Davis is backing right wing shadow defence secretary Iain Duncan Smith for the leadership and said he would be happy to be appointed to his shadow cabinet.
He hinted that he was ready to quit as chairman of the PAC, Parliament’s chief financial watchdog, and indicated he was ready to do the same for rival shadow chancellor Michael Portillo and former chancellor Kenneth Clarke, if either were to be elected Conservative leader.
After today’s press conference announcing his decision, Mr Davis told Accountancy Age: ‘I’m not quitting as PAC chairman. Anything could happen. I’ll consider all the options.’
But insiders believe he has struck a deal for a position in Duncan Smith’s top team, possibly as shadow chancellor and would take a decent post from the other two candidates in the interest of party unity.
Duncan Smith is rapidly emerging as the likely winner of the contest as the Portillo campaign stalls and Clarke’s pro-euro view rules him out of winning the autumn ballot from the Tory membership.
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