Howard emerges as favourite for Tory leadership

SHADOW chancellor Michael Howard is the bookies’ favourite to succeed Iain Duncan Smith as new leader of the Conservative Party.

The former British Home Secretary had promised to support Mr Duncan Smith in the vote of confidence but pointedly refused to speculate on his own future once the leader was ousted.

David Davis, who stood for the leadership in 2001 before dropping out and throwing his weight behind Mr Duncan Smith, was another possible contender but stunned political analysts by ruling himself out of the race last night.