The former Chancellor, who has been boosted by the support of Michael Portillo and Tim Yeo, is to base his coming campaign on the claim that his popularity with the public means that he is the candidate best placed to end Labour’s long run in power.

His main backers admit, however, that in order to eat into the lead that David Davis, the Shadow Home Secretary, has built up he will have to woo the large group of Conservative MPs who entered Parliament first in 2001 and the newcomers at the 2005 election. Friends of Mr Clarke admit that although he finished ahead in the vote among MPs in 2001, losing to Iain Duncan Smith in the final ballot of party members, he did too little to win over the younger intake.

That group, which comprises about 50 MPs, is seen to be vital to the outcome of the autumn contest. Many of them have yet to declare their preference and are waiting to see how the candidates fare.

Mr Yeo, who left the Shadow Cabinet after the election, announced at the weekend that he would not be standing for the leadership and called on MPs to back Mr Clarke.

Sir Malcolm Rifkind, the Shadow Work and Pensions Secretary, insisted, however, that he was serious in his leadership attempt. Interviewed on the BBC Radio 4 Today programme, it was put to him that his candidature was aimed not at replacing Michael Howard as leader, but at stopping Mr Davis and securing a good Shadow Cabinet position.

“Wrong on both counts,” he replied. “I am extremely serious in my interest in the leadership of the Conservative Party. But as I have made clear on several occasions, if the Conservative Party wants to choose the One Nation tradition of Conservatism . . . then I would be proud to be its leader.”

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