and seconder.
The names of the proposer and seconder will be made public.
Candidates must win at least 30 votes from party colleagues to progress.
A second ballot is planned for Thursday.
If the number of candidates has not then been narrowed down to two, ballots are expected to begin again on Monday next week.
Sir Graham said the new leader would be announced on September 5 but would not say when the final vote would take place.
Final result to be announced on September 5, says Sir Graham Brady
20:01 , Elly Blake
Sir Graham Brady has said the final result of the Tory leadership contest should be announced on September 5 after a run-off between the final two candidates in a postal ballot of party members.
The first ballot of Tory MPs in the election of a new leader will take place this Wednesday with candidates requiring the support of 20 MPs to stand, the chairman of the 1922 Committee said.
So far, 11 Tory MPs have thrown their hat in the ring to be the next leader of the Conservative Party and Prime Minister.
Governor of Bank of England says Nadhim Zahawi wrong to promise tax cuts in media round
18:35 , John Dunne
The Governor of the Bank of England has said he does not agree with Chancellor Nadhim Zahawi for promising tax cuts in media interviews.
Andrew Bailey said that there are some things that should only be said when the Chancellor is announcing a Budget.
Mr Bailey was being quizzed by MPs, including over the promises made by Mr Zahawi to cut income tax by 2p over the next two years as part of his campaign to become the next Tory leader.
He said: “I don’t like offering views on the constitution, but I don’t think things that should be done in Budgets can ultimately be done outside Budgets but, obviously, all of you have all sorts of views on these matters.”
Mr Zahawi is one of many candidates vying to cut taxes if they become the next prime minister.
Others, including Attorney General Suella Braverman, Foreign Secretary Liz Truss and former foreign and health secretary Jeremy Hunt, have also promised to reduce taxes.
Former minister Robert Jenrick, who is backing Rishi Sunak for the top job, on Monday criticised the candidates for “announcing fantasy tax cuts to help get through a leadership election, I think, is unwise”.
Tory MP warns Jacob Rees-Mogg to stay out of election race
17:31 , John Dunne
Tory MP Steve Baker warned Cabinet minister Jacob Rees-Mogg against standing in the Tory leadership contest, warning he would fail to win a general election.
The campaign manager for Attorney General Suella Braverman told BBC Radio 4’s PM programme: “There’s a danger of fragmentation.
“Kemi Badenoch has decided to stand, I’m afraid as much fond as I am of Kemi, it’s a bit improbable.
“She hasn’t been in the Cabinet; Suella has been in the Cabinet and without Cabinet experience it’s difficult to see that somebody – while we’re in power – should become prime minister.
“There is a grave danger of fragmentation, Priti (Patel, the Home Secretary) is standing, Jacob is apparently standing.
“We’ll see whether he actually does. I love Jacob like a brother but he wouldn’t win a general election, I’m quite sure, so I hope to dissuade him, amongst others. It’s a nonsense to have candidates standing all over the place.”
Sajid Javid grilled over tax affairs at Tory leadership campaign launch
16:49 , John Dunne
Sajid Javid was repeatedly challenged about his personal tax affairs.
The Tory leadership hopeful has previously disclosed that for six years while working as an international banker and before entering politics he was non-domiciled for tax purposes.
But under questioning from reporters he refused to give details of which jurisdictions he paid taxes in.
At his leadership launch he said: “I believe I’ve been open and transparent about this. I’ve set out before this campaign that, because… before politics my job was an international job, I travelled a lot.
“I lived in the (United) States, I lived in the UK, I lived in Singapore, I was tax resident in different countries, as part of my job, it had an impact on my statuses. That’s not unusual.
“I had a tax adviser, accountants that would help me with my international taxes, I moved around a lot.
“And the test for me was to make sure that whatever you do, when it comes to your taxes, your personal tax affairs, that is always correct, proper, within all the rules, and that was met at all times.
“So I am perfectly happy about that. And I am certain that I’ve never had an issue with HMRC. I’ve never had a tax investigation. I’ve always been transparent, fully transparent, with the tax authorities.”
Sajid Javid will hold daily press briefings if he becomes PM
16:23 , John Dunne
Sajid Javid said he will hold briefings for the media on a daily basis after Boris Johnson ditched the idea.
Asked at the launch of his campaign if he would carry out the briefings he replied “yes”.
The briefings were to be run by Allegra Stratton, who resigned over the parties held at Downing Street.
Sajid Javid ‘feels the heat’ as launches Tory leadership campaign
16:13 , John Dunne
Sajid Javid launched his Tory leadership campaign in a sweltering conference room where he mopped his brow and told assembled journalists “it’s hot in here”.
He launched his bid to be Prime Minister by issuing copies of his economic plan and fielding questions on his vision for Britain.
On development in London he hinted at more skyscrapers saying: “I think we can sensibly build upwards”. He also said tax cuts were needed to boost growth.
Sajid Javid says Tories faced ‘electoral oblivion’ under Boris Johnson
16:01 , John Dunne
Sajid Javid has warned that the Conservatives face “electoral oblivion” if they do not change.
Launching his bid to be prime minister, the former health secretary said: “Over the last couple of years, our reputation on most values and policies has slid away. Too many people now believe that Labour are fit to govern. Some of them say that Labour are more competent and even more likely to cut taxes.”
Mr Javid added that the political situation was starting to “feel very familiar”, referring to the Tory party’s defeat in 1997, saying: “The way things were going recently, I feared our party was on a trajectory to the same electoral oblivion once again.”
He said: “We cannot be complacent about the situation we are now in. This is a ‘wake up and smell the coffee’ moment.”
Sajid Javid says Tory leadership race ‘’cannot become like Game of Thrones’ as he launches bid to be leader
15:59 , John Dunne
Sajid Javid appealed for Tory leadership contenders to play fair in the race or risk the process descending into a ‘Game of Thrones’ like battle as he also issued a pledge to cut taxes and an economic plan.
He said at a campaign launch: “Today I’m launching my new Conservative economic plan. This is a substantive document. If we can’t grow our economy we can’t get a hearing on any other issue. We need tax cuts for growth. We are not owed a prosperous future.”
He said: “We have to unite our best ideas and best people ... the public want to see less personalities and more plain old getting on with the job. Let’s come out of this as one team. We are the most successful multi-racial democracy in the world.”
Breaking: Health dept reprimanded over use of private messaging channels by ministers
15:39 , Daniel Keane
The Department of Health and Social Care has been formally reprimanded by the information watchdog on the use of private messaging channels by ministers and officials during the pandemic.
A year-long review by the Information Commissioners Office (ICO) found a lack of clear controls had the potential to result in important information being lost or mishandled.
It called for a Government-wide review into the use of such channels across Whitehall.
The Information Commissioner John Edwards said: "I understand the value of instant communication that something like WhatsApp can bring, particularly during the pandemic where officials were forced to make quick decisions and work to meet varying demands.
"However, the price of using these methods, although not against the law, must not result in a lack of transparency and inadequate data security.
"Public officials should be able to show their workings, for both record keeping purposes and to maintain public confidence. That is how trust in those decisions is secured and lessons are learnt for the future."
Rees-Mogg wouldn’t win a general election, says Baker
15:22 , Daniel Keane
Tory MP Steve Baker has said he does not believe that Cabinet Office minister Jacob Rees-Mogg can win a General Election.
Mr Baker told Sky News: “Well, I understand Jacob Rees-Mogg has been encouraged to stand but it is not too indiscreet to say that as I said to him this morning I don’t think he would win but what he would do is split the votes.”
He added that “much as I love Jacob like a brother I don’t think Jacob would win a general election”.
Commons to sit at 3.30pm
14:59 , Daniel Keane
The House of Commons Monday sitting will begin at 3.30pm following a delay caused by a water leak.
The Commons' official Twitter account said: "Today's sitting is delayed due to a water leak in the House of Commons Chamber. The House of Commons will sit at 3.30pm."
MPs still ‘anxious’ about PM remaining in No10
14:52 , Daniel Keane
MPs still feel lingering “anxiety” over whether the Prime Minister will attempt to remain in No10 despite his resignation last week, the vice-chair of the 1922 Committee has said.
Nusrat Ghani The Conservative MP told BBC Radio 4’s World At One programme: “I do get contacted by colleagues from all sides of the party and there has been disquiet that we haven’t had a situation where there was a caretaker prime minister in place.
“But I really do think that ship has sailed and I firmly think that as the 1922, we just need to now focus on running a really smooth and efficient leadership election.
“You are right, there is some anxiety still, but I think we just need to focus on the next stage.”
Commons sitting delayed due to water leak
14:36 , Daniel Keane
Today’s sitting of the House of Commons is expected to be delayed as water pours in through the ceiling of the chamber after a suspected leak.
A message on the annunciator monitors in Parliament states: "Today's sitting is delayed due to a water leak in the chamber. Revised sitting time to be announced."
The House of Commons was scheduled to start at 2.30pm with prayers followed by work and pensions questions.
Zahawi pledges to cut income tax in 2023 and 2024
14:22 , Daniel Keane
Chancellor Nadhim Zahawi pledged to cut income tax in 2023 and 2024 if elected as the new Tory leader.
He told the Thatcherite Conservative Way Forward group that he would reduce income tax to 19p next year and 18p the following year.
He said tax and spending had been "skyrocketing" for "too many years".
Former Chancellor attacks ‘unfunded tax cut’ promises
14:13 , Daniel Keane
Tory former chancellor Lord Lamont has criticised Tory leadership hopefuls' "unfunded tax cut" promises as he warned of spiralling debt.
The Conservative peer told Radio 4's World at One programme: "I'm, I must say, increasingly concerned because I think there is a danger that this leadership election is going to descend into a sort of Dutch auction of tax cuts which are not necessarily affordable, not necessarily rightly timed.
"There is a danger at this point when the public finances, the amount we are borrowing, is not in a strong state.
"The Government have been warned by the OBR, the Office of Budget Responsibility, an independent organisation, that actually debt could spiral upwards from 100% of GDP to eventually double that if we don't have tight control of our finances.
"I'm all in favour of people putting forward tax cuts, if they say where they're going to find the money".
Jacob Rees-Mogg ‘mulling leadership bid'
13:56 , Daniel Keane
Cabinet Office minister Jacob Rees-Mogg is mulling a shock entry in the Tory leadership contest, according to reports.
An MP told the Telegraph that Mr Rees-Mogg would be the “continuity Boris” candidate.
The MP said: “He would be brilliant and probably the only person all the pro-Boris [MPs] could support.”
Reeves attacks Tories’ ‘festival of irresponsibility’ on tax cuts
13:39 , Daniel Keane
Shadow Chancellor Rachel Reeves has branded Tory leadership candidates’ promises on tax cuts a “festival of irresponsibility”.
She told BBC Radio 4's World at One programme: "If you're going to make an announcement about what taxes you're going to cut, you need to explain where the money is going to come from.
"We are now in this sort of festival of irresponsibility from the Conservatives where so far between the 11 of them, they've announced £330 billion worth of tax cuts.
"That's more than the total NHS budget; where is that money going to come from?"
Watch: Boris Johnson ‘determined’ to deliver the mandate as care taker PM
13:19 , Daniel Keane
Starmer: I’m glad to see the back of Johnson
13:06 , Daniel Keane
Asked if Boris Johnson being removed made his job of winning the next general election easier or more difficult, Sir Keir Starmer smiled as he replied: "I'm glad to see the back of him, I don't think that will come as any surprise."
Taking questions from the media following his speech in Gateshead, he said: "We have had 12 years of stagnation and we have got prices and inflation through the roof.
"It's not about changing one person at the top of the Tory party, we need much more fundamental change than that.
"If any of the candidates think that they have a better chance against us, bring it on, put your money where your mouth is, call a general election so we can put our positive case to the country, and give Britain the fresh start that it deserves."
Starmer criticises Sunak over Tory leadership bid
12:45 , Josh Salisbury
Labour’s Keir Starmer has criticised Rishi Sunak's bid to become the next Tory leader when asked if the former chancellor would give him his biggest challenge.
The Labour leader said: “We have the highest tax burden for decades in the middle of a cost-of-living crisis.
“Everyone knows their bills are going up, everyone knows whether it's fuel, food or energy, they're having to pay more, but the Government has imposed higher taxes on them at this critical time.
“We said that's wrong - Rishi Sunak did it, so I don't think that he can now pretend that he's just arrived from the moon and it's nothing to do with him."
Keir Starmer: Labour wants to ‘reduce tax burden on working people'
12:31 , Josh Salisbury
After making a speech in Gateshead, Labour leader Sir Keir Starmer was asked if he would cut taxes.
He said: “I want to have a fair tax system and I want to reduce the burden on working people, and make sure that income wherever it comes from is fairly taxed.
“These are the principles that we will apply going into the election."
Pressed on the issue, he declined to “draft a manifesto" live on air, but added: “When we do it, we will set out precisely how everything is funded."
No10 says it is ‘unaware’ of any changes to Northern Ireland protocol bill
12:19 , Josh Salisbury
Downing Street has said it is “not aware" of any changes to the Northern Ireland Protocol Bill's passage through the House of Commons.
Boris Johnson's spokesman was asked whether the controversial Bill, which would give ministers sweeping powers and allow the UK to abandon Brexit arrangements unilaterally, will carry on through the committee stage.
The official said: "I think the Leader of House will text out plans but, at this point, I'm not aware of any changes in what was planned pre-recess with regards to what's going through the House.
“The Bill and the approach to the protocol was something agreed by Government, and so, under convention, we will continue with that process".
Asked whether negotiations with the EU are suspended until there is a new prime minister, the spokesperson referred questions to the Foreign Office.
‘Convention’ for PMs to give resignation honours, says No10
12:15 , Josh Salisbury
Downing Street has said it is "convention" for prime ministers to award knighthoods and appointments to the House of Lords in a resignation honours list, without giving details of Boris Johnson's potential list.
The outgoing Prime Minister's official spokesman said: ”I don't have an update for you on that definitively. I've seen sort of speculation.
“It is convention - individuals who can be nominated in recognition of their public or political service and prime ministers draw up those sorts of lists, but I don't know specifically on that at this point."
Asked about reports that Mr Johnson's list could be long, the official said: "I don't believe there have been any significant discussions on it at this stage."
He also said he was “not aware" of Mr Johnson planning to give his father, Stanley Johnson, a knighthood.
PM: Next Tory leader will have ‘great agenda'
11:58 , Daniel Keane
Boris Johnson has said that whoever takes over as PM will have a “great, great agenda” to continue.
“I know that whatever happens and whoever takes over, there is a great, great agenda to be continued and that we put in some pretty fantastic investments, not just in science but in infrastructure, in skills and in technology, that I think are going to enable us Conservatives, I should say, to keep on with our programme of levelling up and delivering for all the people in this country.”
Mr Johnson also indicated he would not be publicly backing any of the candidates vying to replace him.
“That’s not the job of the Prime Minister at this stage. The job of the Prime Minister at this stage is to let the party decide, let them get on with it and to continue delivering on the projects that we were elected to deliver.”
PM declines to speak about exodus of ministers
11:43 , Daniel Keane
Mr Johnson declined to speak about the exodus of his ministers that lead to his resignation last week.
Following the accusation in his resignation speech that his tormentors had succumbed to a "herd mentality", he was asked whether he felt betrayed during a visit to the Francis Crick Institute in London.
Mr Johnson said: "I don't want to say any more about all that.
"There's a contest under way and it's happened, and, you know, I wouldn't want to damage anybody's chances by offering my support.
"I just have to get on and, in the last few days or weeks of the job, the constitutional function of the Prime Minister in this situation is to discharge the mandate, to continue to discharge the mandate, and that's what I'm doing.”
PM: I will deliver on mandate I was elected on
11:23 , Daniel Keane
Boris Johnson has said he is "determined" to deliver the mandate he was elected on in 2019 in his final few weeks as Prime Minister, in his first public appearance since he resigned as Conservative leader.
Big tax cuts could fuel inflation, warns economist
11:13 , Daniel Keane
Big tax cuts being promised by Tory leadership hopefuls could fuel inflation, a top economist has warned.
Paul Johnson, director of the Institute for Fiscal Studies, told the BBC: “Speaking on BBC Radio 4’s Today programme, Mr Johnson said: “Usually when we talk about tax cuts and spending, we’re looking at whether that’s fiscally feasible.
“At the moment, of course, we’ve got inflation heading up towards 10 per cent or 11 per cent now. When inflation is that high, you don’t normally want to be putting significant additional amounts of money into the economy.
“So, if you’re looking at big tax cuts funded by borrowing in the short run, then that might have some small effect in the wrong direction on inflation, or may result in the Bank of England increasing interest rates a little bit further and a little bit faster than they otherwise would have done.”
Kwarteng calls for ‘spending reductions’ to fund tax cuts
10:55 , Daniel Keane
Business Secretary Kwasi Kwarteng has called for public spending cuts to bring down taxes as he backed Liz Truss for Tory leader.
He told BBC Radio 4’s Today programme: “If we don’t grow the economy, I think we have stagnation, we have the prospect of stagflation and very dim prospects in the future.
“And that’s why we need to put incentives in the economy, and the way to do that isn’t by raising tax.”
Who is running for the Tory leadership?
10:45 , Daniel Keane
There are now 11 candidates running for the Tory leadership.
- Rishi Sunak
- Penny Mordaunt
- Liz Truss
- Sajid Javid
- Grant Shapps
- Nadhim Zahawi
- Tom Tugendhat
- Suella Braverman
- Jeremy Hunt
- Kemi Badenoch
- Rehman Chishti
Tory leadership candidates ‘will be whittled down to two’ by next Thursday
10:31 , Daniel Keane
Bob Blackman, joint-executive secretary of the 1922 Committee, has said the Conservative Party leadership candidates will be whittled down to a final two by next Thursday.
He told Sky News: "We've got to slim down the list of candidates pretty quickly down to two.
"And the one thing that we're committed to do is to achieve getting to two candidates by Thursday 21 July.
"That means that we'll hold a succession of ballots over the next few days in order to get to that position."
Ballots are likely to be held this Wednesday and Thursday and next Tuesday and Wednesday, he said.
Mr Blackman also said the newly-elected 1922 Committee is due to meet at around 5pm on Monday to agree the process and timetable for the parliamentary side of the leadership contest, while the party board will meet to determine the timetable and process for the postal ballot of Conservative Party members.
I can help you win your seat, Shapps tells Tory MPs
10:13 , Daniel Keane
Transport Secretary Grant Shapps used a campaign video to deliver a message to Tory MPs nervous about their electoral prospects, telling them: "I can help you win your seat."
He said: "My case for leadership is simple: I can plan, I can deliver, I can communicate, I can campaign, I can help you win your seat."
Threshold for progressing in leadership contest ‘likely to be backing from 20 MPs’
09:59 , Daniel Keane
Bob Blackman, joint-executive secretary of the 1922 Committee, said the threshold for support to enter the Conservative Party leadership race is likely to be 20.
He told Sky News: "The view is that candidates to get on the ballot paper should demonstrate a broad swathe of support amongst Conservative MPs.
"So we're looking at a proposer, a seconder and either 18 supporters or possibly more supporters in order to reduce that list."
He added: "The first ballot is likely to have a threshold of 10% of the votes, i.e. 36 MPs, supporting a candidate for them to go through to the second ballot. That once again is not confirmed yet, but I suspect that will be the case.
"After that we probably won't need thresholds because the list will shorten considerably."
Pictured: PM leaves Downing St
09:48 , Daniel Keane
Watch: Nadhim Zahawi announces ambition to be next prime minister
09:40 , Daniel Keane
PM ‘very popular’, says Ukrainian politician
09:28 , Daniel Keane
Ukraine's ambassador to the UK, Vadym Prystaiko, described Boris Johnson as "very popular" in the country, and praised him for being able to "bring Ukraine what we needed at the time the most".
Speaking to Kay Burley on Sky News, Mr Prystaiko said: "I have to say that he was very popular. This just to give you how popular he was: Ukrainians just successfully committed enough money to buy a couple of drones, the Turkish-made drones, through crowdfunding. The next idea is to crowdfund Prime Minister Johnson to (come to) us."
"As foreign secretary, he was in Ukraine a couple of times, he knew the nation, he understood the gravity of the situation and he managed to accumulate on it, to get together with this effort and bring Ukraine what we needed at the time the most."
Truss: I have a clear vision for Britain
09:15 , Daniel Keane
Liz Truss has formally announced her leadership bid with a video on Twitter.
She says: “ I have a clear vision for our country and economy - and the experience and resolve to deliver it.”
Tories ‘at crossroads’, Baker to say
08:58 , Daniel Keane
Former minister Steve Baker, who is supporting Suella Braverman's bid for the leadership, will tell Conservatives the party is "at a crossroads".
At an event to relaunch the Thatcherite Conservative Way Forward group, he is expected to tell activists, MPs and peers they are not there to "squabble about who's in, out, up or down in Westminster leader boards".
But instead they must "unite, to think, and to decide our future direction as a party so that we can serve the country".
"We are at a crossroads for our party and for the country," he will tell the event in Westminster.
"Across a range of issues, the Conservative Party is in the wrong place and heading in the wrong direction, limiting our country's potential and risking a Labour government."
Hunt: I want to cut all taxes
08:41 , Daniel Keane
Tory leadership Jeremy Hunt said he wants to “cut all taxes” and that reducing Government department running costs is “something we should always be looking at”.
The former foreign secretary told BBC Breakfast: “We need to have a lower tax environment to help businesses get off the ground...
"I want to cut all taxes...
"The Treasury’s own numbers say that you’ll get half the money back that you invest in cutting corporation tax because of increased business activity."
Watch: Our daily politics briefing
08:19 , Daniel Keane
Tugendhat ‘would lower taxes across every aspect of society'
08:10 , Daniel Keane
Tory leadership candidate Tom Tugendhat has said he would "lower taxes across every aspect of society".
The Foreign Affairs Committee chair noted he was one of a few Conservative MPs to vote against the national insurance "tax on jobs" hike.
"I certainly think that we should be looking to lower taxes across every aspect of society," he told BBC Radio 4's Today programme.
I bring real world experience, says Tugendhat
08:02 , Daniel Keane
Tom Tugendhat has said he brings "real world" experience to his Tory leadership bid.
Asked on BBC Radio 4's Today programme if he was up to being prime minister without having ever held a government job, he said: "Well, of course I am. That's exactly why I'm standing, because the experience I offer is, you're right, not from Whitehall, it's from the real world.
"It's from Afghanistan and Iraq, where I served in the military, and it's from around the world where I've worked in different ways.
"What I'm bringing here is, of course, I'm bringing the experience of foreign affairs but, as you know, we've been warning about the war in Ukraine and the threat of Russia since before 2018.
"What I'm bringing here is the experience of wider diplomatic and military work, but, of course, also the experience of actually having run organisations in some of the hardest places in the world."
Tugendhat: Britain ‘must take advantage’ of Brexit
07:50 , Daniel Keane
Tory leadership candidate Tom Tugendhat has said Britain should "take advantage" of Brexit and tear up EU regulations to do new trade deals.
The former Remainer told BBC Radio 4's Today programme: "There are any number of different policies and regulations that are, at the moment, or at least up until recently, fixed in Brussels that can now be fixed in Westminster, that can now be changed, and we need to take advantage of that.
"Frankly, we just haven't yet done it.
"Boris has quite rightly got Brexit done. What we now need to do is deliver the benefits."
He listed changing policies in the Treasury, liberating regulatory controls, changing the way investment is done around the country and opening up the economy and trade agreements.
The chairman of the Foreign Affairs Committee said workers' rights would be protected, with "much more open" markets without "unfair trade practices".
He also said steel tariffs should be axed on steel not made in the UK.
Zahawi says male fundraising dinner made him feel ‘uncomfortable'
07:39 , Daniel Keane
Nadhim Zahawi said an infamous all-male charity fundraising dinner had made him feel "incredibly uncomfortable".
The Tory leadership candidate was asked about attending the event in 2018, when hostesses were reportedly groped by attendees, leading to a scandal which saw the charity club break up.
He told Sky News: "Young ladies, hostesses, came round each table, which made me feel incredibly uncomfortable, which is why I left the dinner and went home.
"I think, on reflection, including the charity itself, those all-male dinners are wrong. I think actually one of the things I'm passionate about is that we treat people properly, including people who are there to serve us, whether in government or elsewhere."
He also said it was a "deeply embarrassing" but "genuine mistake" to claim expenses in 2013 for heating stables for his horses.
I would change NI Protocol, says Braverman
07:29 , Daniel Keane
Tory leadership candidate Suella Braverman has said she would amend the Northern Ireland Protocol Bill to set VAT, excise and the regulation of medicines directly under UK law from day one.
She has also pledged to move to remove new EU laws from applying to Northern Ireland.
The Attorney General said in a statement: "The Northern Ireland Protocol was never meant to be a permanent solution.
"As prime minister, I would make the changes to the NIP Bill that I've been arguing for within government, to make it fully compliant with UK sovereignty.
"That means from day one after the Bill becomes law, the EU would have no more say over VAT and Excise in Northern Ireland and no say in our regulation of medicines.
"After my changes, UK law - and tax rates - would apply directly".
Zahawi: I have never benefited from offshore trust
07:22 , Daniel Keane
Mr Zahawi goes on: “My family does not benefit from an offshore trust. My mother and father live abroad, that’s their business.”
He denies that he has ever had non-dom status.
Asked what his personal wealth is, Mr Zahawi says he won’t give an exact figure as he will “probably get it wrong”.
Zahawi brands tax investigation report a ‘smear'
07:18 , Daniel Keane
Mr Zahawi says that he was “clearly being smeared” over reports that his tax affairs are under investigation by HMRC.
“I’m not aware of this investigation. My taxes are paid in the UK and I will answer any questions HMRC has of me.
“But I will go further, I will make a commitment that if I become PM I will publish my accounts annually. We need to take this issue off the table.”
He declines to confirm whether he will publish backdated accounts.
Zahawi: We must exercise fiscal discipline across Govt
07:15 , Daniel Keane
Mr Zahawi suggests that cuts could be made in the Department of Health to deliver tax cuts.
“There is no one better than health minister Steve Barclay to apply a laser-like focus on where inefficencies are,” he says.
“It’s only right that across Government that we exercise fiscal discipline. If we do that we can bear down on inflation.”
He says a 20 per cent cut in every department will give him the “headroom” required to deliver tax cuts.
We must bear down on inflation, says Zahawi
07:12 , Daniel Keane
Mr Zahawi refuses to say whether nurses can expect a 9 per cent pay rise - in line with what he previously pledged that teachers would receive.
He says that it is vital that the UK “bears down on inflation”, stressing that pay rises will be much easier to promise once the country has “come out of the other side” of a bad economic period.
Zahawi: I have lived the British dream
07:09 , Daniel Keane
Speaking to Kay Burley on Sky News, Nadhim Zahawi says that he wants to deliver the same opportunities afforded to him to every child in Britain.
He says: “I have lived the British dream. I came here aged 11 and couldn’t speak a word of English but quickly learnt to think and dream in the language.
“I want to deliver that opportunity for everyone in our country.”
Tugendhat: It’s time for a clean start
07:04 , Daniel Keane
Tory leadership hopeful Tom Tugendhat has released a video calling for a “clean start”.
He says: “We were elected on a promise to deliver a better future for Britain.
“Now that promise is at risk.
“We need a growing economy and to deliver on the opportunities of Brexit. Britain at its best is low tax and high growth.”
07:00 , Daniel Keane
Good morning and welcome to the Evening Standard’s live coverage.
We are expecting another busy day in the Tory leadership race following Boris Johnson’s resignation last week.
Foreign secretary Liz Truss has thrown her hat in the ring, using an article in today’s Daily Telegraph to outline her vision of a low-tax, high-growth economy. It means a total of 11 MPs have entered the race.
We are also expecting Chancellor Nadhim Zahawi to give further details of his leadership bid on Kay Burley’s show imminently.