The battle to become leader of the Conservative Party should become clearer this week. Although, even if a leader is elected, there is no guarantee that they will command the full support of the parliamentary party.

Anyone considered for election must have the support of at least 100 MPs by 14:00 today. Only former Chancellor of the Exchequer Rishi Sunak has reached that level.

Former Prime Minister Boris Johnson has decided not to run, saying that he had the numbers, but it's not the time to split the party.

While the country is gripped by political confusion, the Bank of England is preparing to decide whether to hike interest rates and by how much.

The extended period of tightening is expected to continue. However, the Monetary Policy Committee still needs to decide whether the hike will be fifty or seventy-five basis points, given that headline inflation is now above 10%.