Chancellor Philip Hammond could be anointed leader as long as he vows to stand down after two years

Philip Hammond is being lined up to replace Theresa May as prime minister as part of an alliance with David Davis to deliver Brexit safely.

Ministers said this weekend that Hammond should be anointed as leader before October’s party conference provided he vows to stand down after two years so that someone else can lead the Conservatives into the next election.

A former cabinet colleague has claimed the chancellor believes he is equipped to do the job. “He told me that if Theresa May could be prime minister, so could he.”

The elevation of Hammond — dubbed “Spreadsheet Phil” — would be greeted with resistance by some Eurosceptics who are suspicious of his interventions demanding a soft Brexit that puts jobs and business before controls