Michael Bloomberg drawing up plans for possible White House bid

Michael Bloomberg, the billionaire former mayor of New York City, has told his aides to draw up plans for an independent campaign for the US presidency, according to a source familiar with the situation.

Bloomberg told friends and associates he would be willing to spend at least $1bn of his own money on a campaign for the November election, according to the source, who spoke on condition on anonymity.

News of Bloomberg considering a presidential run was first reported by The New York Times. Bloomberg, 73, has given himself an early March deadline for entering the race, the source said, after commissioning a poll in December to see how he would fare against Donald Trump and Hillary Clinton, the Republican and Democratic frontrunners.