Conservative leadership race spending cap raised to £400,000

Exclusive: Higher limit reflects longer race, while cash-strapped party seeks £50,000 from candidates to cover costs

The Conservatives have set the spending limit in their leadership contest at nearly half a million pounds, as the beaten and skint opposition party tries to use the race to cover costs.

Robert Jenrick, a frontrunner who has been preparing for the contest for some time, had pressed for a higher cap. It is now understood to have been set at £400,000, which is £100,000 more than it was at the last contest, two years ago.